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Monthly Archives: April 2017

EBRD Initiates First-ever Eurobond Issued in Georgian Local Currency

The European Bank for Reconstruction and Development (EBRD) has marked a historic milestone by issuing its first-ever Eurobond both denominated and settled in Georgian lari (GEL). This development has been made possible by a recent establishment of a link between Clearstream and the Georgian domestic market which not only allows …

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Threats and Advantages of Ban on Land Sales

Harvest

Members of the constitutional commission cannot reach agreement on sales of agriculture land plots to foreign citizens. We remind you that there are several initiatives proposed by Georgian Dream, Democratic Movement and Alliance of Patriots. Under their bills, transmission of agriculture land plots to foreign citizens and bodies without Georgian …

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SOCAR Still Interested to Build Carbamide Plant in Georgia

Despite the construction of a carbamide plant in Azerbaijan, the issue of building a carbamide plant in Georgia hasn’t been removed from the agenda, said the plant’s director Khayal Jafarov. He made the remarks at the ‘The 2nd SOCAR International Caspian and Central Asia Downstream Forum – Trading, Logistics, Refining, …

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Bank Sector’s Deposits Declined by 471 million GEL in March

Deposits portfolio has shrunk in Georgian bank sector. According to National Bank of Georgia (NBG), retail and corporate deposits portfolio in the bank sector made up 16.1 billion GEL as of April 1 (current, demand and term deposits). The portfolio declined by 471 million GEL in March. In the reporting …

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Company IDS Borjomi Georgia Initiated Planting of 1000 Seedlings

Volunteers from all over Georgia joined the project “Borjomi #Naturelovers”. In the frame of the initiative of company IDS Borjomi Georgia, 1000 seedlings of oak, maple and pine-tree were planted. The event was organized to celebrate Earth Day and aimed to involve community members from different regions in the campaign …

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The European Union Launches Rural Development Project in Dedoplistskaro

The European Union continues supporting rural development in Georgia under ENPARD programme. On 28th of April, ENPARD partner organisation, HEKS-EPER Georgia will officially launch a new rural development project in Dedoplistskaro Municipality. The launching event will take place from 12:00 to 14:30 pm in Dedoplistskaro, Ilia State University Research Base, …

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Assets of Commercial Banks Rose by 20.3%

Banking

Total assets of commercial banks marked 29.8 billion GEL as of April 1, 2017. Year on year growth marked 20.2% (24.727 billion GEL in Q1/2016). According to NBG, bank sector’s own resources account for 4.3 billion GEL, 14.5% in total assets of commercial banks. Georgian bank sector consists of 17 …

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Georgia Has Freest Media in Caucasus — Reporters Without Borders

According to an annual report by international media rights group Reporters Without Borders (RWB), Georgia remained 64th out of 180 countries in the group’s Press Freedom Index. Georgia placed highest amongst countries in the Caucasus, with Armenia coming in 79th and Russia and Azerbaijan lagging behind at 148th and 162nd. …

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Consumer Loans Interest Rates Grow

Consumer loans interest rates have increased. According to National Bank of Georgia (NBG), averaged interest rate on short-term bank credits made up 19.4% (17.6% as of Q1/2-16). The interest rate marked 8.1% on foreign currency denominated short-term bank credits (7.4% in Q1/2-16). As of April 1 (Q1/2017), annual interest rates …

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SOCAR Ready to Increase Natural Gas Supply to Georgia

SOCAR: we Hope, Investments Made by us Will Reflect on the Rate

SOCAR shows readiness to increase daily supply of natural gas to Georgia by 3 million cubic meters from current 7 million cubic meters, Deputy Head of Natural Gas Exports Department of SOCAR, noted. “In 2016, amid Gajigabul-Gardabani pipeline rehabilitation works, daily operating capacity rose to 10 million cubic meters and …

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