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October 5, 2015 #116
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October 5, 2015, Issue 116
caucasus business Partnerweek News Agency
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ADB SEEKING STRONGER RELATIONS WITH GEORGIA
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he Asian Development Bank (ADB) is enhancing its support for Georgia to foster inclusive and sustainable growth and to strengthen regional connectivity. Pg. 2
A MULTI-CLINIC INNOVA OPENED IN TBILISI WITH SUPPORT OF BANK OF GEORGIA
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new multifunctional clinic Innova opened on Sandro Euli Street #7. The clinic’s main areas of work will include neurosurgery, gynecology, traumatology, and general surgery. Pg. 11
INFLATION RATE WILL SEE A NEW HIGH IN SEPTEMBER
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he inflation rate has overridden the target indicator ahead of schedule. The National Bank of Georgia (NBG) expected the inflation rate to reach 5% point by the end of 2016, while the International Monetary Fund (IMF) was forecasting only 3% inflation rate. Pg. 10
Credit Interest Rates Exceed Deposit Yields by 300%
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ommercial banks may further increase loan interest rates because of GEL exchange rate depreciation and high risk factors. The National Bank of Georgia (NBG) has already increased the refinancing policy rate. As a result, refinancing loan interest rates have also surged. Despite this tendency, deposit interest rates have not changed. This signifies the Georgian bank sector remains one of the world leaders in terms of the spread indicator (the difference between
credit and deposit interest rates). Deposit yields make up 5.2% on average, while credit interest rates mark 14.8%. This signifies credit interest rates exceed deposit yields by 300%. According to the World Economic Forum (WEF) report, in 2012 the spread in Georgia was 15%, while the NBG reported the indicator at 10%. In the developing markets, this indicator is 4-5%, while the figure exceeds 8-9% in undeveloped countries. Pg. 10
Georgia Reveals its Investment Potential to World Business Leaders
A PRESENTATION OF FOX INTERNATIONAL CHANNELS TOOK PLACE IN TBILISI’S RADISSON BLUE IVERIA HOTEL
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he company FOX International Channels is the leading international company that produces wolrd’s leading TV channels, including FOX, National Geographic Channel, FOX Life, Nat Geo Wild, FOX News, Sky News, Baby TV. Pg. 12
GEORGIAN BUSINESS SECTOR GROWS
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eorgia’s business sector is growing in a range of directions, generating increased turnover and employing more people with higher salaries. Pg. 2
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eorgia is fast becoming known as a globally attractive business environment thanks to various business and investment forums where Georgia is positioning itself as a stabile country with a liberal trade regime, low
taxes and business efficiency. Overnight (local time) Georgia’s Prime Minister Irakli Garibashvili hosted an investment forum in New York on the topic ‘Georgia-Making Business Easy’, which was attended by more than 300 investors from different countries.
Pg. 5
Temur Chkonia: Zedazeni Swerved from the Principle and Breached Agreement
Pg. 7
Batumi Seaport’s Cargo Turnover Hits 10 Years’ High Mr. JANNAT KUSAINOV The Batumi Seaport Director General Pg. 6
Why Khudoni is a Great Idea The Georgian Authorities have resumed discussions over the Khudoni hydro power plant (HPP) construction project. In parallel regime, the people objecting to the project have also intensified activities. They do not change the position. No one plans to live in caves, but an operation of three huge HPPs (Enguri HPP, Khudoni HPP and Nenskra HPP) in the same valley will annihilate the Balskvemouri part of the Svaneti Region, the remonstrant residents assert. An extensive area will be flooded. This will be a huge mirror and our country will become enormous water storage in the near future; the existing climate will change, woodlands will disappear, flora and fauna will be annihilated, landslip processes will intensify. The changed climate will also affect the Racha Region and unique grape varieties will go withered. Operation of so many hydro power plants will entirely Pg. 9
Legendary Toyota Corolla and RAV4 for Unprecedented Prices
Pg. 7
Georgia is Ready to Fight HIV and Tuberculosis Independently
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Georgia puts “culture on the map” with EU and Eastern Partnership
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