Large-scale Privatization Project – 100 Investment Offers to Business Launched

A large-scale privatization project – 100 Investment Offers to Business was officially launched.

The Ministry of Economy and Sustainable Development together with the National Agency of State Property held a presentation for the representatives of the business who can already participate in 100 parallel auctions announced by the Agency.

Minister of Economy and Sustainable Development of Georgia, Natia Turnava opened the event. According to the Minister, this is the unprecedentedly large-scale project and envisages holding of 100 parallel auctions simultaneously and privatization of state property through simplified procedures. Speaking about the expected results of the project, the Minister said that, among other things, the project provides the opportunity to create 2500 new jobs, which is very important. “We are working both on issues  related to employment and the effective privatization under the instruction of the Prime Minister of Georgia,” – Natia Turnava said.

Following the Minister of Economy and Sustainable Development, the Prime Minister of Georgia, Giorgi Gakharia spoke about the business development opportunities of the project.

The project envisages that the LEPL National Agency of State Properties offers all interested parties a simplified procedures, which includes already prepared investment packages, including the possibility of developing real estate under the General Development Plan. All legal issues such as appraisal, property registration, border clearance and others are also settled in advance.

The total initial value of the property to be auctioned is GEL 150 million. As a result of the project implementation, 2500 new jobs will be created and the expected investment will be around 200 million GEL

Privatization information is available on the Privatization Map of the official website of the National Agency of State Property www.nasp.gov.ge , where the customer has the opportunity to learn all about various investment offers and, if interested, to participate in the ongoing electronic auction.

The list of the properties to be privatized includes state-owned real estate throughout the country and includes about 45 cities and municipalities in Tbilisi and Georgia. The privatization list includes industrial facilities, warehouses and greenhouses, medical facilities, sports infrastructure, hotels and other state-owned properties of interest to developers.