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Tag Archives: georgia

Financial Improprieties Exposed at Three Universities

The State Auditing Service has examined universities under the management of Ministry of Culture, including Shota Rustaveli University of Theater, Apolon Kutateladze State Academy of Arts and Vano Sarajishvili State Conservatoire. The auditing process has exposed financial improprieties. Namely, they do not have a joint registration system to register debts …

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Georgia Received $159.3 Million Revenue From Tourism in January

In January, Georgia received $ 159.3 million in revenue from tourism. In January-February the number of tourists increased by 25% and the number of visitors increased by 17.2%. In February, the highest number (103,981) of visitors arrived in Azerbaijan. Armenia is in second place with 102,707 visitors, while Turkey has …

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Beer Imports Grow in Georgia

Beer imports to Georgia has almost doubled over the past 5 years. Geostat, national statistics service of Georgia, told BMG that beer imports has risen by 45% as compared to 2013, and totaled 11.3 million liters, while the figure was 7.8 million liters in 2013. Beer imports has risen by …

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Development of Fiber Optic Cable of Europe-Asia is Considered via Georgia

Development of Fiber Optic Cable of Europe-Asia is Considered via Georgia

Georgia and Turkey will discuss development of Europe-Asia fiber-optic cable highways. Dimitri Kumsishvili raised the initiative with the Turkish counterpart. “Development of fiber-optic cable networks of Europe and Asia via Georgia and Turkey is one of the priority issues in our countries’ agenda”, – Ahmet Arslan, First Vice Prime Minister …

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Wizz Air to Fly to 13 New Destinations from Kutaisi

In Spring 2017 Wizz Air will launch several new flights, namely, to Paris, Rome, Prague, Barcelona, Athens, Riga and Vienna. Wizz Air communication manager Sorina Ratz told BM.Ge that new frequencies will be added to the direction of Schoenefeld and Dortmund. Wizz Air will add 12 new flights to the …

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Experience the Future at Oracle Day in Georgia

Oracle

At the business conference, executives of Georgian enterprises will learn about the latest innovations and the implementation of new programs in Georgia.  Oracle announces Oracle Day 2018 in Tbilisi on February, 21. During the conference Georgian IT leaders will learn how to transform a business model and optimize the processes …

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IMF Staff Concludes Visit to Georgia

IMF Georgia

An International Monetary Fund (IMF) team, led by Ms. Mercedes Vera-Martin, visited Tbilisi during February 7-13, 2018 to discuss recent economic and financial developments and progress with structural reforms. At the conclusion of the visit, Ms. Vera-Martin issued the following statement: “Economic developments in 2017 were positive. Growth reached 4.8 …

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First Large Hotel To Open in Tusheti, Omalo

New beneficiary Samzeo has joined the hospital industry development program. For the first time in Tusheti, in the village of Omalo, a 43-suite hotel will be constructed. The hotel is member of Preferred Hotels&Resorts international brand. The hotel will comprise premium restaurant, sauna, spa, lounge and any visitors will be …

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NBG Forecast: Economics Growth to Be around 4.5% in 2018

According to the National Bank forecasts, real GDP growth in 2018 will be around 4.5% thanks to positive contribution from net exports, consumption and investments, as a result of currency inflows from abroad, improvement of business moods and capital expenses of the state budget. Despite the mentioned improvement, according to …

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Banking Sector’s Profits Grow

The Banking Sector’s Profits in last years Exceeded the 2001-2013 Profits Twice According to the National Bank of Georgia (NBG), in 2017 net profits of Georgia-based commercial banks (profits after profits tax) made up 870 million GEL, up 191 million GEL as compared to the 2016 indicators (+28%). Net profits …

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Oil Shipments from Georgia’s Batumi Port Down 34%

Oil and related shipments from Georgia’s Black Sea port of Batumi in January were down 34 percent from a year earlier, an official at the terminal, operated by Kazakh KazMunaiGas, told Reuters. The official gave no reason for the fall, but state company KazMunaiGas continued to reroute some shipments to …

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