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Monthly Archives: August 2018

Construction of Modern Archaeological Museum Underway in Vani

Municipal Development Fund finances the construction of Vani archaeological museum and rehabilitation of adjacent territories. Within the framework of the project, construction of a new four-storey museum is underway. parking space, small libraries, laboratory, cafeteria, and office rooms for administration are being arranged as well. Executive Director of Municipal Development …

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Toyota to Invest 500 Million USD in Uber Driverless Car Deal

Japanese car producer  Toyota is to invest $500m (£387m) in Uber and expand a partnership to jointly develop self-driving cars. The firm said this would involve the “mass-production” of autonomous vehicles that would be deployed on Uber’s ride sharing network, BBC reports. It is being viewed as a way for …

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Galt & Taggart Expects Tourist Trips to Reach Nearly 9 Million by 2022

Tourism is booming – says Galt&Taggart. According to the company, visitor trips (tourist trips and same-day trips combined) were up 16.4% y/y to 3.0mn in 1H18. Tourist trips drove the growth, reaching 1.9mn visitors and accounting for 64.5% of the total in 1H18. This comfortably translates into our total tourist …

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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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