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Economy

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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Georgian Greens Producer Accesses EU markets

Thanks to the EU’s Deep and Comprehensive Free Trade Area (DCFTA) and support from the EU4Business–EBRD Credit Line, a company from Tskaltubo region has become the first producer in Georgia to export Georgian herbs to the EU market. Herbia Ltd expanded its greenhouse farming and renewed its packaging equipment after …

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Germany to Finance Water Supply Project for Adjara Region Villages

As part of German Chancellor Angela Merkel’s visit to Georgia, German and Georgian officials will sign loan and grant agreements on financing water supply and sewage system program for Adjara Region villages. The agreement will be signed by Georgian Finance Minister Ivane Machavariani and Olaf Zimelka, head of KfW department …

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Thomas Bareiss: Deutsche Bahn is Interested in Cooperation with Georgia

Parliamentary Secretary of the Ministry of Economy and Energy of Germany Thomas Bereiss made a special emphasis on the visit of the executive director of “Deutsche Bank” to the prospect of cooperation between “Georgian Railway” and “Deutsche Bank” . ”This will be very important move as Georgia, with its location, …

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Georgia and Germany to Sign Agreements of 193 million EUR

Angela Merkel

“I paid my last visit to Georgia 10 years ago, when the ceasefire agreement was signed. 10 years have passed and I reaffirm my support to the territorial integrity of Georgia”, Chancellery of Germany Angela Merkel noted at the briefing of Government of Georgia. It is important that Georgia and …

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