Issue 6, 2016. December-January

   

INVESTMENT NEWS

Investor.ge provides a brief update on investments and changes in government policy that could impact the business environment. The information in this issue was taken from agenda.ge, a government-supported website, and other sources.

Trump Tower Batumi Back On
Georgian media have reported plans to build a Trump Tower in Batumi have resumed after a six-year pause. The $250 million-dollar project, owned by Silk Road Group, will reportedly restart "soon," according to company representatives.

U.S. financing for new hospital, port project
The U.S.'s Overseas Private Investment Corporation (OPIC) plans to lend $67 million to two Georgian projects: 120-bed Mother and Child Medical Center in Tbilisi and infrastructure related to a new dock complex in the Black Sea town of Poti, agenda.ge reported on November 16.

German Experts to Draft Urban Development Plans for Villages
The Ministry of Economy of Georgia and the German Society for International Cooperation (GIZ) have signed a memorandum of understanding to develop urban planning concepts for Akhmeta municipality, Tusheti and 12 villages, agenda.ge reports. The deal includes a 200,000 lari grant from GIZ for urban planning.

Thermal Power Plant Planned for Gardabani
The construction of a 230 MW combined-cycle thermal power plant in Gardabani is "yet another important step toward reinforcing Georgia's energy independence," according to Georgian Prime Minister Giorgi Kvirikashvili, the gov.ge website reported.
The project will be implemented by the China Tianchen Engineering Corporation and costs $159 million. The plant will go online in winter 2020.

Imports Increased by 31 Percent
Foreign trade turnover was $9.950 billion in January-October 2016, an increase of 22 percent compared to the same period last year, the official statistics body, Geostat, reported.

Wine Association launches new guide for wine connoisseurs
120 wineries and wine bars are listed and mapped in the Wine Association's new guide for Georgian wine. Each venue's entry has a QR code: scan the bar code with a smartphone and its location is pin-pointed on Google maps. Se e more at www.gna.ge.

130 employed at new clay processing plant
Askaneli Alliance has invested 30 million lari in a new bentonite clay processing plant in Ozurgeti in western Georgia, agenda.ge reported on November 20.

Standard & Poor's Raises Georgian Oil and Gas Corporation's ranking
Standard & Poor's (S&P) has bumped Georgian Oil and Gas Corporation from a negative to a stable rating, agenda.ge reported on 21 November. It now has a B+/B rating.

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