Issue 1, 2012. February-March

   

INVESTMENT BRIEF

Housing Project to receive $20 million funding from the Netherlands
FMO (the Netherlands Development Finance Company) will provide $20 million to finance a housing project by SBRE, Bank of Georgia's real estate subsidiary. The goal of the investment is to provide affordable housing to middle-low income families in Tbilisi, creating a new product for people who were shut out of the construction boom due to high costs.
SBRE, with assets of 41.4 million lari as of June 2011, has a history of developing mid-range property in Tbilisi.

New Airlines to Enter Georgian Market in 2012
From February 1, Qatar Airways will offer flights from Doha to Tbilisi and Baku. Connections will include flights to East Africa, and to Uganda and Rwanda starting from March. In addition, Alitalia, Estonian Air, and Air Arabia plan to start flights in Georgia later this year. Currently, 20 foreign airways operate in Georgia.
In 2011, Tbilisi international Airport served 1,058,679 passengers, a 29 percent increase from 2010.

Oldest Armenian Bank Coming to Georgia
AMERIA Bank announced plans to expand to Georgia in 2012. Founded in 1910, AMERIA bank is the oldest Armenian bank; its largest shareholder (96 percent) is Holdings Limited, a partner of the Russian investment group Troika Dialog.

Government and World Bank to invest 100 million lari in Kakheti
Government of Georgia, together with the World Bank will invest 100 million lari for the development of the Kakheti region in 2012. Economic Minister Vera Kobalia said the funds, half of which come from the World Bank, will be financed through grants and credit. The investment is part of the government's Year of Kakheti Tourism project.