The European Bank for Reconstruction and Development on November 22 announced it had reduced its equity stake in TBC Bank, one of the largest lenders in Georgia. The bank sold 850,000 shares in an accelerated bookbuild placement on the London Stock Exchange, EBRD said, adding the shares sold on November 22 represented 1.5% of TBC…
A dozen of Tbilisi’s metro stations will have upgraded infrastructure with the financial support of the Asian Development Bank, mayor Kakha Kaladze has announced. Four of the stations – Akhmeteli, Didube, Delisi and Technical University – will have new entrances constructed. He also said the $16-million project would include renovation of aboveground infrastructure for 12…
Georgian economy minister Levan Davitashvili on November 21 said the forecast of the International Monetary Fund projected the Georgian economy’s 2022 growth to be 10.5%, and highlighted the country exhibited “one of the highest” growth rates in the region. The ministry quoted Davitashvili as saying the domestic economy “continues to grow this year despite the…
Georgian economy minister Levan Davitashvili on November 21 said there was a “definite progress” in the country’s implementation of conditions for receiving the European Union membership candidate status, and stressed the priorities would be fulfilled at a “high level”. In his remarks over the matter, Davitashvili noted both parliamentary committees and the “entire political spectrum”…
Natural gas distribution companies in Georgia will invest GEL 265 million ($97.44 million) within the next five years in improving supply in the country, the Georgian national energy and water supply regulatory commission has announced. “The commission agreed on the investment plans to be implemented by the natural gas distribution companies in the next five…
Turkish-German carrier SunExpress will enter the Georgian airline market starting in June 2023, the United Airports of Georgia has said. Tamar Archuadze, director general of the United Airports, said starting from June 3, 2023 SunExpress would offer flights between Tbilisi and Izmir, while flights from Ankara and Antalya would start on June 5 and 15,…
Georgian finance minister Lasha Khutsishvili on November 17 said reducing the country’s external debt, which currently stood at $22.3 billion, was among the government’s priorities. Presenting next year’s budget in the parliament, the official said financial bodies would take on more internal debt – obtained by issuing treasury bonds and treasury obligations – to keep…