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Tourism Development Fund: $680 million Investment and 8 Large-Scale Projects

Georgian Co-Investment Fund is to establish Tourism Development Fund of Georgia with a purpose of investing 680 million USD and administering 8 large-scale projects in Tbilisi, Guria, Ajara and Samegrelo.

Fund aims at developing tourism infrastructure in the regions of Georgia where tourism industry had previously been overlooked.

 

“The Fund will concentrate not only on improvement of infrastructure and quality of service, but ecology and healthy life-style as well. The goals of the Fund are in full compliance with the spatial planning component of the Government’s four-point reform plan.

The Fund is ready to discuss investment projects aligning with the state vision and spatial planning strategy, thus fostering new touristic hubs and attracting additional investments in regions with weaker economic development. Projects in Shekvetili and Ganmukhuri are clear examples of this. I believe that Tourism development Fund will serve a particular role to ensure that our country becomes even more interesting for tourists and investors.

Tourism Development Fund established by the Georgian Co-Investment Fund will be headed by Irakli Karseladze. The Fund aims at fostering rapid development of touristic infrastructure in the country as well as administration of the specific programs designed to improve the quality of service provided by hospitality industry.

For the purpose regional training centers are planned to be established to retrain local residents engaged in hospitality industry. The Fund seeks to create new tourism hubs in less economically developed regions of Georgia.