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Daily Archives: August 27, 2018

Nenskra HPP will Pay Annual 12 million GEL to Mestia Municipality Budget

The company implementing Nenskra HPP project plans to finance various projects in Mestia municipality. On August 23, Nenskra Hydro and Mestia municipality signed a corresponding memorandum on cooperation. Mestia municipality Mayor Kapiton Zhorzholiani talks about the memorandum details with BMG. -What are specific details of the cooperation memorandum and how …

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Ekaterine Mikabadze: Fitch’s Assessment is due to Favorable Business Environment

The rating company Fitch left Georgia’s credit rating at “BB-” level with a positive perspective. Ekaterine Miqabadze, Deputy Minister of Economy and Sustainable Development stated that the rating company positively evaluates the current situation in Georgia due to the provision of a favorable business and governing environment and maintaining macroeconomic …

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Fabrika Takes Second Place at Global Architecture & Design Awards

From the 748 submitted projects, Fabrika took the second award in the “Rethinking The Future“’s Global Architecture & Design Awards in the category of Urban Design (Built). Fabrika is located in the building of the sewing factory that was operating during the soviet time. Before the restoration of the place, it had been abandoned by the neighborhood and society …

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Fitch Affirms Georgia at BB-; Outlook Positive

Fitch Ratings has affirmed Georgia’s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) at ‘BB-‘. The Outlook is Positive. A full list of rating actions is at the end of this rating action commentary. Georgia’s ratings are supported by governance and business environment indicators that are above the current medians …

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Domestic Electricity Consumption Grows by Annual 12.6% in June

ENERGY, Electricity

In June 2018 domestic consumption of electricity rose by 12.6%. The growth constituted 8.4% in the first half of 2018. Domestic consumption increased as a result of increased consumption among direct consumers and distribution companies. Annual growth among direct consumers made up 34.7%, which is 18% in total domestic consumption. …

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Factors Influencing Performance of Georgian Railway

Most of the GR’s revenue (about 60 percent in 2017) is derived from freight transportation. Thus, the Group’s results are particularly sensitive to cargo flows, which mainly comprise transit shipments, which accounted for about 63 percent of freight transportation revenue in 2017. The transit transportation volume mainly comes from trade …

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Parliament’s Committee will Supervise RMG’s Performance

On August 24, the parliamentary committee on environment protection and natural resources hosted a meeting of Workgroup on Kvemo Kartli Environmental Issues. The workgroup discussed the part of RMG-implemented program that calls for eradication of environmental damage and implementing prevention measures. The meeting with representatives of RMG company (RMG Copper …

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JSC Nenskra Hydro to Cooperate with Mestia Municipality in a New Format

On August 23, the Memorandum of Cooperation was signed in Mestia between the Nenskra Hydropower Plant Project company JSC Nenskra Hydro and the City Hall of Mestia municipality. According to the document, a joint Action Plan will be presented within 3 months after its signing, which includes an implementation of …

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World Banks Issues First Blockchain Bond Raising a $100 Million

The World Bank launched bond-i (blockchain operated new debt instrument), the world’s first bond to be created, allocated, transferred and managed through its life cycle using distributed ledger technology. The two-year bond raised A$110 million, marking the first time that investors have supported the World Bank’s development activities in a …

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Georgia’s PM Mamuka Bakhtadze to visit Azerbaijan

Prime Minister of Georgia Mamuka Bakhtadze will visit Azerbaijan on August 30. Mamuka Bakhtadze will hold a number of meetings with Azerbaijani officials in Baku. Further strengthening of the strategic partnership between the two countries, the processes taking place in the world and the region and the prospects for the …

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