Issue 2, 2015. April-May

   

INVESTMENT NEWS

A short summary of major business and investment news as published in the media and on official websites.

Georgia seeks membership in China-led Asian Infrastructure Investment Bank (AIIB)

Georgia is one of fifteen countries that have applied to join China's new loaning entity, the Georgian government-run agenda.ge website reported on March 31.

"Georgia is ready to join AIIB as a founder country," Georgia's Deputy Minister of Finance David Lejava was quoted as saying on the site.

"To be a founder country means to work on the founding documents together with the other countries, where Georgia's interests will be taken into account as well. We [hope] to be a receiver country and not an investor country," he added.

Foreign donors pledge $250 million for Shuakhevi Hydro Power Plant

Three international donors have pledged funds to help complete the $400 million Shuakhevi hydro power plant in Georgia's Adjara region, Georgia Today reported on March 27.

The newspaper said the Asia Development Bank ($90 million), European Bank for Reconstruction and Development ($90 million) and from The International Finance Corporation ($70 million) are financing the loan.

Georgia's Partnership Fund, Israeli Elbit announce new factory

Georgia's state-owned investment fund, the Partnership Fund, has signed an agreement with Israel's Elbit Systems - Cyclone. The $85 million deal is for a state of the art airplane parts factory, the fund announced on its official website, www.fund.ge.

The factory, to be built in three years, will employ 300 locals trained by Israeli specialists, according to the report.

EU grants €4.8 million to banks for agro-loans

The European Union is giving banks €4.8 million to enhance services to agri- businesses, agenda.ge reported on March 31.

The program is designed to train "Georgian bank staff, develop lending strategies for agriculture projects and improve banks' existing financial products", the website said.

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