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25 May, 2015

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25 MAY, 2015 | FINCHANNEL.COM

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The Proposed Examination Reform: Don’t Change a Winning Concept! THE PROPOSED REFORM

By FLORIAN BIERMANN and SABA DEVDARIANI ISET

tudying at Georgian universities in the 1990’s was ludicrous. The students or their parents negotiated with the heads of the exam committees and/or the deans of the faculties about the “terms and conditions”, i.e. the bribes that would have to be paid and the “services” that would be delivered in exchange. One could choose from a broad menu of different corruptive services, covering admissions, grades, and scholarships, and the price one had to pay varied according to what one had chosen. The law of supply and demand caused highly demanded professions like diplomacy to be more expensive than, for example, economics (which was not very popular back then). After a consensus was achieved between a student and corrupt university employees, the student’s name was included in a so-called “red list”. During the exams, students who were on these lists would get exams which were already filled out, leading to grades in accordance with the package they had ordered. A slightly more concealed method was to write a code word in the first sentence of the exam. This allowed the instructor to easily recognize those students who had ordered “preferential treatment”, often students whom they had taught private lessons before. Oral exams worked even simpler: the student had to hand over to the examiner the grade book for entering the exam result, and some students had “unintentionally” displaced some bank notes between the pages. In these wild years, people could buy diplomas without attending a single lecture. Many taxi drivers in Tbilisi not only bought their driving licenses in the 1990’s but also boast with the “two red diplomas” they obtained in those times (diplomas with distinction were printed on red paper). In 2004, the government took care of this issue by introducing the unified entry exams for universities. Every university applicant had to take three general exams and one subject-specific test conducted by the National Examination Center (NAEC). This reform was a tremendous success – from now on, in Georgia neither money nor connections could smooth one’s way into the university.

WHY ARE PEOPLE CORRUPT? Contrary to a commonly held belief, corruption has almost nothing to do with the ethical standards which prevail in a society. As a corruption expert once told us, there is a widespread conviction in the Muslim world that corruption could be fought by reviving Islam within their societ-

School exams in the 19th century: buying grades was difficult if so many people were watching. Painting by Albert Anker (1862). (Source: Wikimedia Commons)

ies. If everyone were a good Muslim, they think, corruption would disappear automatically. This is entirely mistaken and explains to some extent why most Muslim countries suffer from ravaging corruption. Corruption is a structural problem and does not result from rotten intentions of individuals. In game theory, an equilibrium is defined as a situation where no individual can unilaterally change their behavior without worsening their own outcomes. In this sense, a society can be in a corrupt equilibrium or in an integrity equilibrium. If one is in a corrupt equilibrium, deviating as an individual, i.e. returning to integrity, is extremely costly. If everyone bribes the university and you don’t, the result will simply be that you do not get admitted. Likewise, if everyone bribes the doctors in the hospitals and the government officials but you are the only one who doesn’t, you will simply be disadvantaged compared to the others. But in a corrupt equilibrium, even those who receive bribes can’t deviate without incurring high costs. In Greece, salaries of hospital doctors are kept artificially low because one assumes that a physician’s salary will be topped up with bribe money. If in such a situation you are an individual doctor who rejects bribe payments, the salary that remains may not be sufficient for you to make a living. If one is in an integrity equilibrium, the situation is symmetric but much more blissful. If nobody takes bribes, you take a high risk that your attempt to get “preferential treatment” in the admissions exam will not lead you into university but into prison. Likewise, the university instructor who communicates that he would be open to receive “recognition” would also face the danger of being reported and punished. To get out of a bad equilibrium, a coordinated effort is required. One has to move to a new equilibrium without the necessity of costly individual deviations. If all people who were formerly corrupt regained their integrity instantaneously, one has overcome the problem. A good government can organize this coordination.

PRAECEPTOR GEORGIAE Georgia taught the world how an equilibrium change can be achieved, not only in the educational sphere. In the NAEC system, a small committee is assembled for each subject. They design the exams – nobody except for them knows the exam problems in advance. The exam papers are specially packed and opened only in front of students, right before the exam starts. Those students who sit in the first row (seats are randomly assigned) are asked to sign that the exams were untouched and opened under the students’ eyes. No student is allowed to write their name on the exam (there are codes which match students with exams), and any disclosure of one’s identity will lead to disqualification. On top of that, each exam is checked twice by different persons, and if scores differ, then a third evaluation is called in. Since 2004, some minor adjustments were made, but the NAEC system essentially works in the same way as it was established 11 years ago. While under Shevardnadze even the most gifted kids could forget about higher education if they had no money or connections (even scholarships were awarded in a corrupt way), it is now a matter of talent and diligence whether or not one will make it to university. The importance of this achievement cannot be overestimated. For a country without oil or significant amounts of other natural resources, human capital is essentially the only resource that can drive economic progress. For Georgia, it therefore has paramount importance to utilize on the potential of each of its citizens. All talents, also those born in rural areas, need to be given the chances to actualize their potentials. As argued in Florian Biermann’s article “The Economics of Great Personalities”, which can be found on the ISET Economist Blog, this is Georgia’s only chance to catch up with the West.

The Ministry of Education announced that after 2016, the university admission exams will merge with the final examinations of schools. Students will have to take one unified exam to receive a school diploma, which will also be the basis for admissions to universities. The Ministry of Education did not announce yet what will be the exact format of the new exams, but the main concern is that they will be conducted in a decentralized way, i.e. by individual schools (as the school-leaving exams today). To move out of the corrupt equilibrium, it was necessary to create a centralized exam, because only a specialized agency like NAEC was powerful enough to effectively prevent corruption. It requires competence, professionalism, determination, and impartiality to eradicate corruption, and there are many schools where these properties are lacking. Considering the experience of school-leaving exams, one has to fear that through a decentralization of the admissions exams corruption will find its way back into the Georgian educational sector. As we know from personal sources, there are private schools in Tbilisi which for a fee guarantee school-leaving diplomas to their students. Teachers hand out the tests with filled-in correct answers a week before the exams. When in one instance these answers turned out to be wrong, during the exam teachers were individually helping those students who had paid the fee. There were cases when straightA-students with gold medal and excellent performances in the school-leaving exams could not even meet the minimum threshold for university admission at the NAEC exams. The Ministry of Education simply does not have sufficient resources to guarantee standards in decentralized exams that come close to what is achieved by NAEC. Georgian educational reforms should not start with the examination system, one of the few things that function reasonably well. There are many fundamental problems to take care of, like the low qualification of teachers (which is related to the low salaries they receive). To give Georgian children better education, one should now work on the education itself, not meddle with the examinations. Georgians are people who have a strong desire for fairness and therefore hate corruption, and they were hugely suffering from being in a corrupt equilibrium for so long (this was described in the article “Georgian Decency as a Competitive Advantage” by Florian Biermann, to be found on the ISET Economist Blog). It would be a huge mistake to risk what has been achieved in Georgia in this respect.

CMYK

FINANCIAL HEADLINE NEWS & ANALYSIS

FINCHANNEL.COM | 25 MAY, 2015

green business

Seven Billion Dreams. One Planet. Consume with Care.

he well-being of humanity, the environment, and the functioning of the economy, ultimately depend upon the responsible management of the planet’s natural resources. Evidence is building that people are consuming far more natural resources than what the planet can sustainably provide. Many of the Earth’s ecosystems are nearing critical tipping points of depletion or irreversible change, pushed by high population growth and economic development. By 2050, if current consumption and production patterns remain the same and with a rising population expected to reach 9.6 billion, we will need three planets to sustain our ways of living ENERGY

Despite technological advances that have promoted energy efficiency gains, energy use in OECD countries will continue to grow another 35% by 2020. Commercial and residential energy use is the second most rapidly growing area of global energy use after transport. In 2002 the motor vehicle stock in OECD countries was 550 million vehicles (75% of which were personal cars). A 32% increase in vehicle ownership is expected by 2020. At the same time, motor vehicle kilometres are projected to increase by 40% and global air travel is projected to triple in the same period. We can shift our consumption patterns towards goods and services with lower energy and

material intensity without compromising quality of life. Households consume 29% of global energy and consequently contribute to 21% of resultant CO2 emissions.The cost of renewable energy is increasingly competitive with that derived from fossil fuels. One-fifth of the world’s final energy consumption in 2013 was from renewables. Globally, energy consumption grew most quickly in the transport and service sectors, driven by rising passenger travel and freight transport, and a rapid expansion in the service economy.

FOOD While substantial envi-

ronmental impacts from food occur in the production phase (agriculture, food processing), households influence these impacts through their dietary choices and habits. This consequently affects the environment through food-related energy consumption and waste generation. 1.3 billion tonnes of food is wasted every year while almost 1 billion people go undernourished and another 1 billion hungry. Overconsumption of food is detrimental to our health and the environment. 1.5 billion people globally are overweight or obese. Land degradation, declining soil fertility, unsustainable water use, overfishing and marine environment degradation are all lessening the abil-

ity of the natural resource base to supply food. The food sector accounts for around 30% of the world’s total energy consumption and accounts for around 22% of total Greenhouse Gas emissions. Increased consumption adversely affects food security. Increase in food prices. Upsurge in production methods that use more resource-intensive food products. Resource-intensive foods deplete the agroecological resource base, affecting its ability to produce plentiful food.

WATER Even though households are relatively low

consumers of water, population growth and expanded water use have outweighed the effect of water saving technology and behavior. Less than 3% of the world’s water is fresh (drinkable), of which 2.5% is frozen in the Antarctica, Arctic and glaciers. Humanity must therefore rely on 0.5% for all of man’s ecosystem’s and fresh water needs. Man is polluting water faster than nature can recycle and purify water in rivers and lakes. More than 1 billion people still do not have access to fresh water. Excessive use of water contributes to the global water stress. Water is free from nature but the infrastructure needed to deliver it is expensive.

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25 MAY, 2015 | FINCHANNEL.COM

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Bristol, leading the way for sustainable and resilient cities

The FINANCIAL

ristol is at the forefront of a global movement of cities that are reinventing what it means to be sustainable and resilient in the age of climate change, European Investment Bank revealed. Located in South West England, Bristol city, a historic medium sized city surrounded by a scenic countryside, was recently awarded the title of European Green Capital 2015. The award recognises the city’s many initiatives over the years to protect the environment and improve people’s quality of life.

BRISTOL, EUROPEAN GREEN CAPITAL 2015 Bristol’s title of Green Capital is well deserved. It is the UK’s greenest city. Almost a fifth of Bristol residents walk to work. The number of cyclists has doubled in recent years. Bristol has also been working to reduce the city’s contribution to climate change. Carbon emissions have consistently declined in Bristol since 2005 despite a growing economy. Great

strides have also been made in increasing the share of renewable energy in the city’s energy mix, improving water and waste treatment, increasing energy efficiency across all sectors and developing the green economy. George Ferguson, the Mayor of Bristol, explains how the city achieved these impressive results: “Bristol has in reality been working towards the title of European Green Capital for generations. Our success is rooted in 40 years of pioneering work in sustainability. Much of this has been at grassroots level, demonstrating real change and community spirit in areas such as energy, waste,

food and transport. We have over the last few years grown a Green Capital Partnership of 750 organisations, large and small.” Nevertheless, the city does not plan to rest on its laurels and has committed a budget of EUR 500 million for transport improvements by 2015 and up to EUR 300 million for energy efficiency and renewable energy, according to European Investment Bank. As a signatory to the Covenant of Mayors in 2009, the city has set ambitious targets to reduce energy use by 30 % and CO2 emissions by 40 % by 2020 and 80 % by 2050 (from 2005 baseline).

THE EUROPEAN LOCAL ENERGY ASSISTANCE FACILITY AND ITS SUPPORT TO BRISTOL In 2012, the city of Bristol received a EUR 2.6 million grant from the ELENA programme in support of a EUR 161 million sustainable energy investment programme (to be implemented by 2016). The programme covers investments to increase the energy efficiency of residential and public buildings, to install

photovoltaic panels on public and private rooftops and to renovate or install district heating systems using combined heat and power or renewable sources. “Bristol is fast becoming the UK’s most energy efficient major city and this is in no small part thanks to the support of the European Investment Bank under the European Local Energy Assistance Programme (ELENA) to develop a series of strategic and sustainable local energy initiatives to improve life in Bristol. This includes setting up our new wholly owned ethically driven energy company, Bristol Energy.” says Mr. Ferguson.

The Main Eco-Friendly Activities of Georgian Businesses The FINANCIAL By MADONA GASANOVA

y running an environmentally friendly business Georgian companies are trying to reduce the impact they have on the environment and preserve its natural resources. The number of businesses involved in eco-friendly activities is growing on an annual basis. Planting trees and replacing plastic bags with biodegradable bags have been the main ecofriendly activities of Georgian businesses. Traditional grocery bags are very durable. Their disintegration under natural conditions takes many years. It is a serious environmental problem in terms of both pollution and waste management. In accordance, SPAR Georgia, one of the leading supermarket chains operating in the country, has launched 100% biodegradable plastic bags consumption/distribution in the market. The bags can be used for 12 to 24 months, for primary and secondary (Bin-Patch) purposes.

And then the material degrades in the environment under oxygen, heat, ultraviolet rays or mechanical pressure. Like SPAR Georgia, the leading pharmaceutical chain, PSP, only uses biodegradable bags. The company rapidly responded to the initiative of the Ministry of Environment of Georgia about biodegradable plastic bags. PSP removed the consumption of plastic bags from its network and replaced them with biodegradable bags. PSP pharmacy with its 200 drugstores serves 2 million customers every month with only biodegradable bags. Plastic bags damage the environment and their decomposition takes over a hundred years. This activity allows PSP to contribute to environment protection. Besides this activity PSP is actively involved in a greening campaign and annually plants trees in various areas of Georgia. In 2015, it was the first time that the team of Progress Bank got involved in the campaign of greening Tbilisi. In this regard the Bank’s team planted over 500 cypress trees on the territory of Dendrite Park in Tbilisi. Caucasus University (CU) is

constantly trying to engage in various types of activities aimed at environment protection. The University has a very great potential and resource - its students. So, the management considers that it would be improper not to use the opportunity to communicate directly with the students and contribute to their civic engagement. CU is constantly arranging greening and cleaning activities. The administration and students clean up the environment from waste and garbage during each excursion. Why save energy? The noblest reason could be to save the environment around us. The reasoning is easy - when it is aimed at contributing to national energy security, fostering knowledge-sharing in Georgian communities, and a reduction of emissions. BP has been implementing a renewable energy and energy efficiency project for the last 7 years in Georgia. BP in Georgia decided to pioneer the energy efficiency topic and developed a “Renewable Energy and Energy Efficiency Program”, within its Sustainable Development Initiative

framework, launched back in 2008 through a comprehensive tender selecting local implementing partner - the Energy Efficiency Center of Georgia. Initially, the programme started with the awareness campaign called “Energy Bus”. This huge, specially-designed truck became a mobile exhibition, containing models of various renewable energy & energy efficient devices, travelling throughout Georgia twice within the 3-year period. Energy Bus became an extremely popular host for 65,000 people from local communities, who visited it from 2009 to 2012, learned a lot about modern technologies, and saw micro hydro power plants, compact fluorescent lights and LED lights, solar panels, a wind turbine, and various insulation materials in action. Stage 2 of the programme, or 23 small-scale demo projects implemented across the country, brought tangible benefits to the local communities. 3 relatively big and 20 smaller-scale projects were implemented in the selected community buildings - schools, kindergartens, hospitals and other public

buildings - in Tbilisi and across the whole of Georgia. Upon completion of the 2nd stage, the EU Initiative called “the Covenant of Mayors” has been introduced, and many cities across the EU, as well as 8 cities of Georgia, have become signatories to this initiative. The “Covenant of Mayors” signatory cities have undertaken ambitious energy and environmental plans to reduce their respective energy consumption, as well as CO2 emissions, by 20% by 2020. BP responded to this challenge with the 3rd stage of our Renewable Energy & Energy Efficiency Program, which envisages support of the implementation of the “Covenant of Mayors”, and aims at implementation of 1-2 large-scale demo projects in each city that would support the aim of reducing CO2 emissions, and also serve as practical examples for other projects. As of today, 5 projects in 4 municipalities - Gori, Telavi, Batumi and Rustavi - have been completed. The works are underway to select and implement the remaining projects in other cities.

Having been at the forefront of the energy efficiency theme in Georgia for the past 7 years, the BP team says that they have achieved outstanding results. The “Energy Bus” Project received the National Energy Globe Award in Wels, Austria, in November 2011, for the best energy project from Georgia. This is a prestigious international award in the energy sphere, often referred to as the ‘energy Oscars’. BP still continues to monitor the results of their interventions in the 2nd stage of the Program - 23 projects that were implemented across Georgia - and the results of the savings from 2013 until the end of the 1st Quarter of 2015 include: electricity saved - 357,940 kW/h; natural gas saved - 112,290 m3; water saved - 26,400 m3; firewood saved - 173 m3; diesel saved - 4,075 litres; energy bill savings for the period - GEL 268,640; CO2 emissions reduction - 443,835 kg CO2 equivalent; total number of direct beneficiaries - almost 2,400. Success breeds success, and BP expects more to come from the 3rd stage of the Program.

CMYK

FINANCIAL HEADLINE NEWS & ANALYSIS

FINCHANNEL.COM | 25 MAY, 2015

green business

GT GROUP Offers FORD Trucks for You Business GT Group LTD is an official dealer of Ford Trucks in Georgia. GT Group imports, sells and services Ford cargo trucks and commercial vehicles on Georgian market since 2007. Ford Trucks successfully work in multiple sectors as Construction, Municipal, Transportation and Trade. 8th year already, GT Group supplies Georgian market with high quality reliable and durable Ford vehicles, and offers customers the truck maintenance and after-sales support in its authorized service center in Tbilisi. GT Group offers all interested customers FORD CARGO vehicles for the following sectors: Tipper Trucks – Mobile Cranes – Cement Carriers – Concrete Mixers - Garbage Collection Vehicles – Fire Fighting – Sewage Cleaning and Maintenance – Street Washing and Cleaning – Tree Planting – Water and Fuel Tanks – Mobile Refrigerators – Distribution Vehicles – Grain Carriers – Container Carriers – Open- and Closed-type Cargo Carriers. CONTACT information:

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Office Phone: 2 740 740; Cell phone: 599 63 88 22; E-mail: info@gtgroup.ge WEB: www.gtgroup.ge Facebook: GT Group LTD ADDRESS: 48B, CHOLOKASHVILI STR., 0113 TBILISI, GEORGIA

marketing@commersant.ge +995 32 2505 955

Advertiser: VTB Bank. Contact FINANCIAL Ad Dep at marketing@finchannel.com

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25 MAY, 2015 | FINCHANNEL.COM

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Lisi Development Setting a New Standard in Sustainable Site Usage The FINANCIAL By MADONA GASANOVA

isi Development is the first and only development company in Georgia to have rejected traditional approach to site usage in favour of a more environmentally-friendly option. The sustainable concept of its project is called “ 80/20”, which entails 80% of the territory being a designated green and recreational zone. The company decided to “build the environment” and meet the needs of the present without compromising on the ability of future generations to meet their own needs. The once-arid Lisi territory has been transformed into a green zone, where people recycle, cut down on carbon emissions and participate in sports competitions. “Lisi Development is based on sustainable management. It is well demonstrated in our main concept which we call 80/20. We do our best to maintain the green zone of our project which makes up 80% of the entire territory. We are keeping the natural landscape and making it greener by planting of trees, bushes and flowers. All of these are small details that combine to make a green zone. It is crucial that the 20% of our territory which is designated building space, does not conflict with the dominant green zone. The quality of the buildings, including the construction materials and architecture as a whole, stands in line with our green concept. The company does not compromise its resources on developing a green area together with environmentally-friendly residential buildings,” Nodar Adeishvili, Director General at Lisi Development, told The FINANCIAL. According to Adeishvili, any non-efficient use of energy increases the levels of carbon dioxide in the atmosphere which in turn accelerates the greenhouse effect. “For that reason our eco-friendly construction uses materials and technology which help optimize the energy efficiency of homes and reduce their harmful effect on the environment at the same time. By choosing an eco-friendly construction, consumers are not only reducing their utility bills in the long run but they are also helping to reduce the harmful effects of human actions on the environment,” he said. In the first phase of the project, called Lisi Veranda, more than 200 trees were planted. They were selected according to the type of climate and soil. Evergreen cypress, Italian pine, Himalayan cedar, privet, photinia and many other types of plants are present in the park. More than 500 trees were planted in the surroundings of the Lake. “The whole infrastructure of Lisi Lake is created in a way to maximize the promotion of healthy living. Playgrounds, bikes and boats are offered to customers on site,” said Adeishvili. Lisi Development has taken another step in the direction of environment protection

NODAR ADEISHVILI, Director General at Lisi Development

and the development of its green concept. The company implemented waste recycling together with the residents of Lisi Veranda housing complex. In cooperation with its partner, Coop Georgia, Lisi Development recycles waste, and the rubbish can be used for secondary purposes. Lisi Development sponsors and supports various sports events held on Lisi Lake on a regular basis, for example: the Ministry of Defence Charity Marathon that was held in August 2014; the Marathon Swim Tbilisi 2014 that took place in September 2014; as

well as the yearly mini football championship - Lisi Cup. Q. There are many construction companies claiming to offer ecofriendly buildings. How can consumers really tell whether they are telling the truth? A. Unfortunately there is no certification system of green buildings in Georgia. There are some works being done in this direction and hopefully it will soon be implemented in Georgia. So, when a company states that a building is green, it will be obliged to prove it by pro-

viding an official certificate. Currently it is mostly allowed based on the construction materials which make buildings more energy efficient, rather than in the case of using standard construction materials that are still widely used in Georgia. There are various construction materials, facing, indoor isolation and effective windows - all these combine to create the concept of an energy-efficient building. If a company says that they are constructing energy efficient housing, consumers can simply ask to be told the exact building materials used by them. It is also important to know which parameters will be met by the company in order to create an energy efficient building. Every environmentallyfriendly building technique typically follows four basic principles - eco construction, eco design, eco maintenance and eco renovation, with an aim to reduce the building’s influence on the environment as much as possible. Q. Eco-friendliness has become the primary concern of Lisi Development. What will be the impact of your company on the surrounding district and the city as a whole? A. While developing the green zone we are not limiting ourselves to one area alone. The company is developing the same policy in the surrounding territories of Lisi. Lots of citizens visit the recreational zone near Lisi Lake every day. They can see from season to season how many innovations we are offering, in terms of greening the area and maximum ecological protection. I do hope that other development companies will follow our lead. I realise that companies developing construction in the centre of the city will find it difficult to develop green zones on a large scale. However, there are many ways to meet environment protection activities. To create a more diversified green area we have changed our approach when developing the second phase

of our project. During the first phase we had one team that had been working on landscape design. However, currently we have decided to increase this number in order to receive more diversified designs of our green space. Accordingly, we divided the new phase into ten zones. They were distributed to 12 groups. All of them are involved in landscape design. They will provide their models. We will then reveal the best models and the new zone will be managed by them. The most significant difference of our second phase will be diversification of the green zone which will be designed by a wide range of teams. Q. Sustainable land use is not a usual approach on Georgian market. Even more it can be considered as a concession from your side. What are the advantages of sustainable site usage? A. The residents of Lisi Development that are already living here can speak better than anyone else of the outstanding advantages of our company. They have already experienced the benefits of living in this environment. We are in constant contact with our residents and they always express a sense of satisfaction with the environment in which they reside. Opening a window, breathing fresh air and being able to feel calm is almost impossible in the centre of the city. The expectations of all the people that are choosing this concept and changing their lifestyle will be met from when they start residing here. The biggest achievement is that the advantages of Lisi Development are promoted by its residents. The company’s team is no longer alone in explaining why one should choose Lisi. Q. The company started its construction on totally barren territory. How hard was it to create a green zone out of such an area? A. A good example of a classic developer is to master untapped territories. Lisi Development is a classic ex-

ample of this. The company decided to master a part of the city which was totally undeveloped. We are carrying out communication and developing each part of the territory. It can be simply seen by comparing the area before we started its development, to after. The main difference between Lisi Development and other companies is that we are spending lots of time on creating the whole eco system, in line with European standards, ourselves. We established our partner organization Lisi Greens. Within this company we are trying to not only green our territory, but also distribute it to a broader market. Everyone can go to Lisi Greens, on the territory of Lisi Lake, and purchase an Italian plant. Over 700 trees have been planted in the Lisi area for now. As for the extent of the green, it covers hectares. It is very important that the green covering is maintained in winter as well. The selfless work of our gardeners is contributing to this. We are proud to have a team that manages it for the comfort of our customers and the city as well. Lisi is a distinguished green place of Tbilisi. Q. Awareness of environment protection among Georgians still remains low. Please tell us from the example of your employees, how the attitude towards ecology is changing from year to year? A. The whole team of Lisi Development is actively involved in its green activities. We have placed recycling bins for waste separation inside the office. It is important that the main initiator of recycling has been our Financial Director. In addition, if a tree or some plant has some kind of damage then it becomes an issue of serious discussion, in which the whole team is involved. We all live with this territory and consider it our home. The whole environment is so clean that even guests that are visiting our residents would never consider dropping a cigarette butt.

CMYK

FINANCIAL HEADLINE NEWS & ANALYSIS FINCHANNEL.COM | 25 MAY, 2015

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HERE EVERY DAY IS SPECIAL

www.lisi.ge

T 2 00 27 27 Advertiser: Lisi Development. Contact FINANCIAL Ad Dep at marketing@finchannel.com

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FINANCIAL

25 MAY, 2015 | FINCHANNEL.COM

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ProCredit Bank Georgia Focused on Environmentally Friendly Loans The FINANCIAL By MADONA GASANOVA

he eco-loan portfolio of ProCredit Bank Georgia is projected to reach USD 45 million by 2015. The Bank wants to find clients who care about the environment, and rejects financing projects that have a negative impact on the environment. Having energy efficient headquarters, recycling waste, electronic signatures, hybrid cars - is but a small list of the activities that combine to support the environmentally responsible image of ProCredit Bank Georgia. “I absolutely think that ProCredit Bank can be an example to others. We have a lot of visitors that come to our head office. We even offer them tours, where we show and explain which other types of technologies we have implemented. We try to convince them to implement similar technologies in their own businesses. In many cases it works,” Asmus Rotne, General Director at ProCredit Bank Georgia, told The FINANCIAL.

ASMUS ROTNE, General Director at ProCredit Bank Georgia

Q. ProCredit Bank is the only bank in Georgia that has an Environmental Management Unit (EMU). Tell us in more detail please, which important projects have been implemented by this unit? A. The Environmental Management Unit works in three different directions. We call them the three pillars of environmental management. The first pillar is that we simply want to optimize the use of energy and resources. Every company that uses energy and resources produces some waste. For this we have established a system of collecting information and monitoring the use of energy and resources, and identifying areas where we can improve our performance. We establish an action plan and undertake several projects of technical changes and investments in our premises as well as raising staff awareness to optimize the use of energy and resources. One of the most important projects we completed last year was the construction of our new head office. Here we tried to use a lot of modern technologies that are less resourceintensive. The second thing that we have been investing in most lately is cars. We started to switch to electric cars and hybrid cars that significantly reduce resource consumption. It is important that they contribute to reducing air pollution in Tbilisi, which is a huge problem as well. Another substantial impact that we as a bank, as an organization, have on the environment, is through our paper consumption. This is something that we have been working on intensively in the last couple of years. We have been working to reduce the amount of paper that we go through. We do it in different

ways. Some documents we simply keep now only electronically. We have revised our internal process and procedures to establish the necessity of having information on printed paper. Now we have a centralized printing system. So, our employees do not have printers in their offices anymore. This helps to change people’s mentality. They think twice about whether they really need to print something or whether they can just read it on screen instead. Paper consumption has been reduced by 60% in total, and by 41% per employee. The paper waste we do produce we try to recycle. We have started cooperating with Coop Georgia, the company offering recycling services in Georgia. Pillar 2 has to do with our external impact on the environment through our banking business and supporting our clients, which has to do more directly with the business we do, the banking business. That is where we are looking at the social and environmental risk of the companies/client that we finance. It is also an opportunity for us to identify potential green loans that are aimed at environmental performance improvement. In some cases we do not finance certain investments, not because of the financial situation of the company, but due to the character of the business and management practices that have a negative impact on the environment and society. ProCredit Bank supports the development of many green projects in Georgia. Issuing green loans is the third pillar of our environmental management. We have some interesting clients, which you see on our billboards, who produce energy-efficient and environmentally friendly materials. We try to find clients who also

care about the environment. Q. The new head office of ProCredit Bank is energy efficient. Can you tell us from your experience how important energy efficiency is, and what its impact on the environment and your business is, in terms of cost efficiency? A. Our energy cost saving per square meter is 25% in comparison with the old building. It is quite a reasonable figure and in many cases you can achieve even bigger reductions in your energy consumption. We are actually still continuing to look at ways in which we can improve even our head office to make it more efficient. We are discussing ways to reduce energy consumption for heating and cooling by blocking sunlight during the summer. We are discussing new investments in lighting improvement and even more environmentally friendly technologies. We will continue to invest in energy efficient measures and also roll it out in our branches. Low awareness is a problem, and is the reason why people think that energy efficient systems are more expensive. There are so many fancy new technologies that are not very efficient. Implementing solar panels and photovoltaic systems for electricity production can be cost-efficient with a proper approach and feed-in tariff support from the Government, as we also finance these measures with green loans. However, there are basic things that really make a lot of sense, both financially and environmentally. In our head office we have proper insulation of the walls, which is not very common. Most of the constructions in Georgia are done with a normal, standard single block, without any insulation. It is cheap and fast. However, in

winter it gets very cold and in summer - very hot. So, owners need to spend a lot afterwards on heating and cooling. People simply do not think it through before they invest. If they would really try to calculate the costs, they would get very substantial potential savings. Thinking further ahead is important. Q. The EMU plays an important role in raising the environmental awareness of staff, clients and the general public. What are the results of your activities and can we say that your target audience is more environmentally friendly today than before? A. Awareness in increasing. However, we have to be realistic that it is a very long process. Just like it was in Western Europe. It probably started in the 1970s; then it slowly began to become mainstream in the 1980s and 1990s. After 20 years of its implementation, everybody was talking about green issues. In Georgia it is at the most basic stage. First of all we constantly receive positive feedback from our employees, and our clients are becoming more and more interested in the topic. In the beginning they just thought it was a trick to save money. After we really talked to them for a long time, they started to understand. Now we have started to invest in new cars, with hybrid engines. People have realized that these cars are actually more expensive than cars with gasoline engines. So, they have really understood that it was a very serious effort and investment made to reduce our fuel consumption. We now see that people are trying to drive in a more careful way. They are thinking about how to reduce their auto expenses. We see that people are beginning to bring their own plastic and glass bottles here, where we have recycling containers. So, little by little people are getting more interested. However, it is a long process. It will take ten or twenty years before we have a really good level of awareness among the population. We started issuing ecoloans in 2012. By the end of 2013 the portfolio of ecoloans amounted to USD 10 million. By the end of 2014 the sum was USD 18 million. We see that the demand is increasing from year to year. As of April 2015, the eco-loan portfolio amounted to USD 25 million. We plan to reach 10% of the total loan portfolio by the end of this year. It should be approximately USD 45 million. Q. Foreign companies operating in Georgia remain the main initiators of environment protection. What are the reasons for it? A. I think it is because it is a long process. We started discussing these things when I was a child in the 1970s. Environment protection has been a discussion for the whole of society for around thirty years. Accordingly, now it is a natural thing for Western companies; one of the things that we know that we must always think about. It will also come to Georgian companies, but it will take a little bit longer.

Q. What negative impact might climate change have on Georgian businesses? A. Georgia is not really considering enough what the impact of it might be. Climate change will have an impact. It is not only low-lying countries that are affected by flooding due to rising water levels. This could be a problem for some parts of Western Georgia. But it is also about the crop yield that will change if it gets warmer by even a couple of degrees. Ultimately as a result of global warming, we might have some conventional types of crops which produce lower yields. So, the whole natural environment is changing for Georgia. That should be taken very seriously. Tourism and agriculture, including wine, are the most successful and promising business directions in Georgia. Both of them greatly depend on the environment. Therefore it is very important for Georgia to be protective of this. Cars and traffic are a significant element in this. Most people drive very old cars with high levels of greenhouse gases being emitted. That is both private cars and public transport. So, these are areas in which more should be invested. Q. What will be the main challenges for Georgia in terms of the environment? A. It is about the long-term perspective. There are lots of positive things happening. As I am aware, the Municipality of Tbilisi wants to purchase new, natural gas-powered public buses. It is a great initiative and I hope that they will really push for it and manage to implement it. Another good thing that is happening is the recycling company Coop Georgia. They do a lot of work in public schools. They are integrating into the school curriculum. The impact is probably only small. However, the impact of awareness raising is something we will see over the next twenty years. The biggest challenge is to not let the current priorities drown out these long term environmental priorities. If we look at the current priorities of the Government, it is getting ready for the next elections and avoiding taking unpopular decisions before the next elections. It is fighting the economic crisis that is building up in the country. So, the challenge is how to continue with these green priorities and not step away from them because of some short-term priorities. Q. Can you give any suggestions on how one can become more environmentally friendly? A. Reduce, reuse, recycle! Take into account that there is a public place to take your waste to - the Hippodrome territory, in Tbilisi. After I started doing it myself I realized that I am only throwing away half as much stuff as before. The second thing that is really worth thinking about is transportation. If you are buying a car, think twice about whether you really need it. And then if you have to buy a car, do you really need one with a 2.5 engine or can you get something that is less polluting. You will spend a bit more, but later, in the long term, it will help you to save much more.

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FINANCIAL HEADLINE NEWS & ANALYSIS FINCHANNEL.COM | 25 MAY, 2015

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Advertiser: ProCredit Bank. Contact FINANCIAL Ad Dep at marketing@finchannel.com

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HEADLINE NEWS & ANALYSIS

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Weekly Market Watch ECONOMY

Trade deficit decreased 18.1% y/y in April 2015 In April 2015, exports decreased 21.4% y/y to US$ 186mn, imports fell 19.3% y/y to US$ 551.3mn, and trade deficit decreased 18.1% y/y to US$ 365.3mn, according to foreign trade data released by GeoStat. As a result, in 4M15 exports fell 26.1% y/y to US$ 689mn, imports decreased 7.6% to US$ 2.3bn, and trade deficit increased 3.3% y/y to US$ 1.6bn. In 4M15, 30% of exports were directed to the EU (+6.4% y/y), 36% to CIS (-51.0% y/y), and 34% to other countries (+1.9% y/y), out of which Turkey

(8.4% of total) and USA (6.0%) were the largest export destinations. 62.4% y/y drop in car exports (10.6% of total) had the largest negative impact. Nuts (+145.7% y/y), pharmaceuticals (+74.0% y/y), and gold (+80.4% y/y) were the major Georgian exports expanding significantly in 4M15. In 4M15, petroleum (-23.5% y/y), gases (+14.0% y/y), cars (-12.2% y/y), pharmaceuticals (+4.3% y/y), and copper ores (+18.5% y/y), represented the top 5 imported commodities. In 4M15, 27% of imports were originated from the EU, 28% from CIS, and 45% from other countries, with Turkey (18.0% of total), and China (9.1%) being the largest trading partners.

WEEKLY MARKET WATCH EXCLUSIVELY PROVIDED TO THE FINANCIAL BY GALT & TAGGART

Tax revenues increased 12.8% y/y in 4M15 and 17.2% y/y in April 2015 State budget tax revenues increased by 12.8% y/y (+17.2% y/y in April), reaching GEL 2.4bn in 4M15, according to Treasury Service. VAT receipts increased 10.4% y/y (accounting for 46.2% of total), personal income tax revenues by 11.4% y/y (25.9% of total), corporate income tax receipts by 34.7% y/y (17.2% of total), excise tax receipts by 2.5% y/y (9.5% of total); the rest – import tax and others - decreased, but they have a minor share in total tax revenues. Current

Source: GeoStat

Source: Official data * As of 4M15 **Preliminary results of census, previous data is subject to recalculation

Source: GeoStat, preliminary data for 1Q15

Source: Rating agencies

Ease of Doing Business # 15 (regional leader) Economic Freedom Index # 22 (mostly free) Global Competitiveness Index # 69 (improving trend) Source: World Bank, Heritage Foundaition and World Economic Forum

spending reached GEL 2.5bn (+11.7% y/y), and capital spending reached GEL 146mn (+54.3% y/y).

In 4M15, state budget operating balance and overall balance were in surplus and government deposits

stood at GEL 555mn as of 1 May (accumulation of GEL 120mn since the beginning of the year).

Source: Treasury Service

FIXED INCOME

EQUITIES Bank of Georgia Holdings (BGEO LN) shares closed at GBP 19.39/share (+10.80% w/w and +1.36% m/m). More than 939k shares traded in the range of GBP 16.63 – 19.66/share. Average daily traded volume was 130k in the last 4 weeks, more than in the previous month. FTSE 250 Index, of which BOGH is a constituent, has gained 0.96% w/w and 3.16% m/m. The volume of BOGH shares traded was at 2.62% of its capitalization.

Corporate Eurobonds: Bank of Georgia Eurobonds (GEBGG) closed at 5.4% yield, trading at 104.7 (down 0.2% w/w). GOGC Eurobonds (GEOROG) were trading at 102.2 (up 0.3% w/w), yielding 5.7%. Georgian Railway Eurobonds (GRAIL) also traded at a premium at 110.6 (down 0.5% w/w), yielding 5.9%. Georgian Sovereign Eurobonds (GEORG) went down to 111.2 (down 0.2% w/w), closing at 4.7% yield to maturity.

FINANCIAL

Source: Bloomberg

TBC Bank (TBCB LI) closed the week at US$ 11.20 (+1.82% w/w

MONEY MARKET Refinancing loans: National Bank of Georgia (NBG) issued 7-day refinancing loans of GEL 700mn (US$ 301mn) with an average yield of 5.0% (unchanged w/w).

Source: Bloomberg

and +6.28% m/m). More than 197k GDRs changed hands in the range of US$ 10.80 – 11.20/GDR. Average daily traded volume was 20k in the

last 4 weeks, more than in the previous month. The price has decreased 13.85% since the start of trading on June 5, 2014.

Certificates of deposit: NBG sold 91-day, GEL 20mn (US$ 8.56mn) certificates of deposit, with an average yield of 6.30% (up by 78bps from previous issue).

(US$ 17.11mn) T-Bills of Ministry of Finance were sold at the auction held at NBG. The weighted average yield was fixed at 8.185%. The nearest treasury securities auction is scheduled for May 27, 2015, where GEL 10mn nominal value 10-year TNotes will be sold.

Ministry of Finance Treasury Notes: 364-day, GEL 40mn

Source: Bloomberg

Source: NBG

WEEKLY MARKET WATCH EXCLUSIVELY PROVIDED TO THE FINANCIAL BY GALT & TAGGART Investments (or any short-term transactions) in emerging markets involve significant risk and volatility and may not be suitable for everyone. The readers of this document must make their own investment decisions as they believe appropriate based on their specific objectives and financial situation. When doing so, such recipients should be sure to make their own assessment of the risks inherent in emerging market investments, including potential political and economic instability, other political risks including without limitation changes to laws and tariffs, and nationalization of assets, and currency exchange risk.

GALT & TAGGART Address: 79 D. Agmashenebeli Avenue, Tbilisi 0102, Georgia Tel: + (995) 32 2401 111 Email: gt@gt.ge

CMYK

FINANCIAL HEADLINE NEWS & ANALYSIS

FINCHANNEL.COM | 25 MAY, 2015

green business

Eastern Partners in Numbers The FINANCIAL

ll together, the Eastern partners’ surface area is just over 1 million km2 (a quarter of that of the EU) and their population amounted in 2014 to 75.2 million (compared with 506.8 million in the EU). Ukraine is the largest Eastern Partner, with an area (603.5 thousand km2) approximately that of France (632.8 thousand km2), the largest EU Member State, and a population roughly equivalent to that of Spain, standing at just over 45 million. In each Eastern partner country, the population was on average younger than in the EU, with a median age ranging from 29.7 years in Azerbaijan to 39.7 years in Ukraine, compared with 42.2 years in the EU. Standing on average at €3 700, the GDP per capita of the Eastern partners represented 14% of that of the EU, the lowest being recorded in Moldova (€1 700) and the highest in Azerbaijan (€6 000, nearly that of Bulgaria). Across the Eastern Partner countries, the employment rate of the population aged 20 to 64 varied considerably but was everywhere lower than in the EU (69.2%), except in Azerbaijan where it was 73.0%. The Eastern Partnership was launched in 2009, as a joint initiative between the European Union (EU) and six Eastern European and South Caucasus partner countries: Armenia, Azerbaijan, Belarus, Georgia, the Republic of Moldova and Ukraine.

EU TRADE IN GOODS WITH EASTERN PARTNERS ALMOST IN BALANCE IN 2014 After a significant decrease in 2009 following the financial crisis, the value of EU exports of goods to the Eastern Partners recovered until 2013 to reach a peak of €41.3 bn and then fell again in 2014 to €33.1 bn. Imports also recovered after 2009 to hit €36.7 bn in 2011, and then decreased continuously to €32.4 bn

in 2014. As a result, EU trade with the Eastern Partners was almost in balance in 2014 (+€0.6 bn). In 2014, the six Eastern Partners accounted together for nearly 2% of total extraEU trade in goods, almost equivalent to Saudi Arabia, the EU’s 11th most important trading partner.

EU EXPORTS TO EASTERN PARTNERS DOMINATED BY MANUFACTURED GOODS, IMPORTS BY PRIMARY GOODS

Total area (thousand km²)

GERMANY, ITALY AND POLAND: LARGEST EU TRADERS WITH THE EASTERN PARTNERS Among the EU Member States, Germany (€7.0 bn or 21% of EU exports of goods to the Eastern Partners) and Poland (€5.2 bn or 16%) were by far the largest exporters to the Eastern partner countries in 2014, followed by Italy (€2.8 bn or 8%), Lithuania (€2.2 bn or 7%) and Hungary (€2.1 bn or 6%). Compared with 2004, exports to the Eastern Partners increased in 2014 in all EU Member States, except Sweden. At EU level, the value of exports of goods to the Eastern Partners has doubled over the last ten years. Italy (€8.2 bn or 25% of EU imports of goods from the Eastern Partners) was the largest importer from the Eastern partner countries in 2014, well ahead of Germany (€4.5 bn or 14%), Poland (€2.4 bn or 8%), the Czech Republic (€2.3 bn or 7%), France and Spain (both around €2.0 bn or 6%). Compared with 2004, EU imports of goods from the Eastern Partners increased by around 140% in 2014. Sixteen EU Member States recorded a surplus in trade with the Eastern partner countries in 2014, with Poland (+€2.8 bn) and Germany (+€2.4 bn) continuing to have the largest surpluses. The largest deficit in 2014 was observed by far in Italy (€ 5.4 bn), followed by Spain (€ 1.4 bn) and the Czech Republic (€ 1.1 bn).

Share of population aged 65 or over

Employment rate (20-64 years)

GDP per capita (in €)

4 463.5

506.8

42.2

15.6%

18.5%

Eastern Partners

1 031.0

75.2

Armenia

29.7

3.0

19.1%

10.6%

60.3%

2 600

Azerbaijan

86.6

9.5

29.7*

22.3%

5.8%

73.0%

6 000

Belarus

207.6

9.4

39.2

15.7%

13.9%

5 800

Georgia

69.7

4.5

36.9*

17.1%

14.0%

65.5%

2 700

Moldova

33.8

3.6

34.8

16.0%

10.0%

47.4%

1 700

69.2%

27 300

Ukraine

603.5

45.2

39.7

14.8%

15.3%

67.4%

3 100

3 700

Data on median age of population, employment rate and GDP refer to 2014 for the EU and to 2013 for Eastern Partners. : Data not available * 2012 data

EU trade in goods with the Eastern Partner countries (in € million) EU exports to 2004 Total

Among the Eastern partner countries, Ukraine (€17.1 bn or 52% of total EU exports to the Eastern Partners) was the leading destination for EU exports in 2014. The leading source of EU imports from the Eastern Partners was also Ukraine (€13.8 bn or 42% of total EU imports from the Eastern Partners), closely followed by Azerbaijan (€13.2 bn or 41%). It should be noted that Azerbaijan accounted for 84% of EU energy imports from the Eastern Partnership countries, leading to a trade deficit for the EU with this country (€ 9.7 bn). In contrast, the largest EU surpluses with the Eastern Partners in 2014 were recorded with Belarus (+€4.0 bn) and Ukraine (+€3.4 bn). EU exports of goods to the Eastern partner countries are led by manufactured goods, which accounted for more than threequarters (77%) of total exports. Conversely, EU imports from the Eastern Partners were dominated by primary goods, representing around 70% of total EU imports from these countries.

Share of population aged less than 15

Median age of population (years)

Population (million inhabitants)

EU imports from

2014

2004

EU balance

2014

2004

2014

16 365

33 069

13 578

32 445

2 788

624

338

714

247

276

438

Azerbaijan

1 246

3 482

1 292

13 159

-46

-9 677

Belarus

2 655

7 464

2 689

3 428

-34

4 036

Georgia

611

1 911

314

657

297

1 254

Armenia

921

2 355

523

1 159

398

1 195

10 593

17 143

8 512

13 764

2 081

3 378

Moldova Ukraine

EU trade in goods with the Eastern Partners (in € billion) 2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

Eastern partners countries Exports

16.4

20.2

27.2

32.1

37.3

23.3

29.7

35.5

39.5

41.3

33.1

Imports

13.6

15.9

21.2

25.8

31.8

19.3

25.7

36.7

35.4

33.6

32.4

Balance

2.8

4.3

6.0

6.3

5.4

4.0

4.1

-1.2

4.1

7.7

0.6

Total Extra-EU Exports

945.2 1 049.5 1 152.4 1 234.5 1 309.1 1 094.0 1 353.2

1 554.2 1 684.2 1 736.6 1 702.9

Imports

1 027.4 1 183.9 1 364.6 1 450.3 1 585.2 1 235.6 1 529.4

1 725.1 1 796.6 1 684.8 1 680.5

-82.2

Balance

-134.5

-212.2

-215.9

-276.1

-141.7

-176.2

-170.9

-112.3

51.8

22.3

Eastern partners countries / Total Exports

1.7%

1.9%

2.4%

2.6%

2.8%

2.1%

2.2%

2.3%

2.4%

1.9%

Imports

1.3%

1.6%

1.8%

2.0%

1.6%

1.7%

2.1%

2.0%

1.9%

EU Member States' international trade in goods with the Eastern Partners (in € million) Exports 2004 EU

Imports 2014

2004

Balance 2014

2004

2014

16 365

33 069

13 578

32 445

2 788

624

Belgium

621

1 024

411

682

210

342

Bulgaria

155

544

530

803

-375

-260

Czech Republic

597

1 273

730

2 345

-133

-1 072

Denmark

207

322

135

117

205

Germany

4 478

6 976

1 665

4 544

2 813

2 432

Estonia

122

180

132

-85

-10

Ireland

Greece

458

245

631

-148

-173

Spain

238

629

596

2 018

-358

-1 389

France

988

1 368

713

2 054

274

-686

Croatia

279

-56

-197

1 624

2 806

2 514

8 214

-890

-5 409

Italy

-82

-25

Latvia

133

361

427

448

-295

-88

Lithuania

433

2 162

355

1 014

1 148

592

2 115

685

1 352

-93

762

Cyprus

Luxembourg Hungary Malta Netherlands

871

1 617

399

1 084

472

533

Austria

525

1 114

393

965

132

149

Poland

2 246

5 211

1 402

2 444

844

2 767 -628

Portugal

103

696

-76

Romania

302

1 770

970

961

-669

809

Slovenia

155

342

104

308

Slovakia

288

504

379

605

-91

-102

Finland

330

410

264

343

Sweden

424

321

354

223

United Kingdom

854

1 358

369

765

485

592

CMYK

HEADLINE NEWS & ANALYSIS

FINANCIAL

25 MAY, 2015 | FINCHANNEL.COM

green business

Women over 55 will solve your wicked problems

Irakli Gharibashvili: Prime Minister of Georgia

“Production output in the private sector has increased by 12.9% whilst the number of employees in the private sector rose by 11,000.” E

U R

Giorgi CHAVLESHVILI

Graph 1: Business Sector ProducƟon Output by Years (GEL million)

FactCheck

n 29 March 2015, the Prime Minister of Georgia, Irakli Gharibashvili, declared: “The private sector was the champion in economic growth in the previous year. Production output in the private sector has increased by 12.9% whilst the number of employees in the private sector rose by 11,000.” FactCheck took interest in the accuracy of the statement. We verified the annual statistics of production output and employment in Georgia’s business sector. These data are published by the National Statistics Office of Georgia both quarterly and annually. Of note is that these data often become the topic of political controversies. Irakli Gharibashvili’s statement is based upon the quarterly data for 2014 which are compared to the analogous data for 2013. The business sector’s complete statistics for 2014 will be published on 1 October 2015. According to the information of the National Statistics Office of Georgia, the total value of goods produced in the business sector in all four quarters of 2013 was GEL 21,229,3 million whilst the

number rose to GEL 22,941,1 million in 2014. The latter is 12.8% more than the former and constitutes 82% of the GDP for 2014. Since 2000, the annual growth rate of production output in the business sector has been the following: Output has been growing annually. Particularly high growth rates were registered in the years of 2004-2007 and 2010-2012. The highest growth rate was registered in

2011 whilst the lowest growth rate was registered in 2013. As concerns private sector employment statistics, Irakli Gharibashvili’s statement is again based upon average quarterly data. According to the data, the number of private sector employees in all four quarters of 2013 was 503,899 on average whilst in 2014 it reached 514,623. The difference is approximately 11,000.

Graph 2: Number of Business Sector Employees by Years

CONCLUSION According to the data obtained by FactCheck FactCheck,, the total output of private sector production by quarters in 2014 constituted 82% of Georgia’s GDP. At the same time, private sector production output and the number of employees in the private sector rose in comparison to the previous quarters of 2013. It must be noted that according to the quarterly data for 2014, the total private sector production output increased by 12.8% whilst the number of citizens employed in the private sector rose by 11,000 as compared to 2013. FactCheck concludes that Irakli Gharibashvili’s statement is TRUE TRUE.

TRUE

The views expressed in this website are those of FactCheck.ge and do not reflect the views of The FINANCIAL or the supporting organisations

The FINANCIAL

ompanies are struggling to solve their most difficult problems because they don’t identify and empower the leaders with the right capabilities and attributes to solve them, says PwC in its new report. Even while organisations are grappling with rapid technological change, stalled growth, global restructuring and the need for forwardthinking – less than one in 10 have the capabilities, attributes and mind sets to lead transformational change and solve wicked problems. An example of a wicked problem might be a nimble competitor entering the market and offering a service at half the traditional market cost through a clever use of technology. Because the highest performing operational managers believe that they (or someone else) have the answers, solutions to wicked problems often confound them. Professor Bill Torrbert who designed the first diagnostic tools to deal with the dearth of strategic leadership in business, says that the ‘Achieverlogic’ common to successful operations managers also promotes an associated disinterest in reflective practice or diversity of views. Strategist leaders, meanwhile, are likely to have wider experience of settings, people, and also of failure. This engenders a humility of perspective and resilience, so that they know what to do when things don’t work. The research behind the report, conducted through a survey of 6000 European professionals’ leadership capabilities by psychometric specialists Harthill Consult-

ing, finds that only 8% currently have Strategist leadership capabilities. The good news is that leaders develop thorough distinct stages, or types, towards becoming true strategists. Strategists (8%) generate organisational and personal transformation. They are often shaped by different experiences to their peers and see the world differently to conventional leaders. As a result, they have developed a particular type of ‘action logic’ or leadership style that enables them to lead organisations through the most complex transformations.

positive language and exercise power courageously. They also understand the complexity of the environment in which they’re working and are able to employ passionate detachment. Though Strategists reside in every grouping, the largest proportion of ‘Strategist’ leaders are found in women over 55. The number of Strategists remains stubbornly low, comprising just 7% of the sample when a similar study was carried out ten years ago. Some organisations have recognised they have a skills gap when it comes to Strategist leader and have sought to

Largest proportion of Strategist leaders are found to be women and in the over 55 group Individualists (33%) interweave personal and company logic, bridge gaps between strategy and performance and are often effective in consulting roles. Achievers (52%) juggle management duties and market demands. They are both action and goal orientated. Experts (7%) rule by logic and expertise. They seek rational efficiency and are good as individual contributors. The work of Strategists, the report proposes, is underpinned by inquiry-based experimentation. They see both the vision and detail, employ

recruit consultants with the attributes and capabilities needed to drive transformation. But while advisers have a role to play, successful and lasting change is almost always led by someone within the organisation. Sadly though, traditional organisations are not always the most comfortable places for Strategist leaders, the report finds. The necessary questions Strategists ask, and the structures they question, often ruffle feathers, particularly in traditional businesses that rely on hierarchical management.

CMYK

FINANCIAL HEADLINE NEWS & ANALYSIS

FINCHANNEL.COM | 25 MAY, 2015

green business

Renewables Investment Hits New High in UK The FINANCIAL

K renewables investment since 2010 will have topped £50bn by the end of 2015 after record levels of investment in 2014, and a further £50bn forecast through to 2020 over the life of the new parliament. The annual analysis of investment trends in renewables by PwC’s renewable and clean tech team for the Renewable Energy Association, shows investment in 2014 was at its highest ever level at £10.7bn. Offshore wind and solar PC attracted the largest share of investment. Electricity generation is expected to continue to require the greatest share of the projected £42bn capital required to 2020, with offshore and onshore wind forecast to achieve over half (£24bn). The report warns that the capital required to deliver the Government’s 2020 genera-

tion targets increased during 2014 as a result of the volume of low load factor capacity (eg solar PV) being deployed. Alongside record levels of investment, the first Contract for Difference auctions were one of the most significant developments of the year, driving strike prices for all technologies below expected levels, meaning a better deal for the consumer, and enabling more capacity to be delivered within the spending budget. But the report warns that Contracts for Difference provide “certainty to the winners, but risk to all”, with investors increasingly reluctant to engage with project developers who have not yet secured a CFD. Key findings in the analysis includes: Renewable electricity: 2014 proved to be the year when solar made a step change in deployment, accounting for 45% or £4.5bn of investment. Q1 2015 is expected to continue the same vein, with further substantial deployment.

Renewable heat: Low levels of investment to date pose a risk to the UK’s 2020 targets for bioenergy, heat pumps and solar thermal, with an estimated £5.9bn of investment required to 2020 to make up for lost ground. Renewable transport: No capacity additions were identified in 2014 in the report, underlining evidence from DECC that the majority (77%) of the UK’s biofuel obligations is being met through imports. Without a clear trajectory to reaching the 2020 target, the analysis warns that the sector will fall short even the “modest” targets in place currently of 4.75% and little expectation of reaching the ultimate 10% goal. Technology costs remain one of the greatest areas of uncertainty for the industry, despite indications that costs are falling rapidly for some technologies, like Solar PV.

International students are a boon to the UK economy

The FINANCIAL

nternational students in London bring a net benefit of £2.3 billion to the UK economy. They support nearly 70,000 jobs in London because of the money they spend there. It is not true that international students are a burden to our public services, such as the NHS, PwC study revealed. They contribute a total of £2.8 billion through the spending they bring to the country, while only consuming £540 million in public spending. 60 per cent of international students including alumni said they are more likely to do business with the UK as a result of studying here. London’s Higher Education system is an export success story, with 92 per cent of students saying that they would recommend studying in the UK to their friends and family. However, More than a third of students found that Britain’s immigration system, particularly its complexity,

negatively affected their experience of studying here. A vast majority of students also commented that the system made it difficult to secure work in the UK after they had completed their studies. “International students are made to feel unwelcome because of anti-immigration rhetoric – and the fact that they are currently included in the government’s net migration target. But students’ expenditure here is a modern-day export: they pay substantial fees and contribute significantly in consumer spending,” According to Baroness Jo Valentine, Chief Executive of London First. As a matter of priority, our new government should follow the lead of Australia and Canada and reclassify international students as temporary visitors, not migrants. It makes no sense to imply through classification and rhetoric that they are unwelcome, which is harming our universities’ abilities to sell education to talented students around the world.” The report calls for the gov-

ernment to: Use hard data when setting immigration targets: there’s a real opportunity to develop better data collection on migration so that we can see the real facts on inward and outward flows; Classify students as temporary visitors not migrants: we should follow the lead of other countries such as Canada and Australia and stop classifying students as immigrants. They are here for a short time only and by choosing to study in the UK, they are contributing to jobs, growth and cultural understanding in this country; Create an environment where British-educated overseas talent is valued as an asset rather than treated as a liability: the government should reinstate the automatic option or make it easier for international students to work here for a few years after graduation; this would be good for UK universities, good for UK business, and good for Britain’s long-term relations with the global business community when these graduates return to their home countries.

Nika Melia:

e s l

United National Movement

y l st

o Hall has “TbilisiMCity failed to implement a single project in eight months.” Lasha SENASHVILI FactCheck

n air on Rustavi 2, the former mayoral candidate of the United National Movement, Nika Melia, talked about the situation at Tbilisi City Hall. According to his statement, not even a single infrastructural project has been implemented in Tbilisi in eight months nor has even a single pothole been filled. FactCheck took interest in Nika Melia’s statement and verified its accuracy. We requested information about infrastructural projects with an individual cost of more than GEL 50,000 implemented from January 2014 to date from Tbilisi City Hall. We also requested the list of infrastructural projects which were planned but have not been finished or started. According to the public information received from Tbilisi City Hall, a total of 256 projects with an individual cost of over GEL 50,000 and an overall cost of GEL 83 million have been implemented in Tbilisi since January 2014. Construction and rehabilitation work mainly concerned inner yards and roads, parks, outdoor lighting and residential houses. It should be noted that the largest part of the money, about GEL 32

million, was spent upon the rehabilitation of inner roads in Tbilisi. The rehabilitation of the roads still remains amongst the most important problems in the capital. According to the public information provided by Tbilisi City Hall, mainly inner roads were rehabilitated in the first eight months of 2014 whilst work on main roads has been planned for the 2015 budget. A total of GEL 43 million has been allocated for the rehabilitation of roads in Tbilisi. Currently, tenders have been announced only for a certain number of projects. The Tbilisi city budget also includes the rehabilitation of a railway viaduct near the Zahesi settlement. The estimated cost of the project amounts to GEL 4,462 thousand. The Tbilisi City Hall budget also includes the rehabilitation and installation of outdoor lighting and architectural decorative lighting. A total of GEL 34 million is allocated for this purpose whilst about GEL 3.5 million has been assigned for the maintenance of drainage systems. Additionally, about GEL 48 million has been allocated for street sweeping and cleaning and delivering solid and larger-sized waste to landfills. About GEL 13 million has been allocated for installing the sewage system for the Olympic Village in Tbilisi. It should be noted that construction work on the major-

ity of these aforementioned projects has not started yet. Tenders, however, have already been announced. The construction and rehabilitation of the majority of the infrastructural projects is planned to start in 2015; however, the length of the work is in certain cases from three to four years. For additional comments we tried to contact Nika Melia a number of times but to no avail. Conclusion According to the information from Tbilisi City Hall, a total of 256 construction and rehabilitation projects with an individual cost of over GEL 50,000 have been implemented in Tbilisi in the past eight months. In addition, a number of projects implemented in 2014 were planned and implementation started before the change of the government of Tbilisi. It should be pointed out that the majority of the road rehabilitation work was not implemented in 2014 and is planned to take place in 2015. In addition, project implementation comprises a lengthy process, especially for those projects connected with road infrastructure rehabilitation. Despite the fact that Nika Melia’s statement is not accurate and is a clear exaggeration, the context of his statement about the roads is correct. Damaged roads cause problems for each citizen.

CONCLUSION FactCheck concludes that Nika Melia’s statement: “Tbilisi City Hall has failed to implement a single project in eight months,” is MOSTLY FALSE.

MOSTLY FALSE

The views expressed in this website are those of FactCheck.ge and do not reflect the views of The FINANCIAL or the supporting organisations

CMYK

HEADLINE NEWS & ANALYSIS

FINANCIAL

25 MAY, 2015 | FINCHANNEL.COM

green business

SME Segment Forcing Banks to Launch Non-Banking Services bank. They will see the value of that institution that is providing them with help for the entirety of their business. Currently more than 50% of banks are providing business advice as nonfinancial services. Over 42% of banks are providing discounts on goods and services to their customers. What is a bit surprising is that only 6% of banks are providing office space.

The FINANCIAL By MADONA GASANOVA

rediting and opening a deposit are no longer the only services that SME customers demand from banks. Consultations, training, office space, ‘ATM car’ and even translation services are what modern banks offer their clients in response to growing demands. Another challenge for the banking sector is coming from Generation Z. Having grown up with electronic devices, this segment requires a special approach based on modern technologies. If banks do not manage to respond to these demands rapidly, they may be left outside of the market as 72% of customers globally are willing to bank with a non-bank. “There is a new generation coming and because of the digital channels and digital technologies, there is a huge impact on the needs and demands from customers. These needs and expectations from customers are influenced from another sector. It is not the banking sector that is influencing the needs but it is tech giants, like Google, Samsung and Apple. Based on the products and services that they are receiving from them, people would like to have the same approach from the banking sector. The second issue is that we are talking quite a lot about a Generation Connected, or Generation Z, which is these days approaching the market. These are people over 18 years old. They have not had the chance to experience the same life as we had, like having a childhood without technology, mobiles and other technological devices. They cannot imagine life without these technologies. So, it is a totally different approach. For them coming to the bank and for example, signing a contract, using paper is something old-fashioned. So, they would like to have an approach that is directly for them. Generation Z would like to have a similar approach in SME banking,” Lukas Dzuroska, Regional Manager at Efma, told The FINANCIAL. According to Dzuroska, these days it is very popular with a lot of young people to not aspire to be employed, but rather to start their own business, which means that they expect their bank to have a similar approach to meet their needs. “There are already some examples globally that can very easily replace all the institutions, including banking services. That is why it is very important for banks to be there and to retain those customers. If not, they could easily be disrupted.” Last week SME Banking Club arranged the SME Banking Conference in Georgia. The FINANCIAL has been the general media partner of the event. Representatives of world leading banks and financial institutions attended the Conference, discussing the modern trends of SME banking. “We have been holding the SME Banking Conference annually in Kiev, Ukraine. It attracts lots of participants from Ukraine, Belarus and Russia. Due to the ongoing political situation in the region, participants from Belarus and Russia refrained from attending the conference last year. The format of the Conference held in Kiev is a little bit different. It lasts two days. The first day is attended by representatives of the banking sector, and on the second day we invite business entities. It is kind of a discussion between businesses and banks. There is a kind of misunderstanding between businesses and banks in Ukraine so such events are very useful and important,” said Alexey Sayapin, Business Development Director at SME Banking Club.

NON-FINANCIAL SERVICE OF BANKS, FROM THE EXAMPLE OF TURKISH TEB BANK TEB offers non-financial services in four areas. The first area is information or research. They have an SME hotline. Consumers can call and ask for advice any time. The second area is SME TV, providing any advice they may need. They have some translation services, there might be lots of people knowing just one language. Secondly, they have training and capacity development called SME Academy. They have consulting and mentoring. The last panel is networking. They created the SME Club, where members can trade and exchange services with each other. They also offer work spaces. As Sayapin said, this year we decided to hold the Conference in Tbilisi, as it is a destination which the representatives of any country are always eager to visit. “Traditionally SME business has been associated with micro lending. Meanwhile the practice of world leading players shows that SMEs are not only about crediting. They involve passives, deposits, accounts, card products and non-financial services. Currently consumers no longer solely expect lending from their banks. They require their banks to be their consultant, IT service deliverer and financial partner. It is something similar to the Public Service Hall of Tbilisi, where consumers can receive all kinds of services under one roof,” he said. “Many banks have a dedicated retail banking arm, and/or a department focused on large corporates, but do often overlook smaller and medium sized enterprises. SME programmes have been implemented at banks in many emerging markets, and some banks do it better than others. A more stable macro-economic environment means easier implementation. In a country that has a crisis every five years, banks forget these ideas and focus on survival. They are simply not focused on completing the task of building their SME client portfolio - and understandably so,” said Ferdinand Tuinstra, Senior Banking Expert at International Finance Corporation (IFC). “In many countries, banks aiming to increase their SME customer base face a handful of challenges, including poor understanding of customers, limited credit data, shortage of collateral and capital, and a volatile business environment. The SMEs themselves face hurdles such as minimal managerial experience, financial literacy, and business skills. For banks, SMEs are then often low on profitability and as a result, bringing the two together to encourage SME growth is not easy,” said Tuinstra. As Tuinstra said, banks are increasingly encouraged to redefine SME banking, by creating a “total wallet” to identify and tag SME customers across all lines of business, and centrally manage SME customers across the bank. “Going forward, banks will not only need to invest in their SME programmes, but also devise innovative products and take a different

approach in order to win over the SME segment. This shift toward embracing entrepreneurs and small business growth will lead to job creation, greater access to financial services, and, ultimately, economic growth,” said Tuinstra. Efma offers the retail financial service community exclusive access to a wide array of resources, databases, studies, articles, news feeds and publications. The FINANCIAL asked Dzuroska to talk about the current trends and challenges of the banking sector in greater detail.

BANKS LOSING CONTROL OF FINANCING STARTUPS There are new trends in the market. New start-ups, fintechs, are approaching the banking sector in different areas, for payments, financing, and crowd funding sources for SMEs. Here banks are losing their control. It means that they could easily be replaced. In one way the world has big giants, like Google Wallet and Apple Pay, that could very easily replace banks. Consumers do not need to have a bank account to transfer money via Google Wallet or Paypal. It is the same for lending. When people have a business idea, they often present it to crowd funding sources. That way they can receive money from sources other than a bank; they do not need a bank anymore. Efma carried out research according to which 72% of customers are willing to bank with a non-bank. “So, customers do not care if it is a bank or something else. If they trust that institution then they can transfer money and make other transactions anywhere. As Bill Gates already said back in 1994, banking is essential, banks are not. So, anybody can replace banks these days, by doing banking. The trends these days are digitization, the impact of digitization in many remote ways, and relationship management. It means that you don’t need anymore to have a person that is responsible for you, relationship managers. All relations can be managed outside through digital channels. Most young people very much prefer to have access to their banks through their mobiles.”

VALUE ADDED SERVICES It means that banks need to offer more to SMEs, not just a basic product. It means a combination of a physical and digital approach. While entering a branch customers should have an opportunity to somehow connect with their mobile phones. Customers can very easily schedule a meeting with their adviser in the branch through the application. It does not make any sense to come to a branch, ask when they can have a meeting and later come back again. It needs to work as physical and digital services supporting each other.

CREATING AN SME COMMUNITY WITHIN THE BANK Long-term partnerships mean that banks need to create communities among the SMEs. There can be an SME client offering IT services who needs an accounting service, for example. So, banks have an opportunity to create communities where SMEs can exchange products and services between each other. By this, banks can create a huge community of SMEs who can support each other and save costs. Apart from that, banks need to offer a source of information. It is quite important when you are starting out as an SME, when you are introducing a new product, or expanding to other countries, for you to have information on how to do it. One can get lots of sources from the internet. In addition, there might be a great place in the bank that can provide this information as an extra service, an extra approach. That is additional value. The next is some co-working spaces. Many SMEs are looking for office space. If banks can provide these offices free of charge, or additional payment, it is a great source one can offer for them. The same goes for business advice, discounts on goods and services, having some training to be delivered. If anyone is missing some skills, they can easily apply for training. So, banks can offer it as a nonfinancial service. Otherwise those people from SMEs need to find other sources. When banks provide such services it raises the loyalty of the client to the bank. They will not be looking for an opportunity to replace the

BANKING SECTOR WASTING THEIR EXCLUSIVE DATA OF CONSUMERS’ HABITS Banks have data about consumers which nobody else in the market knows. Banks need to capitalize on it. Banks have data about consumers’ habits, like what we are buying, how often, how much we pay, in which country, in which precise location, etc. Banks do not know how to use this information. Were some of the banks to find a way to use it, then there would be a way to replace even the IT giants, as nobody else has access to this information. For example, banks can send a message to their customers that are at the trading centre and offer some discount in the case of a purchase at a concrete shop. So, it gives benefit to the client, to the merchant and to the bank by providing extra revenues.

LOOKING OUTSIDE OF THE BANKING INDUSTRY Banks should look to Google, Amazon and other giants, to be inspired, which customers are expecting. There is already one such bank in Poland, called Idea Bank. Last year they introduced the Idea Cloud. By this application they won the BAI innovation award in the USA. Idea Cloud was developed with the goal to provide Idea Bank’s clients with a multi-functional banking platform based on cloud solutions. It is the first platform in Europe that combines both accounts and banking functionalities that offer different services and tools to enable the users, mostly small-scale entrepreneurs, to simplify and accelerate all processes associated with complex business management. Then they created Idea Hub. It is a branch where all start-ups have their own space, to work directly. The latest thing they introduced was the ATM car. This means that if for example a restaurant owner has cash that needs to be turned into a deposit, but they have no time to go to the bank branch, they can order a car to come to them via their mobile application.

CMYK

FINANCIAL HEADLINE NEWS & ANALYSIS

FINCHANNEL.COM | 25 MAY, 2015

green business

Grand Opening of Luxury Hotel Rixos Borjomi

FUEL PRICES ELECTRICITY HOUSEHOLDS FUEL TAXES

FUEL PRICES January 5, 2013

Unleaded (Superbleifrei, Euro sans plomb, Euro95)

Country

Retail Price

Diesel (Gazole, Gasóleo)

Price (Excluding VAT)

Retail Price

Price (Excluding VAT)

Austria

€ 1.390

€ 1.158

€ 1.359

€ 1.133

Belgium

€ 1.636

€ 1.352

€ 1.492

€ 1.233

Bulgaria

€ 1.265

Cyprus

€ 1.348

Czech Republic

€ 1.393

35.00 Kč

€ 1.151

28.93 Kč

€ 1.433

36.00 Kč

€ 1.184

29.75 Kč

Denmark

€ 1.607

11.99 kr

€ 1.286

9.59 kr

€ 1.460

10.89 kr

€ 1.168

8.71 kr

2.49 лв.

€ 1.054

2.08 лв.

€ 1.304

€ 1.152

2.55 лв.

€ 1.203

Estonia

€ 1.239

€ 1.033

€ 1.293

€ 1.078

Finland

€ 1.603

€ 1.293

€ 1.521

€ 1.227

France

€ 1.650

€ 1.380

€ 1.493

€ 1.248

Germany

€ 1.577

€ 1.325

€ 1.453

€ 1.221

Greece

€ 1.681

€ 1.367

€ 1.411

€ 1.147

Hungary

€ 1.387

Ireland

€ 1.590

407 Ft

€ 1.092

320 Ft

€ 1.424

€ 1.293

418 Ft

€ 1.121

€ 1.531

€ 1.448

2.13 лв.

€ 1.087

€ 1.407

329 Ft

€ 1.245

Italy

€ 1.752

Latvia

€ 1.319

Ls 0.922

€ 1.090

Ls 0.762

€ 1.321

€ 1.697 Ls 0.923

€ 1.092

Ls 0.763

Lithuania

€ 1.360

Lt 4.70

€ 1.124

Lt 3.88

€ 1.299

Lt 4.49

€ 1.074

Lt 3.71

Luxembourg

€ 1.317

€ 1.145

€ 1.402

€ 1.218

€ 1.059

Malta

€ 1.500

€ 1.271

€ 1.380

€ 1.169

Netherlands

€ 1.782

€ 1.473

€ 1.491

€ 1.232

Poland

€ 1.347

Portugal

€ 1.749

Romania

€ 1.271

Slovakia

€ 1.504

€ 1.253

€ 1.431

€ 1.193

Slovenia

€ 1.486

€ 1.238

€ 1.385

€ 1.154

Spain

€ 1.372

€ 1.134

€ 1.343

Sweden

€ 1.646

14.18 kr

€ 1.317

11.34 kr

€ 1.642

14.14 kr

€ 1.314

11.31 kr

United Kingdom

€ 1.624

£ 1.321

€ 1.353

£ 1.101

€ 1.714

£ 1.394

€ 1.428

£ 1.162

EU AVERAGE

€ 1.496

5.49 zł

€ 1.095

4.46 zł

€ 1.364

€ 1.422 5.66 lei

€ 1.025

5.56 zł

€ 1.109

€ 1.489 4.56 lei

€ 1.309

€ 1.234

4.52 zł

€ 1.211 5.83 lei

€ 1.056

4.70 lei

€ 1.110

€ 1.432

€ 1.181

ELECTRICITY HOUSEHOLDS Retail (end-user) energy prices for households. Two consumption levels are identified. Research methodology. Consumption: 3,500 kWh/year (± 25%)

Rixos HOTELS BRINGS ITS WORLD CLASS HOSPITALITY TO BORJOMI, GEORGIA

luxury hotel chain Rixos placed in the heath and spa resort area of Likani arranged grand opening last week. The first 5 star hotel has been brought to Georgia with USD 38, 5 million. The investor companies behind the Rixos Hotel project are Georgia’s JSC Partnership Fund’s (PF), a state-owned shareholding company, and Kazmunaigaz Service Ltd, who provides oil and gas exploration and production services. The participation of investor companies are matched equally at 50 percent each. Borjomi is a touristic town in south-central Georgia, famous for its mineral water industry which is holding also the number one export item of the country. The Borjomi mineral water was particularly well known in former

Soviet Union countries, because of the supposed curative powers of the mineral springs, and due to high frequented destination for people with health problems. Borjomi is also home to the most extensive ecologically-themed Natural Park in the Caucasus region. Located in the heart of Likani Area, Rixos Hotel Borjomi is 177 km away from the capital city – Tbilisi and the international airport. Rixos Hotels has experienced significant growth worldwide in key emerging markets especially in recent years. Rixos Hotels has expertise in providing five-star and luxury accommodation, with its 29 hotels owned in 11 different countries. Established in 2000, Rixos is one of the world’s fastest growing, luxury hotel chains, dedicated to offering traditional Turkish hospitality and a unique Spa experience in the finest surroundings and luxury ambience. A Dubai based group, Rixos operates premium resorts & villas including city hotels in key di-

verse regions as Turkey, Europe, CIS Countries, North Africa and Middle East and its portfolio of exceptional properties is sighting always in prime and historic locations. With more than 6,500 staff serving all its properties, Rixos Hotels have developed an innovative guest experience that blends the best of the new & old. Designed to offer a unique luxury long stay experience, the Rixos Villas concepts and tailor-made services with private butler and concierge are the ultimate choice for the world’s most distinguished travelers. At the heart of every Rixos hotel is the revitalizing Wellness and Spa Center with an authentic Turkish Hammam, offering unique spa treatments, menus and atmosphere. Known for their hospitality, attentive personalized service and fine cuisine, Rixos Hotels received global recognition and top ratings from distinguished specialist professional bodies such as the American Five Star Diamond Award, Conde Nast, World Travel Awards and Great Hotels of the World.

Consumption: 7,500 kWh/year (± 30%)

Country

€ per kWh Electricity

Country

€ per kWh Electricity

Austria

€ 0.1988

Austria

€ 0.1798

Belgium

€ 0.2134

Belgium

€ 0.1940

Bulgaria

€ 0.0829

Bulgaria

€ 0.0823

Cyprus

€ 0.2850

Cyprus

€ 0.2800

Czech Republic

€ 0.1480

Czech Republic

€ 0.1276

Denmark

€ 0.2982

Denmark

€ 0.2562

Estonia

€ 0.0989

Estonia

€ 0.0948

Finland

€ 0.1566

Finland

€ 0.1369

France

€ 0.1412

France

€ 0.1279

Germany

€ 0.2541

Germany

€ 0.2406

Greece

€ 0.1265

Greece

€ 0.1553

Hungary

€ 0.1708

Hungary

€ 0.1616

Ireland

€ 0.1920

Ireland

€ 0.1604

Italy

€ 0.2031

Italy

€ 0.2485

Latvia

€ 0.1187

Latvia

€ 0.1193

Lithuania

€ 0.1200

Lithuania

€ 0.1201

Luxembourg

€ 0.1707

Luxembourg

€ 0.1587

Malta

€ 0.1695

Malta

€ 0.1829

Netherlands

€ 0.2208

Netherlands

€ 0.2439

Poland

€ 0.1488

Poland

€ 0.1419

Portugal

€ 0.1689

Portugal

€ 0.1547

Romania

€ 0.1095

Romania

€ 0.1074

Slovakia

€ 0.1677

Slovakia

€ 0.1501

Slovenia

€ 0.1447

Slovenia

€ 0.1335

Spain

€ 0.1959

Spain

€ 0.1777

Sweden

€ 0.2098

Sweden

€ 0.1821

United Kingdom

€ 0.1419

United Kingdom

€ 0.1265

Notes: - Amount is in euro (€) per kiloWatthour (kWh). - Price data for non-eurozone countries are in euro. The average exchange rate valid for the referenced month is applied. - Prices include: market price, transmission through main and local networks, administrative charges and all taxes.

FUEL TAXES January 5, 2013

Unleaded (Superbleifrei, Euro sans plomb, Euro95)

Country

Crude

Margin Excise duties

Austria

€ 0.512 € 0.164

Belgium

Diesel (Gazole, Gasóleo)

VAT

Retail price

€ 0.482

€ 0.232

€ 1.390

€ 0.512 € 0.224

Crude

Margin Excise duties € 0.397

€ 0.227

VAT

Retail price € 1.359

€ 0.512 € 0.226

€ 0.614

€ 0.284

€ 1.636

€ 0.512 € 0.293

€ 0.428

€ 0.259

€ 1.492

Bulgaria

€ 0.512 € 0.179

€ 0.363

€ 0.211

€ 1.265

€ 0.512 € 0.253

€ 0.322

€ 0.217

€ 1.304

Cyprus

€ 0.512 € 0.281

€ 0.359

€ 0.196

€ 1.348

€ 0.512 € 0.361

€ 0.330

€ 0.204

€ 1.407

Czech Republic

€ 0.512 € 0.123

€ 0.516

€ 0.242

€ 1.393

€ 0.512 € 0.232

€ 0.440

€ 0.249

€ 1.433

Denmark

€ 0.512 € 0.187

€ 0.587

€ 0.321

€ 1.607

€ 0.512 € 0.212

€ 0.444

€ 0.292

€ 1.460

Estonia

€ 0.512 € 0.098

€ 0.423

€ 0.207

€ 1.239

€ 0.512 € 0.173

€ 0.393

€ 0.216

€ 1.293

Finland

€ 0.512 € 0.131

€ 0.650

€ 0.310

€ 1.603

€ 0.512 € 0.245

€ 0.470

€ 0.294

€ 1.521

France

€ 0.512 € 0.261

€ 0.607

€ 0.270

€ 1.650

€ 0.512 € 0.308

€ 0.428

€ 0.245

€ 1.493

Germany

€ 0.512 € 0.159

€ 0.654

€ 0.252

€ 1.577

€ 0.512 € 0.239

€ 0.470

€ 0.232

€ 1.453

Greece

€ 0.512 € 0.185

€ 0.670

€ 0.314

€ 1.681

€ 0.512 € 0.223

€ 0.412

€ 0.264

€ 1.411

Hungary

€ 0.512 € 0.161

€ 0.419

€ 0.295

€ 1.387

€ 0.512 € 0.223

€ 0.386

€ 0.303

€ 1.424

Ireland

€ 0.512 € 0.193

€ 0.588

€ 0.297

€ 1.590

€ 0.512 € 0.254

€ 0.479

€ 0.286

€ 1.531

Italy

€ 0.512 € 0.232

€ 0.704

€ 0.304

€ 1.752

€ 0.512 € 0.298

€ 0.593

€ 0.295

€ 1.697

Latvia

€ 0.512 € 0.170

€ 0.408

€ 0.229

€ 1.319

€ 0.512 € 0.250

€ 0.330

€ 0.229

€ 1.321

Lithuania

€ 0.512 € 0.178

€ 0.434

€ 0.236

€ 1.360

€ 0.512 € 0.260

€ 0.302

€ 0.225

€ 1.299

Luxembourg

€ 0.512 € 0.171

€ 0.462

€ 0.172

€ 1.317

€ 0.512 € 0.217

€ 0.330

€ 0.159

€ 1.218

Malta

€ 0.512 € 0.290

€ 0.469

€ 0.229

€ 1.500

€ 0.512 € 0.276

€ 0.382

€ 0.211

€ 1.380

Netherlands

€ 0.512 € 0.231

€ 0.730

€ 0.309

€ 1.782

€ 0.512 € 0.289

€ 0.431

€ 0.259

€ 1.491

Poland

€ 0.512 € 0.203

€ 0.380

€ 0.252

€ 1.347

€ 0.512 € 0.267

€ 0.330

€ 0.255

€ 1.364

Portugal

€ 0.512 € 0.326

€ 0.584

€ 0.327

€ 1.749

€ 0.512 € 0.333

€ 0.366

€ 0.278

€ 1.489

Romania

€ 0.512 € 0.153

€ 0.360

€ 0.246

€ 1.271

€ 0.512 € 0.228

€ 0.316

€ 0.253

€ 1.309

Slovakia

€ 0.512 € 0.227

€ 0.515

€ 0.251

€ 1.504

€ 0.512 € 0.295

€ 0.386

€ 0.239

€ 1.431

Slovenia

€ 0.512 € 0.235

€ 0.491

€ 0.248

€ 1.486

€ 0.512 € 0.281

€ 0.361

€ 0.231

€ 1.385

Spain

€ 0.512 € 0.197

€ 0.425

€ 0.238

€ 1.372

€ 0.512 € 0.267

€ 0.331

€ 0.233

€ 1.343

Sweden

€ 0.512 € 0.185

€ 0.620

€ 0.329

€ 1.646

€ 0.512 € 0.248

€ 0.554

€ 0.328

€ 1.642

United Kingdom

€ 0.512 € 0.167

€ 0.674

€ 0.271

€ 1.624

€ 0.512 € 0.242

€ 0.674

€ 0.286

€ 1.714

CMYK

HEADLINE NEWS & ANALYSIS

FINANCIAL

25 MAY, 2015 | FINCHANNEL.COM

green business

JSC Nikora to Achieve 30% Realization Growth in 2015 The FINANCIAL By MADONA GASANOVA

n 1998 a group of like-minded people gathered together over one idea: to create highquality meat products for Georgian consumers. The volume of investments issued initially was scanty, so small as to be not worth mentioning. What is worth mentioning however - is GEL 190 million. This was the sales volume reached by JSC Nikora in 2014. There were only two sorts of sausage offered by Nikora 16 years ago. Currently, the holding incorporates sausages, semi-cooked products, fish, dairy products, ice cream, bakery and wine enterprises. For 2015, expected realization growth has slumped from the previously-targeted 40%, to 30%, due to the difficult economic conditions experienced recently. Meanwhile, the company will continue its development, as the modern understanding of the brand never allows for falling behind the times. “Due to the economic conditions that have developed in the country, it is unlikely we will reach the previously-targeted growth rate of 40% in 2015. However, we hope that achieving 25-30% realization growth of the holding is quite realistic,” Irakli Bokolishvili, Director General at JSC Nikora, told The FINANCIAL. The history of Nikora started in 1998. “There was no organized food product enterprise on the Georgian market at that time. The founders of the company aimed to found high-quality meat production. Since then they have remained loyal to their chosen path. Nikora has always been focused on quality. This is the main determinant of our success,” Bokolishvili said. In his words, a constant quest for innovation and development is also very important. “The company is never completely satisfied with the results it achieves. Nikora started its operation with only two sorts of sausage: Rdziani (Milked) and Iveria. Currently we cover almost every direction of food products. The holding incorporates sausages, semicooked products, fish, dairy products, ice cream, bakery and wine enterprises. Nikora is an umbrella for the largest supermarket chains and two import companies. They are importing raw materials and spirits from Europe and the USA.” “A wide range of high quality products, modern infrastructure, qualified staff, dialogue with consumers and constant striving for progress are the main factors that have contributed to Nikora’s positions of leadership on the market for the last 16 years,” said Bokolishvili. JSC Nikora has been awarded Golden Brand status this year. In his interview with The FINANCIAL, Bokolishvili shared his experience of creating a successful brand. He also gave his suggestions for how to develop the economy in the country.

IRAKLI BOKOLISHVILI, Director General at JSC Nikora

Q. GEL devaluation continues to be one of the main issues for the Georgian economy. What was its impact on your company - are you witnessing a slump in consumer solvency? A. The instability of the national currency remains a real problem for Georgian businesses. Local production is closely related to the European and U.S. markets. So, changes in the national currency directly impact on them. Nikora has been no exception. Given the absence of a local farming industry the company is entirely dependent on imported raw materials. So, we are purchasing them in foreign currencies. Bank responsibilities are putting more pressure on our business. They are also fixed in foreign currencies. If the recent trend of depreciation of the Georgian Lari continues, Nikora will not be in a favourable position either. Due to its specifics, the crisis impacts on the food products market last. However, currently we are observing certain precautions being taken by consumers. Q. What was the starting volume of investments issued at Nikora, and what is the company’s value now? A. The volume of investments at the starting point was scanty. I cannot even name the exact figure. The key issue was that there was a single-minded team, from a founder to an ordinary worker. They started working hard in order to succeed. This was the main investment, and one which has no monetary value. These factors ensured that Nikora evolved and established itself as one of the most powerful holdings and largest employers. Naming the current value

of the company is a complicated matter. This issue is regulated by the stock market, which practically does not exist in Georgia. Q. During the past 16 years of its existence, which year would you distinguish as the company’s most successful, and which the least? A. Like other companies operating in the market, 2008-2010 were the most difficult years for Nikora. The August war and the events of the aftermath left quite a trace on the activities of the holding. The most successful years were 2012-2014. Nikora aggressively started expanding its supermarket chain during these years, and as a result of that, the company’s turnover has increased dramatically. We remain devoted to this path and will not slow down our pace. Q. The company still has to import raw materials. Why can’t you replace them with local production, and do you have any plans for activities in this direction? A. In Georgia there still does not exist farming which can sufficiently provide raw materials on such a scale as Nikora requires. Several pork farms have been established recently. They offer a very high level of quality. However their prime cost is on average 1.5 times higher than that which is imported. The difference is significant. It is naturally reflected in the final price of the finished product. Therefore, we still have to import pork, mainly from Brazil, the U.S. and European countries. Some steps have been taken on the domestic market in pork production. I hope that if the production is improved and increased,

then the self-cost will be reduced. So, we can assume that at some point Georgian production will manage to compete with imported products. As for beef, I am not aware of any properly developed cattle farm in Georgia. Nikora uses local beef in its semi-cooked production, (pelmeni, pancakes, cutlets, etc.). However, these are actually goods delivered by small-holding farmers. Nikora itself holds a farm in the Gardabani region. At this stage we are farming only quail and quail eggs. We do have some plans for the direction. However, it is not in a short-term perspective and does not allow us to think about replacing import. Q. The majority of those in the Georgian business community prefer to invest in food products, mostly via franchise deals. Why do Georgians avoid establishing their own brand and production development? A. Creating a successful brand is the most difficult thing in business. Gaining consumers’ loyalty towards a brand takes years. Maintaining this loyalty requires daily hard work. The history of Nikora is a good example of that. Bringing a successful, already-recognizable brand to the market is very simple. It requires less risk and investments. In this case we are dealing with an established trademark, with an already popular format and name. Q. Economic development continues to be one of the country’s biggest challenges. What is your view and advice on how to develop the Georgian economy? A. The Georgian economy

will only be developed if the Government supports local business development with active steps. It will contribute to the enlargement of export potential. Proper determination of the country’s economic directions is crucial. This includes: infrastructure, transit service, agriculture, food and light industry, tourism, the service sector, energy and financial services. Start-ups in these directions should be offered tax and other preferences. The Government should create an attractive investment environment. A new liberal tax system needs to be implemented. The responsiveness of the education system is also important. The education system should be focused on bringing up highly qualified specialists in prioritized business directions. Qualified specialists should meet the demands of the job fair from specific areas. Q. What are your expectations - by how many percentages will your realization increase in 2015 in comparison with 2014? A. Due to the economic conditions that have developed in the country, it is unlikely that we will reach the targeted 40% growth rate. We hope that having 2530% realization growth of the holding is quite realistic. Q. As a successful company which suggestions would you offer to start-ups looking to succeed? A. Like in any other activity, in business it is important to make proper choices in the initial stage, to establish a team of like-minded people, initiate a real plan, be innovative, constantly striving for improvement, moderate risk and finally to work, work and work.

CMYK

FINANCIAL HEADLINE NEWS & ANALYSIS

FINCHANNEL.COM | 25 MAY, 2015 TBC BANK TBILISI BRANCHES Tbilisi #9 Service Center in Zahesi (Customs Terminal) 0125, 105 A, Mshvidoba St. Vake Branch #1 0179, 41, Abashidze St. Central Branch 0179, 11, Chavchavadze Ave. Chavchavadze Branch #1 0179, 29/31/33, Chavchavazde Ave Vera Branch 0179, 31, Melikishvili St. Parliament Service Center 0118, 8, Rustaveli Ave Mtatsminda Branch 0105, 1, Rustaveli Ave. Rustaveli Service-Center 0108, Marriot hotel Rustaveli Branch #1 0108, 44, Rustaveli Ave. Mtatsminda Branch #2 0105, 22, Leselidze St. Rustaveli Branch #2 0105, 52, Rustaveli Ave. Avlabari Branch #1 0103, 2, Ketevan Tsamebuli Ave. Varketili Branch #1 Javakheti St. Isani Branch 0120, 67, K. Tsamebuli Ave. Vazha-Pshavela Branch #2 0186, 73, Vazha-Pshavela Ave. Vazha-Pshavela Branch #1 0160, 11, Vazha-Pshavela Ave Saakadze Branch 0160, 6, Shartava St. (Saakadze Sq.) Saburtalo Branch 0160, 12, Al. Kazbegi Ave. Tbilisi Central Service Center 0112, Vagzali Sq. 2 Agmashenebeli Branch #1 0102, 138, Agmashenebeli Ave. Marjanishvili Branch #2 0102, 16, Marjanishvili St. Tamar Mepe Branch 0112, 7, Tamar Mepe Ave. Head Office & Marjanishvili Branch 0102, 7, Marjanishvili St. Tsereteli Branch #2 0119, 73a, Tsereteli Ave. Didube Branch 0119, 117, Tsereteli Ave. Digomi Branch in shop («My House») 0131, Agmashenebeli Alley, 12th km, furniture shop «My House» Digomi Branch in “Goodwill” 0131, 1, Parnavaz Mepe Ave. (Hypermarket Goodwill) Nadzaladevi Branch 0180, 109, Dadiani Ave. Gldani Branch 0172, Mukhiani Settlement, Plot 1/6 Tbilisi Airport Service Center 0158, Tbilisi National Airport

TBILISI ATMS Vazisubani Vazisubani III dstr., II Blk. Sanzona 50, Guramishvili Ave. Nikora Store Vake 11, Chavchavadze Ave. Vake Branch 1, Tamarashvili St. Pharmacy “36.6” 34, Chavchavadze Ave. Trading Center “Pixel” 7, Kipshidze St. 41, Abashidze St. Vake Service Center #1 29, Chavchavazde Ave. TBC Bank Branch 59, Paliashvili St. “Simba” Supermarket 50, Chavchavadze Ave. 15, Phaliashvili St. Aversi Pharmacy Vera 7, Kostava St. 36, Kostava St. Cinema “Amirani” 8/1, Akhvlediani Ave 18, Melikishvili St. 60, Barnovi St. “Fresh Market” 31, Melikishvili St. TBC Bank branch Mtatsminda 13, Rustaveli Ave. Hotel «Tbilisi Marriot» 11, Rkinis Rigi Acura Billiard Room 5, Rustaveli Ave. Rustaveli Cinema 4, Freedom Square 22, Leselidze St. TBC Bank branch 52, Rustaveli Ave. TBC Bank branch 44, Rustaveli Ave. TBC Bank branch 1, Rustaveli Ave. TBC Bank branch Avlabari 84, K. Tsamebuli Ave. 2, K. Tsamebuli Ave. TBC Bank branch Navtlugi 2, Cholokashvili St. “36.6” Pharmacy Varketili 34a, Kakheti Highway 44, Javakheti St. (Varketili Metro) Varketili 3, 4th m/r. Javakheti St. TBC Bank branch Isani-Samgori 39a, Moscow Ave. 169, Khmelnitski St. Supermaket “Isani” subway station 67, K.Tsamebuli Ave. TBC Bank branch Saburtalo 40, Vazha Pshavela Ave. ESM Tbilisi 67, Vazha Pshavela Ave. «Nikora» Shop 68, Kostava St. Public Television Building 22, Bakhtrioni St. 53, Saburtalo St. Nikora store 12, Al. Kazbegi Ave. At Saburtalo Branch 74, Kostava st. Shop “Caesar” Z. Zhvania Sq., 45, Gamsakhurdia Ave. “PSP” Pharmacy 1, Nutsubidze St. 52, Vazha-Pshavela Ave. Mobi Shop Riverside named after H. Aliev At Wissol gas station Turn at 4th Plateau of Nutsubidze 179, Nutsubidze St. “PSP” Pharmacy 26, Kazbegi Ave. Shop “Planeta Z” Vazha-Pshavela V Blk, 4 Bld. 29, Gamsakhurdia Ave. Shop “Okaidi” 6, Shartava St. 4, Gamsakhurdia Ave. 11, Vazha-Pshavela Ave TBC Bank Branch 11, Mitskevichi St. Supermarket 29b, Kazbegi Ave. 73, Vazha-Pshavela Ave. TBC Bank branch 11/5, Dolidze St. Supermartket “Mango” Chugureti 39, Chitaia St. Aversi Pharmacy 7, Marjanishvili St. Marjanishvili branch 19 Tsabadze St. Trade center «Pasazhi» 8, Tsabadze St. Trade center «Kidobani» 4, Khetagurov St. Humana Pharmacy 16, Marjanishvili St. TBC Bank branch 4, Chubinashvili St. Aversi Pharmacy Didube 73a, Tsereteli Ave. At #2 Didube Branch 114, A. Tsereteli Ave.

«Coca-Cola» 117, Tsereteli Ave. At Didube Branch 82, Tamar Mepe Ave. “MedService” Pharmacy 1, Tsereteli Ave. Trading Center “Panda” 7, Tamar Mepe Ave. TBC Bank branch 138, Agmashenebeli Ave. TBC Bank branch 12, Kereselidze St. “Megaline” Trading Center Digomi Digomi District 3/2 Digomi District II BLK. Building 7 Digomi District, 3rd blk. D. Agmashenebeli Alley “Lukoil” Gas station Didi Digomi Entrance of Didi Digomi Trade center GOODWILL 12th Km, Agmashenebeli Alley. Shop “Chemi Sakhli” Nadzaladevi 106, Ts. Dadiani Ave. Nadzaledevi Branch 321, Ts. Dadiani Ave. Aversi Pharmacy 144, Ts. Dadiani Ave. Supermarket Temka Temka, 10th Block, BLD. 2. Gldani Gldani District 1st blk. Supermarket “Bingo” Akhmeteli Metro Trading Center “Mariami” Mukhiani Settlement, Plot 1/6 TBC Bank branch Mukhiani Mukhiani III MKR, Dumbadze Ave., BLK.5a Mukhiani II M/R, Noneshvili St., BLk. 5 “Red A” Pharmacy Avchala 3, Sarajishvili St. “Alfa Express” Ortachala 39, V. Gorgasali St. 28, Gorgasali St. Airport Tbilisi International Airport

CONSTANTA BANK BRANCHES AND ATMS Tbilisi Sadguri Branch 137, Tsinamdzgvrishvili Street Varketili Branch 20, Vazisubani turn Isani Branch 84/86, Ketevan Tsamebuli Avenue Gldani Branch The right side of the Akhmeteli Subway Didube Branch 117, Tsereteli Ave Lilo Branch 2, Chirankhuli Str. Saburtalo branch 28, Vaja-Pshavela Str. Baratashvili Branch 2, Baratashvili Str.

BANK OF GEORGIA TBILISI Mtatsminda-Krtsanisi 3 Pushkin Str. 4 Leselidze Str. 38 Tabukashvili Str. 7 Pushkin Str. 1 Vekua Str. 3 Pushkin Str. Vake-Saburtalo 24 Kostava Str. 29 Vazha-Pshavela Ave. 7 Kipshidze Str. 14 Gamsakhurdia Ave. 22 Bakhtrioni Str. 72/12 I.Abashidze Str. 70 Kostava Str. Sheraton Metheki Palace 10 Melikishvili Ave. 62 Chavchavadze Ave. Mtatsminda-Krtsanisi 8 Rustaveli Ave. (Parliament) 38 Tabukashvili Str. 19 Rustaveli Ave. 4 Freedom Square (Courtyard Marriott) Metro Station “Tavisuplebis Moedani” Metro Station “Rustaveli” 3 Vekua Str. (Populi City) 37 Gorgasali Str. Ortachala Radisson SAS Iveria Hotel Isani-Samgori 10 Ketevan Tsamebuli Ave. 80 Ketevan Tsamebuli Ave. 7 Kalaubani Str. Airport Metro Station “Avlabari” Metro Station “300 Aragveli” Metro Station “Samgori 1” Metro Station “Samgori 2” Metro Station “Varketili” Metro Station “Isani” Temqa Block 10, Bulding 25 44 Moskovi Ave. Vazis ubani block 4 (“Populi”) Vake-Saburtalo 41 Vazha-Pshavela Ave. 23 Chavchavadze Ave. 70 Kostava Str. 16 Gamsakhurdia Ave. 7 Petritsi Str. Melikishvili Str. 10 Gldani-Nadzaladevi 39 Tsotne Dadiani Str. 5 Tornike Eristavi Str. (“Electroplast”) Shopping Mall “Mariami”, Gldani Metro Station “Akhmeteli” Metro Station “Grmagele” Metro Station “Nadzaladevi” Metro Station “Sarajishvili” Metro Station “Guramishvili” Mukhiani, Block 4, Bulding 4 34 Tsotne Dadiani Str., Bulding 8 Metro Station “Elektrodepo” Vake-Saburtalo 1a Bulachauri Str. Metro Station “Politeknikuri Instituti 1” Metro Station “Politeknikuri Instituti 2” Metro Station “Vazha-Pshavela” Metro Station “Sameditsino Instituti 1” Metro Station “Sameditsino Instituti 2” Didube-Chugureti 99 Tsereteli Ave. 18 Tamar mefis Ave. 60 Tsereteli Ave. 83/23 Davit Agmashenebeli Ave. 142 Davit Agmashenebeli Ave. 19 Tsabadze Str. (“Pasazhi”) 12 Kereselidze Str. 1st turn (“Megaline”) 137 Tsinamdzgvrishvili Str. 127 Davit Agmashenebeli Ave. Metro Station “Vagzlis Moedani” Metro Station “Vagzlis Moedani 3” Metro Station “Tsereteli” Metro Station “Didube” Metro Station “Marjanishvili” 3 Vagzali Str. Gldani-Nadzaladevi Gladni 1 Vekua Str., Block “a” 38 Guramishvili Ave.

ATM’S TBILISI Vake 8 Mtskheta Street 12 eristavi street 72/12 Abashidze Street 48 Chavchavadze Avenue 22/23 Chavchavadze Avenue 22/23 Chavchavadze Avenue 62 Chavchavadze Avenue 50 Chavchavadze Avenue 52 Chavchavadze Avenue

22 Chavchavadze Avenue 78 Chavchavadze Avenue 7 Kipshidze Street 9a nafareuli street 13 Kipshidze Street 2 Berdzenishvili Street 41 abashidze street 81/9 Abashidze Street 3 Tamarashvili Street Tamarashvili Street 16 Phaliashvili Street Tskneti 3 Rustaveli Street 2 Rustaveli Street Saburtalo 67 Vazha-Pshavela Avenue 41 Vazha-Pshavela Avenue 41 Vazha-Pshavela Avenue 2 Vazha-Pshavela Avenue 27b Vazha-pshavela avenue 27a Vazha-Pshavela Avenue 17 Vazha-Pshavela Avenue 27 Vazha-Pshavela Avenue 72 Vazha-Pshavela Avenue Vazha-Pshavela Avenue, II Block 35/37 Shartava Street 7 Shartava Street 21 Dolidze Street vakhushti bridge Saakadze square Samedicino Vazha-Pshavela Politeqnikuri 1 Politeknikuri 2 17a Saburtalo Street 37 Saburtalo Street 70 Kostava Street 70 Kostava Street 26 maisi street 1 26 May square Kostava Street 44 Khazbegi Avenue 10 Khazbegi Avenue 13 Khazbegi Avenue 14 Khazbegi Avenue 12 Khazbegi Avenue bagteriofagi 8 a mitschkevichi street 19 Gamrekeli Street 23 kandelakis street 43 Gamsakhurdia Avenue. gagarini 16 Gamsakhurdia Avenue 2 Gamsakhurdia Avenue 14 Gamsakhurdia Avenue 1a Bulachauri Street 3 mk.2 kv. Nucubidze 175 Nutsubidze Street 221 Nutsubidze Street 25 nutsubidze street Nutsubidze plato III mr. II kv 1 Sandro Euli Street 13 Bakhtrioni Street 22 Bakhtrioni Street 6 Phanaskerteli Street 16 Chikovani Street 25 Kavtaradze Street 4 Gabashvili Street 5 Jikia Street Mtatsminda 2 Freedom Square mtawminda square 3 Pushkin Street 3 Pushkin Street 3/1 Pushkin Street 3 Pushkin Street Tavisuplebis Moedani 7 Pushkin Street 4 Freedom Square 12 Chanturia Street Rustaveli 16 Rustaveli Avenue 8 Rustaveli Avenue 19 Rustaveli Avenue 37 Rustaveli Avenue 2 Leonidze Street 22 Leselidze Street 4, Leselidze Street 38 Tabukashvili Street 2 Baratashvili Street 7 Ingorokva Street GTC 8 Erekle II Street 13 Savteli Streer 20 Akhvlediani street 1 Vekua Street 40 Khetagurovi street rose squire rose squire Vera 28 petriashvili street 25 Kostava Street 24 Kostava Street 44 Kostava Street 1 Khorava Street 10 Kekelidze Street 8 Kuchishvili Street 50 Gogebashvili Street 13 Melikishvili Street 10 Melikishvili Street 10 Melikishvili Street Gldani-Nadzaledevi 2 gudamakhari street Gldani V m/r Block14 Gldani III m/r 2 Khizanishvili Street 2 Dadiani Street 7 Dadiani street 34 Dadiani Street 151 Dadani Street 21 Sarajishvili Street Sarajishvili Grmagele Guramishvili 38 Guramishvili Avenue 33a GuramiSvili avenue 84 Guramishvili Avenue 7 Guramishvili Avenue 84 Guramishvili Avenue Peikrebi street Mukhiani, IV m/r, 4 block Dumbadze str IV m/r, Block 5 Nadzaladevi Nadzaladevi metro Square 15 Khizanishvili Street 31 Khizanishvili Street metro axmetelis mimdebare. mariami metro axmetelis mimdebared 1 Vekua Street 1 Vekua Street Akhmeteli Temka 10 Kv, Block 25 Temka samshobiaro saxli # 5 mimd 34 Khosharauli Street Didube-Chugureti 8 tsabadze street 17 Uznadze Street 1 Tsereteli avenue 60 Tsereteli Avenue 55 Tsereteli Avenue 95 Tsereteli Avenue 110 Tsereteli Avenue 99 Tsereteli Avenue 118 Tsereteli Avenue 118 Agmashenebeli Avenue 127 Agmashenebeli Avenue 80 Agmashenebeli Avenue 96 Agmashenebeli Avenue 1 Agmashenebeli Avenue 89/24 Agmashenebeli Avenue 86/90 Agmashenebeli Avenue 15 Tamar Mepe Avenue 10 Tamar Mepe Avenue 20 General Kvinetadze Street 5 marjanishvili street Marjanishvili 83/23 Agmashenebeli street 1 Chitaia Street 19 Tsabadze Street, pasage 2 Chkheidze Street Tbilisi central Tsereteli Vagzlis moedani 2 Vagzlis Moedani 1 Vagzlis Moedani 2 19 Agladze Street 2 Vagzlis Moedani 95 Tsinamdzgvrishvili Street 137 Tsinamdzgvrishvili Street Mtkvari Left Riverside (mushtaedi) 1 chaladze street Digomi 8 chachava street Military Base (vashlijvari) Digomi II kv. 5 Block Digomi Block V, I a Building 11 George Balanchini Street Agmashenebeli alley II km Agmashenebeli alley 9 km. Agmashenebeli alley Didi Digomi way. Digomi village way (vashlijvari) 8 Petritsi Street 7 Petritsi Street 10/12 Godziashvili Street Vashlijvari

green business Agmashenebeli alley 13 km 6 gelovani avenue 5 Lubliana Street Isani-Samgori Isani Samgori 1 Samgori 2 Varketili Varketili 3, IVm/r, near by 410 Building 1 Khomleli street 64 Javakheti street Vazisubani IV m/r I block, petefi str. Vazisubani IV m/r I block 2 Landia street 300 Aragveli Kakheti Highway 21km 60 Kakheti Highway Military Base (alekseevka) Military Base (alekseevka) AIR 3a Khomleti Street 10 Ketevan Tsamebuli Avenue 80 Ketevan Tsamebuli Avenue 51a Ketevan Tsamebuli Avenue 4 Kiziki Street Airport Airport Airport Military Base (vaziani2) 7 Kalaubani Street 7 Kalaubani Street 14 Kalaubani Street 39 Moscow Avenue 17 chichinadze street 44 Moscow Avenue 10 Telavi Street Avlabari Avlabari Metro Square 8/10 Chekhov Street 23 Shuamta Street 155 bogdan khmelnitski street 6/4 Naftlukhi Street Atskuri, isnis metros mimdebare Kairo & Javakheti Street 64 Melaani Street 1 Abdushelishvili street 122 Kakheti Highway market lilo 113 gakhokidze street 38 Kakheti Highway Krtsanisi 41 Gorgasali Street 39 Gorgasali Street Military Base (krtsanisi)2 Military Base (krtsanisi) 16 Gorgasali Street 16 Gorgasali Street 6 Gorgasali Street 77 Gorgasali Street 117 Gorgasali Street 37 Gorgasali Street 19/2 Rustavi Highway 7 a krtsanisi street 10 Gulua Street Kodjori military base Mtskheta 23 arsukidze street Bebriscixis mimdebared 12 samxedro street

BANK REPUBLIC TBILISI BRANCHES AND SERVICE CENTERS Head Office and Central Branch 2 Gr. Abashidze St. Tel: (995 32) 292.55.55 Fax: (995 32) 292.55.44 Vake 13 Chavchavadze Ave. (24 hour) 33a Paliashvili St. Freedom Square 2, Leonidze St. Airport International Airport (24 hour) 24 hours, except Christmas and Easter Didube 10 Building, Tsereteli Ave. Sadguri 10, Tamar Mephe Ave. Sadguri Near the Railway Station Sanzona 34 Guramishvili Ave. Nadzaladevi 34 Dadiani Ave. Saburtalo 28 Pekini Ave. 71 Vazha-Pshavela Ave. 47 A. Kazbegi Ave. Isani 6/2 Navtlughi St. Gldani 20 Khizanishvili St. Mukhiani 8b Block, IVa micro district Iashvili Clinic 2/6 Lubliana St. Police Office 8 Gulua St. Dighomi 1b Block, 1 micro district, Dighomi Building of City Court of Tbilisi David Aghmashenebeli Alley VI km. Ortachala 37 Gorgasali St. Varketili Aerodrome Settlement. St N 29-31

ATM Tbilisi Vake 2 Gr.Abashidze St. 13 Chavchavadze Ave. 33 A Paliashvili St. 1 Chavchavadze Ave. 49b Chavchavadze Ave. 50 Chavchavadze Ave. 2 Mosashvili St. Mrgvali Bagi 7 Kibshidze St. Mtatsminda 27 Kostava St. 32 Br/Zubalashvili St. 20 Rustaveli St. 10 Pushkini St. 8 Erekle II 2, Leonidze St. 4 – 9aprili St. 24 Gorgasali St. Ministry of Justice 24 Gorgasali St. General Office of Public Prosecutor 37 Gorgasali St. 8 Gulua St. Saburtalo 75 Kostava Ave. 16 Kazbegi Ave. 47 Kazbegi Ave. 2 Gamsakhurdia Ave. 23-25 Gamsakhurdia Ave. 28 Gamsakhurdia Ave. 45 Gamsakhurdia Ave. 6 Shartava St. 19 Nutsubidze St. 179 Nutsubidze St. 5 Sandro Euli St. Nutsubidze Plato 3rd , 5 Dzotsenidze St. 13 Bakhtrioni St. 11 Dolidze St. Building 4/5 34 Vaja Pshavela Ave. Vaja Pshavela Ave. 48 Vaja Pshavela Ave. 71 Vaja Pshavela Ave. 72 Vaja Pshavela Ave. Building 1, Block of flats 7, Vaja Pshavela Ave. Kavtaradze St. Digomi 1st Block, 1 Micro District, Dighomi Masivi 9 Mikeladze St. 3rd Block, Dighomi Masivi Aghmashenebeli alley 6 th km. Aghmashenebeli alley 2/6 Lubliana St. 5 Lubliana St. 13 Petritse St. Didi Digomi Didube-Chugureti 1 Khetagurovi St. 2 Tsereteli Ave. Tsereteli Ave. Building 10 67 a Tsereteli Ave. 144 Tsereteli Ave. 10 Tamar Mephe Ave. Near Railway Station

44 Aghmashenebeli Ave. 4 Chubinashvili St. 19 Vakhtang Bagrationi Ave. 19 Tsabadze St. Isani-Samgori International Airport of Tbilisi, „Sakaeronavigatsia“ International Airport of Tbilisi, Airport Service Center Kakheti highway 112 Kakheti highway 6/2 Navtlughi St. 23 “Ghvinis Aghmarti” Varketili Subway Territory 7 Varketili, Kaloubnis St. 9 Tsinandali St. 91 Ketevan Tsamebuli Ave. Opposite side 2 Ketevan Tsamebuli square 44 Moscow Ave. Vazisubani III Mik. II Block #15 Gldani-Nadzaladevi 34 Dadiani St. 39 Dadiani St. 263 Dadiani St. 20 Khizanishvili St. Mukhiani 2nd , Block #5 (Noneshvili St.) Mukhiani, Building 8, 4a m/d Temka District, Building 10, 2 m/d, Block of flats: 25 34 Guramishvili Ave. 36 Guramishvili Ave. Subway Sadguri, Akhmeteli Theatre Territory

VTB BANK Tbilisi 37, Uznadze Str. 14, Chanturia Str. 5, Jikia Str. 3, Gotua Str. 6, Gorgasali Str. 16/18, Rustaveli Ave. 54, Chavchavadze Ave. 10, Chavchavadze Ave. 21, Vazha Pshavela Ave. I tr. 33, Kostava Ave. 16/18, Tamar Mepe Ave. 4, Leselidze Str. 15, Tamar Mepe Ave. 76, Tsereteli Ave. 3, Vani Ave. 147, D. Aghmashebeli Ave. 5, Khizanishvili Str. 12, Ketevan Tsamebuli Ave. 20, Telavi Str. 42, Al. Kazbegi Ave. 8, Tsabadze Str. 6/2, Navtlughi Str. 9, Tsinandali Str. 48a, Bogdan Khmelnitsky Str. 19, Gamrekeli Str. 143, Tsereteli Ave. 78, Nutsubidze Str. Aghmashenebeli Alley 60, Barnov Str.

KSB BANK TBILISI BRANCHES Vake (09.30-21.00) 43, Chavchavadze ave. Avlabari 3, Ketevan Tsamebuli str. Vera 8/2, Melikishvili str. Didube 60, Tsereteli ave. Agmashenebeli 147, Agmashenebeli ave. Varketili 7, Kaloubani str. Krtsanisi 37, Gorgasali str. Pekini (09.30-20.30) 24a, Pekini ave. Didi Digomi 8, Ioane Petritse str. Gldani 15, Khizanishvili str. Freedom sq. branch (24 hour) 4, Freedom sq. Service centre - Gudushauri hospital (24 hour) 18/20, Lubliana str.

ATM’S TBILISI Vake – branch 43, Chavchavadze ave. Vake - Fashion house 24, Chavchavadze ave. Avlabari - branch 3, Ketevan Tsamebuli str. Vera - branch 8/2, Melikishvili str. Didube - branch 60, Tsereteli ave. Agmashenebeli Avenue - branch 147, Agmashenebeli ave. Varketili - branch 7, Kaloubani str. Krtsanisi - branch 37, Gorgasali str. Pekini - branch 24a, Pekini ave. Didi Digomi - branch 8, Ioane Petritse str. Agmashenebeli Alley - Prosecutor 12 km, Agmashenebeli Alley Gudushauri Hospital 18/20, Lubliana str. Gldani - branch 15, Khizanishvili str. Freedom sq. - branch 4, Freedom sq. Publich Television 68, Kostava ave. Public Service Hall 2, Sanapiro str. Mtatsminda-Krtsanisi, Revenue Service 16, Gorgasali str. Mtatsminda-Krtsanisi, Revenue Service 4, General Gulua str. Georgian railway 15, Tamar Mepe ave. Trade center Panda 1, Tsereteli Ave. Agmashenebeli Avenue 96, Agmashenebeli ave. Old Tbilisi 5, Virsaladze str. Church store 67, Vazha-Pshavela ave. Book store 14, Vazha-Pshavela ave. Dighomi district 2nd block, building 6a. Airport customs clearance zone Old airport Lilo customs clearance zone Martkopi,Gardabani Region

LIBERTY BANK BRANCHES IN TBILISI Vake-Saburtalo Central Branch 74, I. Chavchavadze Ave. Central Branch’s s/c #1 2, Sanapiro St. Didi Dighomi s/c #1 9, I. Petritsi St. Pavilion #1 10-12, Vazha-Pshavla Ave. Pavilion #2 Kostava St. (Near Sports Palace) Pavilion #4 33-35, I. Tchavtchavadze St. (Near Hospital 9) Pavilion #9 48-66, Vazha-Pshavela Ave. Pavilion 13 13 Km. Aghmashenebeli Highway Saburtalo s/c #1 34, Pekini St. Saburtalo s/c #2 7, Shartava St. Saburtalo s/c #7 2g, B. Zhgenti St. (Nutsubidze District) Saburtalo s/c #8 6, Budapeshti St. Saburtalo s/c #9 5, Kavtaradze St. Saburtalo s/c #11 10 Km. Aghmashenebeli Highway Sopeli Dighomi s/c #1 Village Dighomi, B. 7b Saburtalo s/c #15 2, Gamsakhurdia St. s/c #332 70, Tchavtchavadze Ave. Saburtalo s/c #13 3, Micro-District Nutsubidze Saburtalo s/c #14 46, Dolidze St. / 41,

Balanchivadze St. Tskneti s/c #1 3a, Rustaveli St. Vake-Saburtalo Branch 2, Marijani St. Vake s/c #2 1, Mosashvili St. Vake s/c #3 84, Tchavtchavadze Ave. (National Agency Bureau) Vake s/c #4 38, Paliashvili St. Vake s/c #12 14, Kipshidze St. Mtatsminda-Krtsanisi Krtsanisi s/c #1 10, Kikodze St. Krtsanisi s/c #2 2a, Sanapiro St. Mtatsminda-Krtsanisi Branch 37, Gorgasali St. Mtatsminda s/c #1 24, Kostava St. Mtatsminda s/c #4 3, Kostava St. Turn 2 Ponitchala s/c #1 19, Rustavi Road, B. 4 Ponitchala s/c #2 3, Micro-District Ponichala, B. 2 Didube-Chughureti Chughureti s/c #2 153, Aghmashenebeli Ave. Chughureti s/c #3 3, Abashidze St. Chughureti s/c #4 21, Chitaia St. Digomi s/c #2 7, Robakidze St. Didube Branch 126, Tsereteli Ave. Didube s/c #1 60, Tsereteli Ave. Pavilion #5 A. Tsereteli St. (near Tsereteli Underground) Pavilion #10 Dighomi (Near Mayakovsky Monument) Pavilion #15 Didube (near the railway square) Gldani-Nadzaladevi Avtchala s/c #1 1, Libani St. Avtchala s/c #2 7, Libani St. Avtchala s/c #3 5, Sarajishvili Ave. Gldani Branch 3, Block Gldani Gldani s/c #2 Mukhiani (Near Akhmeteli Subway Station) Gldani s/c #4 3, Block Gldani, B. 86 Gldani s/c #5 7, Micro-District Gldani (Prison Gldani) Gldani s/c #6 2, Botchorishvili St. Gldani s/c #7 6, Micro-District Gldani, 11 Tiulenevi St. Gldani s/c #9 8, Micro-District Gldani, B. 23 Gldani s/c #10 2, Micro-District Gldani, B. 24b Gldanula s/c #1 Gldani Khevi (Ravine), Near B. 6a Gldani s/c #11 18, Gombori St. Lotkini s/c #1 164, Tseronisi St. Mukhiani s/c #2 2, Micro-District Mukhiani, B. 5 Mukhiani s/c #3 3, Micro-District Mukhiani, B. 5 Nadzaladevi Branch 36, Guramishvili Ave. Nadzaladevi s/c #1 34, Dadiani St. Nadzaladevi s/c #3 261, Dadiani St. Nadzaladevi s/c #4 12a, Guramishvili Ave. Nadzaladevi s/c #6 30, Guramishvili Ave. B. 1 Temka s/c #1 11, Micro-District Temka, Block 1 Temka s/c #2 3, Micro-District Temka, Block 3, Near B. 41 Zahesi s/c #1 1a, Tchitchinadze St. Isani-Samgori Afrika s/c #1 27, Tchitchinadze St. Afrika s/c #2 17, Tchitchinadze St. Isani-Samgori Branch Kakheti Alley 2 Isani s/c #1 51/2, Ketevan Tsamebuli Ave. Isani s/c #4 22, Metekhi St. Isani s/c #6 30 Km. Kakheti Highway Isani s/c #7 Moscow Ave, Block 2, B. 1 Isani s/c #9 90, Ketevan Tsamebuli Ave. Lilo s/c #1 Lilo Settlement, Block 2, B. 8 Pavilion #6 4, Abzianidze St., Orkhevi Settlement (Near Customs Department) Pavilion #8 10 b, Airport Settlement Pavilion #11 103, Kvareli St.(Metromsheni Settlement) Pavilion #12 10, Akhalubani St. Ponitchala s/c #3 Rustavi highway, KM 30 Samgori s/c #1 37, Moskovi Ave. Samgori s/c #2 36a, Trialeti St. Samgori s/c #4 151, Bogdan Khmelnitski St. Varketili s/c #1 Javakheti St. Second BlindAlley (Near Varketili Subway Station) Varketili s/c #2 3, Micro-District Varketili, B. 310 Varketili s/c #3 Varketili Block 10, B. g Varketili s/c #5 Tbilisi International Airport Varketili s/c #6 3, Micro-District Varketili Varketili s/c #7 12, Shuamta St. Varketili s/c #9 1, Micro-district varketili 3, Near B. 25 Varketili s/c #10 Kaloubani St. 9 Vazisubani s/c #1 4 Micro-District Vazisubani 1B,Shandor Petofi St. Vazisubani s/c #2 2, Micro-District Vazisubani (Super Market “Smart”) Vazisubani s/c #3 1, Shandor Petofi St Didgori Didgori s/c #1 97, Block Tabakhmela, plot 516

ATM’S IN TBILISI 1, Aleksidze St. Agmashenebeli Alley, KM 11. 10a, Akhmeteli St. 13, Bakhtrioni St. 6, Budapeshti St. Zhvania Square 2, Gamsakhurdia Avenue 2/4, Godziashvili St. Block 3, Didi Dighomi Building 11, Dolidze St. 1, Vazha-Pshavela Avenue 10-12, Vazha-Pshavela Avenue 27, Vazha-Pshavela Avenue (near subway station “Sameditsino”) 76b, Vazha-Pshavela Avenue Block 2, Vazha-Pshavela Avenue (near Vazha-Pshavela monument) 46-48, Vazha-Pshavela Avenue (near metro station “Delisi”) 55, Vazha-Pshavela Avenue Block 7, Vazha-Pshavela Avenue Vashlijvari highway 10a, Tamarashvili St. 15a, Tamarashvili St. Kostava St. (near the Sports Palace) 24, Kostava St. 64, Kostava St. Marshal Gelovani Avenue 10, Mitskevitchi St. Nodar Bokhua St. 183, Nutsubidze St. (II-IV plateau turn) III m/d, Nutsubidze plateau 14, Gamsakhurdia St. 15, Gamsakhurdia Avenue 34, G a m s a k h u r d i a ave. 9, I. Petritsi St. 28, Saburtalo St. 2, University St. 36, Phaliashvili St. 5, Kavtaradze St. 21, Kavtaradze St. 2, Kazbegi Avenue 15, Kazbegi Avenue. Kazbegi Avenue (near the school #60) 26, Kazbegi Avenue (Vake-Saburtalo crossroads) 7, Shartava St. Block 1, IV m/d, shandor Petofi St. 10, Tchavtchavadze St. 34, Tchavtchavadze St. 74, Tchavtchavadze Avenue Tchavtchavadze Avenue (near to Hospital No. 9) 84, Tchavtchavadze Avenue (Legal expertise) Tchavtchavadze Avenue (near to school #55) Didube-Chugureti 96, Aghmashenebeli Avenue 153, Aghmashenebeli Avenue 10th km, Aghmashenebeli Alley 1, Beliashvili St. Dighomi, near to Mayakovsky monument Tevdore Mghvdeli St. (near to the Railway Station) 27, KingTamarAvenue 7, Robakidze St. 8, Tsabadze St. 2, Tsereteli Avenue Tsereteli Avenue (nearto subway station “Tsereteli”) 126, Tsereteli Avenue 143, Tsereteli Avenue 144, Tsereteli Avenue 69, Tsereteli Avenue (corner of Vani St.) 7-7a-7b, Tsereteli Avenue 60, Tsereteli Avenue 5/12, Ketevan Tsamebuli Avenue 39, Chitaia St. 17, Tc hitchinadze St. Gldani-Nadzaladevi

2, Botchorishvili St. Gldani, M/D 3. Gldani, M/D 3, Building 86, Near to building 22, Gldani M/D 6 Gldani, M/D 7 (Gldani prison # 8) 12a, Guramishvili Avenue 36, Guramishvili Avenue Guramishvili Avenue (near the subway station “Grmagele”) Guramishvili Avenue (near the subway station “Sarajishvili”) 34, Dadiani St. 34, Dadiani St. 261, Dadiani St. Building 2, 2nd m/d, Dadiani St. 22, Dumbadze St. (Mukhiani settlement) 1a, Chichinadze St., ZAHESI, near the building 41, block 3, 3rd m/d, Temka near maternity house No. 5, block 1, 11th m/d, Temka Kakheti 2nd turn 1, Liban St. Mukhiani turn near the subway station “Akhmeteli” 1, Sarajishvili St. 8, Kerchi St. 146, Tseronisi St. 4, Khetagurov St. 6, Khizanishvili St. Isani-Samgori 1, Abdushelishvili St. Airport settlement 10, Akhalubani St. 151, Bohdan Khmelnytsky St. 6, Gulia St. Building C, block 10, 3rd massif, Varketili Building 310, 3rd m/d, Varketili 3 Tbilisi International Airport Kakheti highway KM 38. 112, Kakheti highway 37, Moscow Avenue 8, Navtlughi St. Orkhevi settlement (near to Customs Department) Saknavti settlement (Kakheti highway) Building 8, block 2, Saksopmankana settlement 103, Kvareli St. (Metromsheni settlement) 22, Javakheti St. Javakheti St. Second turn Mtatsminda-Krtsanisi 23, A. Tchavtchavadze St. 37, Vakhtang Gorgasali St. 93, Vakhtang Gorgasali St. 155, Vakhtang Gorgasali St. 48, Zubalashvili St. 1, Leonidze St. 10, Leonidze St. 22, Metekhi St. 9, Pushkini St. 3, Rustaveli Avenue 2a, Sanapiro St. 10, Kikodze St. 5, Chachava St. 37/4, Tsintsadze St. Ponitchala Rustavi highway, KM 30 Building 2, 3rd m/d, Ponichala settlement Old Tbilisi 12, Kaloubani St. Didgori Plot 516, block 97, village Shindisi, Didgori

ATM’S IN REGIONS Abasha 6, Jorjikia St. Adigeni 24, Tornike Eristavi St. Ambrolauri 18, Agmashenebeli St. Settlement Anaklia Aspindza 31, Vardzia St. Akhalkalaki 82, KingTamar Avenue 11, Charenta St. 71, Tavisupleba St. Akhaltsikhe 1, Tamarashvili St. 98, Rustaveli St. 11, KingTamar St. 2, Shalva Akhaltsikheli St. 1, Kharischirashvili St. 6, Iadze St. Akhmeta 2, Kazgebi St. Batumi 63, Gorgiladze St. 2, Sulkhan-Saba St. 46-48, Vazha-Pshavela Avenue Khimshiashvili St. 11, Tbel Abuseridze St. 80, Javakhishvili St. 11, Pirosmani St. 10-12, Chavchavadze St. 20a, Agmashenebeli Avenue 9, King Parnavaz St. 62-64-66, King parnavaz St. 36, Gorgiladze St. 20, Khimshiashvili St. 102, Melikishvili St. 11/5, KingTamar settlement 75, Chavchavadze St. 16, Tavdadebuli St. 23, Mayakovski St. Baghdati 12, Tsereteli St. Bolnisi Settlement Kazreti 106, Sulkhan-Saba St. 107, Sulkhan-Saba St. Borjomi 7, Meskhishvili St. 147, Rustaveli St. 6, Tavisupleba St. Gardabani 71, David Agmashenebeli St. 89, David Agmashenebeli St. Gori 16, Stalini St. 40, Sukhiahsvili St. 56, Chavchavadze St. 26, Stalini St. 5, Guramishvili St. 43, Ertoba St. 39, Stalini St. Gudauri Hotel “Marco Polo” Gurjaani 10, Noneshvili St. KingTamar St. Village Shashiani Dedoplistskaro 1, Alazani St. 23, Rustaveli St. Dmanisi 41, St. Nino Street (Municipality) 29, Street St. Nino blind alley Dusheti 21, Dadiani St. 27, Rustaveli St. Vani 3, Solomon II St. Zestaponi 61, Agmashenebeli Avenue 11, Tsereteli St. Village Shorapani Zugdidi 45, Gamsakhurdia St. 90, Rustaveli St. 73, Sokhumi St. 7, Paris Commune St. 32, Gamsakhurdia St. 15, Tsotne Dadiani St. Tetritskaro 12, Kingtamar Avenue Telavi 43, Alazani Avenue 95, Alazani Avenue 16, Erekle the Second St. 3, Erekle the Second Square 12, Erekle the Second St. Terjola 2, Chanturidze St. Tianeti 11, Rustaveli St. Kaspi 88, Stalini St. 11, Rustaveli St. 18, Kostava St. Koda, village house Lagodekhi 23, Kiziki St. Lanchkhuti 10, Ninoshvili St. 24 Kingtamar St., Settlement Lentekhi Village house in settlement Manglisi Village Nigoeti

Marneuli 1, Rustaveli St. 72, Rustaveli St. 73, Rustaveli St. Martvili 14, Tavisupleba St. Mestia 52, Kingtamar St. 1, Seti St. Mtskheta Building of regional governor ’s office 17, Kostava St. (near to the Svetitskhoveli Cathedral) 11a, Samkhedro St. Mtskheta highway 73a, Agmashenebeli St. 65, Mamulashvili St. Village Tserovani Ninotsminda 22, Tavisupleba square Ozurgeti 5, Gabriel the episcope St. Village Ozurgeti Tavisupleba Square Oni 16, Rustaveli St. Rustavi 21, Kostava St., near to the Municipality 14, Kostrava St. Megobroba Avenue 3, Megobroba Avenue 11, Megobroba Avenue 21st km, Red Bridge Highway 5, Tashkent St. Village Sartichala Sagarejo 2, Agmashenebeli Avenue Samtredia 11, Stalini St. Sachkhere 92, Kostava St. 17, Gomarteli St. Senaki 14, St. Nino St. 20, Ninoshvili St. Signagi 2, Rustaveli St. 2, Dadiani St. 18, Gelati St. Poti 12, D. Agmashenebeli St. 146, Chavchavadze St. 57, Agmashenebeli St. Village Poka Kareli 3, Ninoshvili St. 1, Mgaloblishvili St. Settlement Ruisi Keda 11, Tbel Abuseridze St. 1, M. Kostava St. Kobuleti 153, Agmashenebeli St. 4, Memed Abashidze St. 141, Agmashenebeli St. 478, Agmashenebeli St. 79, Kingtamar St., Village Chakvi

PASHA BANK

+995 322 265 000 15, Rustaveli Avenue, Tbilisi, 0108 , Georgia office@pashabank.ge www.pashabank.ge

CARTU BANK Head Office 39a Chavchavadze Ave. Tbilisi 0162, Georgia Tel: (+995 32) 292 55 92 Fax: (+995 32) 291 22 79 E-Mail: info@cartubank.ge Central Service Center 39a Chavchavadze Ave. Mtatsminda Service Center 1 Vekua St. Vake Service Center 24 I. Abashidze St. Saburtalo Service Center 14b Pekini St. Isani Service Center 50/18 Queen Ketevan Ave./Bochorma St. Kutaisi Service Center 4 Paliashvili St., Kutaisi Batumi Service Center 2 Griboedov St., Batumi Gori Service Center 10 Stalin Ave., Gori Telavi Service Center Chavchavadze Square, Telavi

ATM’S IN TBILISI Vake 39a I. Chavchavadze Ave., Cartu Bank, Head Office 39a I. Chavchavadze Ave., Cartu Group 24 I. Abashidze st., Cartu Bank, Vake Service Center 54 I. Chavchavadze Ave., PSP Pharmacy Mtatsminda 1 V. Vekua St., Cartu Bank, Mtatsminda Service Center 3 V. Vekua St., Georgian Trade Center 17 Sh. Rustaveli Ave., Sh. Rustaveli Theatre 10 G. Chanturia St., Hotel “Tori” 29 P. Melikishvili Ave. 34 M. Kostava St., Laguna Vere Old Tbilisi 44 K. Apkhazi St. (former Leselidze St.) 6 Kodjori highway, GDS TV Ortachala 79 Gorgasali St., Super Market 12 Krtsanisi St., New Hospital Saburtalo 14b K. Gamsakhurdia St., Cartu Bank, Saburtalo Service Center 5 K. Gamsakhurdia St., Kuzanov Clinic 48 Vazha-Pshavela Ave., PSP Pharmacy 71 Vazha-Pshavela Ave., close to VazhaPshavela Metro station 29 Vazha-Pshavela Ave., Central Clinic of Acad. N. Kipshidze L. Gotua St., Saakadze sq. Good Year Store 10 Al. Kazbegi Ave., M.B.J. 24 Al.Kazbegi Ave., Axis Trade Center Vashlijvari, “Omega” 8 A. Beliashvili St., Maestro TV Didube-Chughureti Vagzali Sq. Trade Center “Tbilisi Central” Trade Center “Passage” 8 A. Tsereteli Ave. PSP Pharmacy 128 A. Tsereteli Ave. PSP Pharmacy 89/24 D. Agmashenebeli Ave. “Global TV” 99/1 D. Agmashenebli Ave., N. Dumbadze theatre 154 D. Agmashenebeli Ave. Danish House 31 Queen Tamar Ave. PSP Pharmacy 7 Ts. Dadiani St.,Trade Center “Karvasla” 39 Ts. Dadiani St., Super Market Isani-Samgori 50/18 Queen Ketevan Ave./Bochorma St. Cartu Bank, Isani Service Center 42 Bogdan Khmelnitski St., Elita Burji Javakheti St., close to Varketili Metro station Isani “Bazroba”, Gun Store 6/2 Navtlugi St. Currency Exchange Point 91 Queen Ketevan St., PSP Pharmacy 12 Meskhishvili St., PSP Pharmacy Gldani-Nadzaladevi Gldani, A Housing Development, Building 50, PSP Pharmacy 5 D. Sarajishvili St., Avchala Temka, Avshniani Settlement (close toTemkaMukhiani Crossroad) 4a Mukhiani Housing Development, Building 14, Super Market “Ori Nabiji” Rustavi Auto Market (Exam Center Building) Kutaisi 4 Z. Paliashvili St., Cartu Bank, Kutaisi Service Center 26 I. Abashidze St., Parliament of Georgia 5 I. Chavchavadze St., “Orgservice” Kutaisi International Airport of D. Agmashenebeli 11 Queen Tamar St., Sachkhere, ATM № 1 11 Queen Tamar St., Sachkhere, ATM № 2 Batumi 2 A. Griboedov St., Cartu Bank, Batumi Service Center 4 V. Maiakovski St. close to Batumi Oil Terminal 44 K. Gamsakhurdia St. 12 M. Abashidze St. Hotel “Alik” Park “Cicinatela”, village Shekvetili Gori 10 Stalini Ave., Cartu Bank, Gori Service Center Telavi I. Chavchavadze sq., Cartu Bank, Telavi Service Center 60 D. Agmashenebeli St., Super Market “Real”

CMYK

HEADLINE NEWS & ANALYSIS

FINANCIAL

25 MAY, 2015 | FINCHANNEL.COM

green business

The New Horizon in Education:

From Access to Quality Jim YONG KIM World BANK GROUP PRESIDENT

ducation is one of the surest means we have to end extreme poverty in our time. At the turn of the millennium, the obvious first goal to set was to get all children into school. Developing countries have made a heroic effort in this direction. As the world’s largest financier of education, the World Bank Group has invested $40 billion in this sector over the past 15 years since our commitment in Dakar that no country with a credible plan for universal primary education would go unfunded. Soon after, we helped launch the Education for All – Fast Track Initiative—now the Global Partnership for Education—and have supported 42 countries through it. Yet the world’s children— our children—have a right to much more support. We cannot claim success until every last child is in school and learning foundational skills. Finishing the job on access to education will not be easy, because the 121 million children who remain out of primary and lower secondary school are the hardest to reach—due to poverty, gender barriers, remoteness, and disability. With greater determination, we will reach them. But the tougher problem ahead of us is how to ensure learning as all children complete school. The truth is, most education systems are not serving the poorest children well. If 250 million children cannot read or write in 2015 though many have attended school for years, this is a tragic breach of a solemn promise. Weak learning outcomes have serious consequences. Nearly a billion people remain trapped in extreme poverty today, partly for want of the literacy, numeracy, and non-cognitive skills needed to unlock human potential in the 21st century. In my view, there are three reasons why equity and learning in education should be part of the very DNA of development, and integral to our final push to end extreme poverty by 2030.

JIM YONG KIM, World Bank Group President

First, education helps people escape poverty at very high rates. Globally, earnings increase an average of 10 percent for every year of education for employed workers. The average returns to schooling for women in Sub-Saharan African countries are often even higher. Education also raises productivity in the informal sector and is associated with better health and resilience. In short, education can transform societies. Second, educated women and girls can be particularly effective agents of socioeconomic change. Educated mothers tend to begin childbearing later, have fewer children, invest more in their health and education, and earn a better living. In Pakistan, for example, children whose mothers have even a single year of education spend an extra hour studying at home and report higher test scores. At the national level, educating girls can be the making of an entire generation. Third, the quality of learning outcomes—measured by how much workers actually learned while at school—is a strong predictor of economic growth rates. For example,

recent empirical analysis indicates that if Latin American students had kept up with their East Asian peers in learning achievement, Latin America could match East Asia’s much higher rate of economic growth. Also, we know that prosperity that is founded on human capital is also more likely to be shared prosperity—far more inclusive than growth achieved through exploiting natural resources, for example. To end poverty, boost shared prosperity, and achieve the Sustainable Development Goals, we must use development financing and technical expertise to effect radical change. We have to deliver results for the poorest families using smarter, more evidencebased solutions. The good news is that we know much more about what works today than we did 15 years ago. We at the World Bank Group are working with governments as they strengthen education systems to deliver quality learning for all. This focus on systems means we will be supporting teachers more effectively and using technology to complement their efforts, as well as set-

ting clear learning standards and assessing student learning frequently. We know what works to get disadvantaged children, including girls, into school. In 2001, only 2 million students were in school in Afghanistan, of whom less than 1 percent were girls. Now, enrollment has quadrupled to 8 million students, of whom 39 percent are girls. It takes holistic, cross-sectoral solutions to do this—schools located close to communities, safe school environments, female teachers in higher grades, toilets for girls, cash or food incentives, and public information campaigns. We are committed to helping countries translate data and evidence into action. Our Systems Approach for Better Education Results program collects and analyzes policy data on education systems around the world, using evidence-based frameworks to highlight the policies and institutions that matter most to promote learning for all. In Angola, which has very low human development indicators, this approach paved the way for large-scale assessment reforms and activities.

Technology can be used to leapfrog current practices, plugging isolated teachers and students into connected classrooms of the 21st century. It can help teachers create or access innovative multimedia teaching materials, such as free content from the Khan Academy. We are in fact exploring ways of using Khan Academy content in urban Nigeria and rural Guyana. Teachers still have a very big role to play even in an era of personalized digital learning. Yet many lack the training and support needed to do their jobs. Clearly, we must do more to resolve the challenges of using technology in low- and middleincome countries, to adapt content to different settings, and to evaluate the impact of technology. Increasingly, our work with countries focuses more strongly on results. This means improving accountability for service delivery for the poor and aligning systems better with incentives. Where appropriate, it also means providing more financing for measurable, verifiable results. In Tanzania, our Big Results Now in Education program links financing with pre-agreed

results such as deploying teachers more equitably and improving student achievement by the end of Grade 2. A growing body of evidence shows that linking financing to results works. That’s why over the past five years, results-based financing has grown to about $2.5 billion or 20 percent of our total investments in education. I am pleased to announce that the World Bank Group will double resultsbased financing to approximately $5 billion over the next five years. This will help accelerate progress toward the new global goal of access to education and learning for all. For many developing country governments, the only way to compete in the global economy is to rapidly improve the learning outcomes of your students. For all the education ministers, if you doubt the competitiveness of the education sector in the global economy, just visit a Korean school. Korean parents constantly tell their children – Yeolsimhi gongbu hay – which literally means: Study with your hearts on fire. I want to assure you that we will more effectively leverage resources from both the public and private sectors—enabling us to move from billions of dollars to the trillions needed to end extreme poverty by 2030. We know that business as usual won’t be enough. Let’s be bold. The world of education must heed Martin Luther King Jr.’s words: “We are confronted,” he said, “with the fierce urgency of the now.” We must commit to coming together more frequently and with greater intensity to share experiences and innovations in education to accelerate quality learning for all. In every country, we must ensure that all children have access to quality education and learning opportunities throughout their lives, regardless of where they are born, their gender, or their family’s income. And we must do what it takes – with our hearts on fire -- to achieve this truly inspiring vision of education: a public good and a fundamental right that is essential to end extreme poverty and boost shared prosperity.

CMYK

FINANCIAL HEADLINE NEWS & ANALYSIS

FINCHANNEL.COM | 25 MAY, 2015

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GEORGIA PALACE HOTEL

275 Agmashenebeli Ave., Kobuleti, Georgia Tel: 2242400 Fax: 2242403

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Hotel “O. Galogre” 8, Vakhtang Gorgasali Str. Batumi, Georgia Tel: +995 422 27 48 45 info@hotelgalogre.com www.hotelgalogre.com

Tel: 31 99 99 hotel@tifilis.ge addr: #9 Grishashvili Str.

Best Western Tbilisi № 1 Kheivani street 12/13; Tbilisi, Georgia Phone: (+995 32) 2 24 23 21; Phone: (+995 32) 2 24 23 22 E-mail: reservation@cronpalace.ge

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CMYK

HEADLINE NEWS & ANALYSIS

FINANCIAL

25 MAY, 2015 | FINCHANNEL.COM

green business

Caucasus Travel a Symbol of Georgian Tourism The FINANCIAL By MADONA GASANOVA

he history of travel company Caucasus Travel started with the collapse of the Soviet Union and the independence of Georgia in 1991. During the most difficult period of economic and social hardship, three people decided to establish a travel company to try to attract foreigners to Georgia. It sounded ridiculous to many people at the time, however, from today’s perspective it proves that having a goal and having patience are the main contributors to the success of any business. Caucasus Travel has turned into a brand name and a symbol of Georgian tourism. With its network of partners in over 100 countries, the company serves over 8,000 foreign tourists annually. This year the company expects a 20% growth in customer numbers. “Caucasus Travel was founded in 1991. It was the first travel company established in independent Georgia. As is well known, there were terrible social and economic conditions in the country at the time. Georgia as a country did not even exist on the world map,” said Maia Kiknadze, Director General at Caucasus Travel. As Kiknadze said, the tourism infrastructure was in complete ruins at the time. “We started building tourism in the country, literally from scratch. We were offering guests types of tours which did not require special infrastructure. We ourselves were travelling to the regions and training the owners of various guest houses in order to be able to provide an appropriate level of service to tourists.” “Awareness of the country was a serious problem. Accordingly, we had to spend a lot of energy and resources on the country’s promotion,” said Kiknadze. Caucasus Travel was the first Georgian travel company to have presented Georgia at an International Tourism Fair. In the initial stage Caucasus Travel employed only three workers. Currently, it is the largest and most successful company in the whole sphere. “Since its foundation, the number of travellers at our company has been increasing year-by-year. The company has been growing in accordance. The only year when the flow of tourists was reduced was in 2008-2009. The August 2008 war with Russia was the reason for that. From 2010 till the present day, the company has been seeing 20-30% annual growth,” said Kiknadze. Caucasus Travel hosts on average 8,000 tourists annually from various countries. As she said, the Caucasus region is becoming more and more popular in the world tourism market. However, the majority of the company’s customers are from the U.S., UK, Germany, Japan and Russia. In 2014 the company hosted over 7,500 travellers. The figure was almost equal in the previous year.

Q. The number of international travellers has decreased in 2015. Has this been reflected in your company’s figures? A. The peak tourist season in Georgia starts from May. However, from the current outlook we can say that the season has started quite well. We are observing dynamic growth in comparison with the same period of the previous year. We are optimistic that the trend will be maintained till the end of the year. Q. Visa restrictions initiated by Georgian officials in 2014 caused problems for the entrance of some foreigners. Can it be said that the slump in tourist inflow in the first quarter of 2015 was down to this initiative? A. Caucasus Travel is mostly working with countries whose representatives do not face difficulties in getting a Georgian visa. Accordingly, the company did not encounter any problems in this regard. Hong Kong was the only location whose citizens the visa restriction had a big impact on, as they were required to get a visa. However, they were handling it with simple procedures at the border. So, there were some complications in this regard. However, since the introduction of the electronic visa, although it

still needs to be improved, such difficulties have been removed from the picture. Q. From which countries do you expect to host the largest share of tourists? A. The list of the leading countries in 2015 will incorporate the U.S., UK, Germany and Japan. We also expect an increase in tourist inflow from both existing as well as new markets. Q. Why do foreigners choose our region? A. Over 70-80% of our customers are interested in cultural tours. They visit Georgia, Armenia and Azerbaijan to study the historical heritage, local traditions and ways of life of these people. Besides cultural trips, Caucasus Travel also offers corporate tours, wine, gastronomic, adventurous, archaeology and other specific types of trips. Q. The level of competition on the Georgian travel agency market is quite high. What are the main competitive advantages of Caucasus Travel? A. Caucasus Travel was the first private travel company to be founded in Georgia after the collapse of the Soviet Union. Over the years the company has accumulated a huge amount of experience, and has created a network of partners in over 100 countries.

In 2016, the company will celebrate its 25th anniversary. The high quality of service, professionalism, and love of the job we do - have remained the preference of our company over this time. Q. What are the main complaints of tourists and what needs to be improved in the Georgian tourism sector? A. In general the main complaints are related to tourism infrastructure: road construction; the absence of sanitary arrangements on the highways; low level of service quality in accommodation and food outlets, especially in the regions. Q. How active is Caucasus Travel in promoting Georgia abroad? A. The company participates annually in over 25 international exhibitions and fairs, forums and conferences arranged in target markets. We arrange introductory tours for professionals of this sector. We host the representatives of travel agencies and tour-operators from different countries. Caucasus Travel regularly publishes and distributes promotional materials of the country and the company. Q. What are the main challenges facing the Georgian tourism sector? A. Despite the fact that over the years Georgia has been

actively presented at international tourism fairs and runs advertising campaigns in different countries, its popularity as a tourist destination country is still low. The country’s tourism infrastructure and quality of service still remain a problem. The absence of festivals and events in the country is also a significant issue. Q. What are your expectations - by what percentage will the number of your customers increase in 2015? A. As I mentioned, the season has started quite successfully. We are witnessing a rate of growth in comparison with the prior-year period. According to our preliminary forecast, the growth will be 20% this year, in comparison with 2014. Q. Which innovations will you be offering your customers this year? A. Caucasus Travel has implemented an innovative product - guaranteed trips for its customers. In 2015, during the tourist reason we will be starting scheduled trips to Georgia every Saturday. The trips will last for a week. This will allow individual travellers to travel to Georgia on guaranteed dates at affordable prices. As for Georgian consumers, we promise that Caucasus Travel will continue to remain a symbol of Georgian tourism.

CMYK

FINANCIAL HEADLINE NEWS & ANALYSIS

FINCHANNEL.COM | 25 MAY, 2015

green business MAY 25 2015

Tel: 2 999 662 SPECIAL OFFER FROM BUSINESSTRAVELCOM TO

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Cinema

«Rustaveli» Cinema 5 Rustaveli Ave. Tel: 293-22-53, 2 555-000 «Tomorrowland»; «The Age of Adaline»; «Mad Max: Fury Road» 3D; «Lost in Karastan»; «Husband Factor»; «Blind Dates»; «Shaun the Sheep Movie»; «Avengers: Age of Ultron» 3D; «Home» 3D; «Naughty Kids 2» (Ticket Price: 7,50 - 12,50 GEL) «Amirani» Cinema 36 Kostava Str. Tel: 299-99-55 «Tomorrowland»; «The Age of Adaline»; «Mad Max: Fury Road» 3D; «Blind Dates»; «Shaun the Sheep Movie»; «Avengers: Age of Ultron» 3D (Ticket Price: 7,50 - 12,50 GEL)

Theatre Nodar Dumbadze Professional State Youth Theatre 99/1, D. Agmashenebeli Ave. Tel: 295-78-74, 295-39-27 Mousetrap Director: Otar Baghaturia Cast: David Khakhidze, Khatia Melkadze, Badri Gvazava, Paata Kikvadze, Salome Tsurtsumia, Giorgi Gogishvili, Merab Sharikadze, Khatuna Berdzenishvili Duration: 80 minutes Date: May 25 Hall: Big Stage Time: 14:00 Price: 7, 10 GEL

Gallery

Price includes: AIR TICKETS ROUND TRIP (TBILISI – SHARM EL SHEIKH – TBILISI) TRANSFER, INSURANCE, HOTELS (ALL INCLUSIVE) CALL: 2999 662; 592 07 53 53. E-MAIL: SKY@SKY.GE

Clubs, Pubs…

Amsterdam 7 Akhvlediani Str. Mob: 557 34 76 51 20:30 - Band “Decay” SkyyBar 22 Metekhi Str. Mob: 592 32-32-32 21:00 - Band “Wheels”, DJ Datuna Pub Nali 4/1 Kiacheli St. Tel: 243 04 20 21:00-00:30 - Band Zarebi Restaurant “Dzveli Sakhli” 3, Sanapiro Str. Tel: 2 365-365 20:00-23:00 - Georgian songs with live performance City Time Leonidze/Machabeli Str. 1/6; Tel: 292 02 12 20:00-24:00 -Live Band Restaurant “Bermukha” Agmashenebeli lane 13th km. Tel: 259 69 69; Mob: 598 59 69 69 Everyday from 17:00 restaurant Bermukha is awaiting you with renovated hall and colorful show program.Music program starts from 19:00:Dato Archvadze’s quartet “Taoba”: Georgian folk and city songs. Estrada singers: Giorgi Tsiklauri, Nina Okroashvili, Giorgi Kakutia Café “Kala” 8/10 Erekle II Str. Mob: 599 79-97-37 21:00 - Rezo Kiknadze - saxophonist Pub «Dublin» 8 Akhvlediani Str, Tel: 298-44-67 21:00-24:00 - Band «Goblins» (Covers)

Tbilisi

Exhibition «Only Intuition» by Zaza Tsitskishvili Tbilisi Museum of History (Karvasla) 8 Sioni Str. Tel: 292-32-27 (Museum is working every day except Monday. From 11:00 till 17:00) till - June 4 Vitali Kapanadze’s 70 years anniversary exhibition Sh. Amiranashvili Art Museum 1, Gudiashvili Str. Tel: 299-71-76 Museum is working every day except Monday. From 11:00 till 17:00 till - June 7 Personal Exhibition of Lela Makharoblidze Sh. Amiranashvili Art Museum 1, Gudiashvili Str. Tel: 299-71-76 Museum is working every day except Monday. From 11:00 till 17:00 till - May 25 Exhibition «Sergo Parajanovi - 21st century Dream» Tbilisi Museum of History (Karvasla) 8 Sioni Str. Tel: 292-32-27 (Museum is working every day except Monday. From 11:00 till 17:00) till - July 16 Personal Exhibition of Anton Balanchivadze Baia Gallery 10 Shardeni Str. Tel: 275-45-10 till - May 25 Exhibition of Lado Gudiashvili Lado Gudiashvili Exhibition Hall 11 L. Gudiashvili Str. Tel: 293 23 05 Exhibition Hall is working every day, 11:00 - 18:30 except Mondays and official holidays. Entry: Adults - 5 GEL / People from 6-18 - 3 GEL / Students and pensioners (with ID) - 3 GEL / Admission is free for orphan groups (with proof of status) and for children under 6 till - July 31

MAY 26, 2015

From

Day

Almaty

Depart

Arrive

Flight#

1.2.4.6.7 01:05;13:25;22:20 06:40,19:00;03:50+1

Amsterdam

1.3.6

05;10,07:00

4L303

07:55;09:40

A9 651

Athens

1,4

05:15,

07:15

A9 693

Baku

DAILY

02:20,11:10;13:40

04:30;13:20;15:50

J2 224/226

Batumi

DAILY

09:30

10:05

A9 505

Dubai

2.5.6.7

05:30; 07:30

08:55; 10:55

4L301

Doha

DAILY

20:00;14:30

14:30;18:30

QR 254/252

Frankfurt

2.6

15:50

18:10

A9 621

Istanbul

DAILY

04:15;08:25; 11:20

Istanbul

DAILY

04:40; 05:30

05:45; 09:25;12:50 TK 1387/1383 06:00; 06:50

PC 463/451

Istanbul

05:45

07:10

KK 381

Kiev

DAILY

06:50,16:40,19:20

08:20,18:05,20:45

PS 728

Kharkov

11:25

12:40

Z6 708

Minsk

DAILY

03:50

06:00

B2 1736

Munich

DAILY

04:01

06:00

LH 3215

Paris

2.5

16:15

19:15

A9 627

Prague

2.6

04:30

06:20

OK 935

Rome

2,4,5,7

05:00

07:15

AZ 551

Riga

1.3.4.6

05:45

08:25

BT 725

Tel-Aviv

DAILY

07:25,18:30

09:10,20:15

A9 695

Tel-Aviv

1.4.5

01:05,02:35;07:10

02:55,04:25,09:00

IZ418

Vienna

4.7

08:15

09:45

A9 681

Urumqi

2.4.6

22:40

07:30+1

CZ 6040

Warsaw

DAILY

04:45

06:25

LO 724

Days=( 1-Monday, 2-Tuesday, 3-Wedsday, 4-Thursday, 5-Friday, 6-Saturday, 7-Sunday. )

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Clubs, Pubs…

Amsterdam 7 Akhvlediani Str. Mob: 557 34 76 51 20:30 - Band «Pix» SkyyBar 22 Metekhi Str. Mob: 592 32-32-32 21:00 - Band «Wheels», DJ Datuna Pub Nali 4/1 Kiacheli St. Tel: 243 04 20 21:00-00:30 - Nali Band City Time Leonidze/Machabeli Str. 1/6; Tel: 292 02 12 20:00-24:00 -Live Band Restaurant «Bermukha» Agmashenebeli lane 13th km. Tel: 259 69 69; Mob: 598 59 69 69 Everyday from 17:00 restaurant Bermukha is awaiting you with renovated hall and colorful show program.Music program starts from 19:00:Dato Archvadze’s quartet «Taoba»: Georgian folk and city songs. Estrada singers: Giorgi Tsiklauri, Nina Okroashvili, Giorgi Kakutia Restaurant «Dzveli Sakhli» 3, Sanapiro Str. Tel: 2 365-365 20:00-23:00 - Georgian songs with live performance Café «Kala» 8/10 Erekle II Str. Mob: 599 79-97-37 21:00 -Maia Kankava Pub «Dublin» 8 Akhvlediani Str, Tel: 298-44-67 21:00-24:00 - Band «Goblins» (Covers)

Cinema

exhibition Sh. Amiranashvili Art Museum 1, Gudiashvili Str. Tel: 299-71-76 Museum is working every day except Monday. From 11:00 till 17:00 till - June 7 Exhibition «Sergo Parajanovi - 21st century Dream» Tbilisi Museum of History (Karvasla) 8 Sioni Str. Tel: 292-32-27 (Museum is working every day except Monday. From 11:00 till 17:00) till - July 16 Exhibition of Lado Gudiashvili Lado Gudiashvili Exhibition Hall 11 L. Gudiashvili Str. Tel: 293 23 05 Exhibition Hall is working every day, 11:00 - 18:30 except Mondays and official holidays. Entry: Adults - 5 GEL / People from 6-18 - 3 GEL / Students and pensioners (with ID) - 3 GEL / Admission is free for orphan groups (with proof of status) and for children under 6 till - July 31

MAY 27, 2015

Clubs, Pubs…

Amsterdam 7 Akhvlediani Str. Mob: 557 34 76 51 20:30 - «Uncle Nodar’s Band» SkyyBar 22 Metekhi Str. Mob: 592 32-32-32 21:00 - Band «Wheels», DJ Datuna Pub Nali 4/1 Kiacheli St. Tel: 243 04 20 21:00-00:30 - Band Zarebi City Time Leonidze/Machabeli Str. 1/6; Tel: 292 02 12 20:00-24:00 - Live Band MacLaren’s Irish Pub 5 Rkinis Rigi (Chardin) Mob: 599 57 85 49 21:30 - Enjoy a unique ambiance of 60s-70s hits and improvisations by David Gabidzashvili and David Barnabishvili. Great mood is guaranteed! Spend evening at the warmest pub in the city! Restaurant «Dzveli Sakhli» 3, Sanapiro Str. Tel: 2 365-365 20:00-23:00 - Georgian Dances Restaurant «Bermukha» Agmashenebeli lane 13th km. Tel: 259 69 69; Mob: 598 59 69 69 Everyday from 17:00 restaurant Bermukha is awaiting you with renovated hall and colorful show program.Music program starts from 19:00:Dato Archvadze’s quartet «Taoba»: Georgian folk and city songs. Estrada singers: Giorgi Tsiklauri, Nina Okroashvili, Giorgi Kakutia Café «Kala» 8/10 Erekle II Str. Mob: 599 79-97-37 21:00 - Live Band Pub «Dublin» 8 Akhvlediani Str, Tel: 298-44-67 21:00-24:00 - Band «The Jumping General»

Theatre Marjanishvili Theatre 8 Marjanishvili Str. Tel: 2 955-966 Teibele and her Demon Director: Goga Tavadze Cast: Ana Vasadze, Malkhaz Abuladze, Natia Gubenko, Paata Papuashvili, Marlen Egutia, Giga Gogichadze, Niaz Khutsianidze Date: May 27 Hall: Big Stage Time: 20:00 Price: 6 - 16 GEL Marjanishvili Theatre 5 Marjanishvili Str. Tel: 2 955-966 Darispan’s Trouble - Premiere Director: Giorgi Kaviladze Cast: Teona Kokrashvili, Nino Tsuladze, Mariam Ghvinianidze, Beso Baratashvili, Natia Chikviladze, Zaza Goguadze, Levan Khizambareli Date: May 27 Hall: Theatre in Attic Time: 20:00 Price: 6 GEL Liberty Theatre 2 Rustaveli Ave. Tel: 298-58-21 Jeans Generation Director: Davit Doiashvili Cast: Marina Janashia, Nana Darchiashvili, Goga Chkheidze, Dima Merabishvili, Merab Kolbaia, Lela Metreveli, Jaba Kiladze, Mariam Nadiradze, Apolon Kublashvili, Sandro Margalitashvili Duration: 165 minutes Date: May 27 Time: 19:00 Price: 6, 12, 14 GEL Nodar Dumbadze Professional State Youth Theatre 99/1, D. Agmashenebeli Ave. Tel: 295-78-74, 295-39-27 The Royal Cow Director: Guram Bregadze Cast: Nino Kikatheishvili, Edmond Gabedava, Nikoloz Doni, Aleksandre Lobov, Nino Mumladze, Sergo Shvedkov, Tamar Tskvitinidze, Den Khlibov, Ana Lezhava Duration: 90 minutes Date: May 27 Hall: Small Stage Time: 12:00 Price: 7, 10 GEL The Little Red Riding Hood Director: Otar Bagaturia Cast: Nino Archaia, Khatia Melkadze, Ana Mghebrishvili, Zurab Avsajanishvili, Ana Zambakhidze, Lika Shukakidze, Sophia Akhuashvili, Dimitri Tarbaia, Tekla Javakhadze, Ketevan Shervashidze, Keso Maisashvili Duration: 90 minutes Date: May 27 Hall: Big Stage Time: 12:00 Price: 7, 10 GEL 1945 Director: Nikoloz Sabashvili Cast: Levan Katsiashvili, Giorgi Jikuridze, Luka Kachibaia, Ana Sanaia Duration: 45 minutes Date: May 27 Hall: Experimental Stage Time: 20:00 Price: 10 GEL

Gallery

Exhibition «Only Intuition» by Zaza Tsitskishvili Tbilisi Museum of History (Karvasla) 8 Sioni Str. Tel: 292-32-27 (Museum is working every day except Monday. From 11:00 till 17:00) till - June 4 Vitali Kapanadze’s 70 years anniversary exhibition Sh. Amiranashvili Art Museum 1, Gudiashvili Str. Tel: 299-71-76 Museum is working every day except Monday. From 11:00 till 17:00 till - June 7 Exhibition «Sergo Parajanovi - 21st century Dream» Tbilisi Museum of History (Karvasla) 8 Sioni Str. Tel: 292-32-27 (Museum is working every day except Monday. From 11:00 till 17:00) till - July 16 Exhibition of Lado Gudiashvili Lado Gudiashvili Exhibition Hall 11 L. Gudiashvili Str. Tel: 293 23 05 Exhibition Hall is working every day, 11:00 - 18:30 except Mondays and official holidays. Entry: Adults - 5 GEL / People from 6-18 - 3 GEL / Students and pensioners (with ID) - 3 GEL / Admission is free for orphan groups (with proof of status) and for children under 6 till - July 31

Gallery

Theatre Marjanishvili Theatre 8 Marjanishvili Str. Tel: 2 955-966 The ART Director: Temur Chkheidze Cast: Zura Kipshidze, Mikheil Gomiashvili, Aleko Makharoblishvili Duration: 105 minutes Date: May 28 Hall: Big Stage Time: 20:00 Price: 4 - 10.50 GEL Marjanishvili Theatre 8 Marjanishvili Str. Tel: 2 955-966 Darispan’s Trouble - Premiere Director: Giorgi Kaviladze Cast: Teona Kokrashvili, Nino Tsuladze, Mariam Ghvinianidze, Beso Baratashvili, Natia Chikviladze, Zaza Goguadze, Levan Khizambareli Date: May 28 Hall: Theatre in Attic Time: 20:00 Price: 6 GEL Liberty Theatre 2 Rustaveli Ave. Tel: 298-58-21 The Cheaters - Premiere Director: Gogi Todadze Date: May 28 Time: 19:00 Price: 6, 10, 12 GEL Tumanishvili Film Actors Theatre 164 Agmashenebeli Ave. Tel: 234-28-99 Chupri-chupar, Darejan! Director: Kote Mirianashvili Cast: Laura Rekhviashvili Duration: 70 minutes Date: May 28 Time: 20:00 Price: 7 GEL V. Abashidze State Music and Drama Theatre 182 Agmashenebeli Ave. Tel: 234-80-90 Games in the Backyard Director: Manana Berikashvili Cast: Nana Butkhuzi, Ana Aleksishvili, Giorgi Vardosanidze, Sandro Davitashvili, Tornike Gogrichiani, Kakha Kincurashviili Duration: 75 minutes Date: May 28 Time: 19:00 Price: 8, 10 GEL Akhmeteli Theatre 8 Vekua Str. Tel: 262-54-37, 262-59-73, 262-61-97 Rapunzel Director: Lasha Gogniashvili Cast: Sophia Sebiskveradze, Giorgi Migriauli, Giorgi Chumburidze, Gvantsa Kandelaki, Tamta Patashuri, Jaba Japaridze Duration: 60 minutes Date: May 28 Time: 15:00 Price: 7, 10 GEL Gabriadze Theatre 13, Shavteli Str. Tel: 790 98-65-91 (MagtiFix), 298-65-90 Ramona Playwright, Director, Set-Designer, PuppetDesigner - Rezo Gabriadze Puppets, Set and Props - Luka Gonashvili, Viktor Platonov, Aleksander Kheimanovski, Gela Jangirashvili, Aleksandra Luniakov, Svetlana Pavlov, Giorgi Giorgobiani, Levan Kiknavelidze, Artem Ozerov, Avtandil Gonashvili, Tamar Chalauri, Tamar Kobakhidze, Nana Chezghia Duration: 90 minutes Date: May 28 Time: 20:00 Price: 10, 15, 20 GEL Nodar Dumbadze Professional State Youth Theatre 99/1, D. Agmashenebeli Ave. Tel: 295-78-74, 295-39-27 The Little Red Riding Hood Director: Otar Bagaturia Cast: Nino Archaia, Khatia Melkadze, Ana Mghebrishvili, Zurab Avsajanishvili, Ana Zambakhidze, Lika Shukakidze, Sophia Akhuashvili, Dimitri Tarbaia, Tekla Javakhadze, Ketevan Shervashidze, Keso Maisashvili Duration: 90 minutes Date: May 28 Hall: Big Stage Time: 12:00 Price: 7, 10 GEL The Princess, Frog, Hansel and Gretel Director: Dimitri Khvtisiashvili Cast: Edmond Gabedava, Tatiana Aloshkina, Nino Managadze, Nino Mumladze, Sergo Shvedkov, Tamar Tskvitinidze Date: May 28 Hall: Big Stage Time: 12:00 15:00 Price: 7, 10 GEL

Gallery

Exhibition «Only Intuition» by Zaza Tsitskishvili Tbilisi Museum of History (Karvasla) 8 Sioni Str. Tel: 292-32-27 (Museum is working every day except Monday. From 11:00 till 17:00) till - June 4 Vitali Kapanadze’s 70 years anniversary exhibition Sh. Amiranashvili Art Museum 1, Gudiashvili Str. Tel: 299-71-76 Museum is working every day except Monday. From 11:00 till 17:00 till - June 7 Exhibition «Sergo Parajanovi - 21st century Dream» Tbilisi Museum of History (Karvasla) 8 Sioni Str. Tel: 292-32-27 (Museum is working every day except Monday. From 11:00 till 17:00) till - July 16 Exhibition of Lado Gudiashvili Lado Gudiashvili Exhibition Hall 11 L. Gudiashvili Str. Tel: 293 23 05 Exhibition Hall is working every day, 11:00 - 18:30 except Mondays and official holidays. Entry: Adults - 5 GEL / People from 6-18 - 3 GEL / Students and pensioners (with ID) - 3 GEL / Admission is free for orphan groups (with proof of status) and for children under 6 till - July 31

MAY 29, 2015

Clubs, Pubs…

Amsterdam 7 Akhvlediani Str. Mob: 557 34 76 51 20:30 - «Uncle Nodar’s Band» Pub Nali 4/1 Kiacheli St. Tel: 243 04 20 21:00-00:30 - Nali Band SkyyBar 22 Metekhi Str. Mob: 592 32-32-32 21:00 - Agora Live Band, DJ Datuna City Time Leonidze/Machabeli Str. 1/6; Tel: 292 02 12 20:00-24:00 - Live Band & Maka Durglishvili; DJ Paata MacLaren’s Irish Pub 5 Rkinis Rigi (Chardin) Mob: 599 57 85 49 21:30 - Enjoy a unique ambiance of 60s-70s hits and improvisations by David Gabidzashvili and David Barnabishvili. Great mood is guaranteed! Spend evening at the warmest pub in the city! Restaurant «Bermukha» Agmashenebeli lane 13th km. Tel: 259 69 69; Mob: 598 59 69 69 Every day from 17:00 restaurant Bermukha is awaiting you with renovated hall and colorful show program. Music program starts from 19:00: Dato Archvadze’s quartet «Taoba»: Georgian folk and city songs. Estrada singers: Giorgi Tsiklauri, Nina Okroashvili, Giorgi Kakutia Restaurant «Dzveli Sakhli» 3, Sanapiro Str. Tel: 2 365-365 20:00-23:00 - Georgian Dances Café «Kala» 8/10 Erekle II Str. Mob: 599 79-97-37 21:00 - Maia Baratashvili Pub «Dublin» 8 Akhvlediani Str, Tel: 298-44-67 21:00-24:00 - Band «Rustavi 2» (Covers)

Cinema

MAY 28, 2015

Theatre Marjanishvili Theatre 8 Marjanishvili Str. Tel: 2 955-966 Kakutsa Cholokashvili Director: Levan Tsuladze Cast: Nika Tavadze, Nika Kuchava, Lela Meburishvili, Ioseb Gogichaishvili, Gia Burjanadze, Zura Berikashvili, Dimitri Tatishvili, Zaza Iakashvili, Roland Okropiridze, Beka Goderdzishvili, Onise Oniani, Leo Antadze Duration: 180 minutes Date: May 26 Hall: Big Stage Time: 20:00 Price: 4 - 10.50 GEL Liberty Theatre 2 Rustaveli Ave. Tel: 298-58-21 So what if wet lilac is wet Director: Gogi Todadze Cast: Giorgi Bakhutashvili, Otar Lortkipanidze, Nikoloz Paikridze, Medea Jibladze, Tamar Tavkhelidze, Tamar Aznarashvili, Mariam Karkashadze, David Kolelishvili Date: May 26 Time: 19:00 Price: 6, 9, 11 GEL Nodar Dumbadze Professional State Youth Theatre 99/1, D. Agmashenebeli Ave. Tel: 295-78-74, 295-39-27 The Princess, Frog, Hansel and Gretel Director: Dimitri Khvtisiashvili Cast: Edmond Gabedava, Tatiana Aloshkina, Nino Managadze, Nino Mumladze, Sergo Shvedkov, Tamar Tskvitinidze Date: May 26 Hall: Big Stage Time: 12:00 Price: 7, 10 GEL Snow White and the Seven Dwarfs Director: Dimitri Khvtisiashvili Cast: Nino Lezhava, Tamar Lortkipanidze, Nino Shushiashvili, Tamara Chanuyvadze, Kakha Gabelaia, Mariam Chukhrukidze, Nikoloz Kvantaliani, Nikoloz Nanitashvili, Gaga Shishinashvili Duration: 120 minutes Date: May 26 Hall: Big Stage Time: 13:00 Price: 7, 10 GEL Natsarkekia Director: Dimitri Khvtisiashvili Cast: Khatia Melkadze, Badri Gvazava, Levan Katsiashvili, Giorgi Katchakhidze, Paata Mkheidze, Vakhtang Nozadze, Nino Lortkifanidze, Paata Kikvadze, Kakha Tcholadze Duration: 90 minutes Date: May 26 Hall: Small Stage Time: 16:00 Price: 7, 10 GEL Kukaracha Director: Shalva Gatserelia Cast: Tamar Mamulashvili, Nino Lezhava, Kote Tolordava, Nino Archaia, Berta Khapava, Badri Gvazava, Nino Lortkifanidze, Nikoloz Kvantaliani, Vahtang Chachanidze Duration: 110 minutes Date: May 26 Hall: Big Stage Time: 19:00 Price: 7, 10 GEL

Cinema

«Mad Max: Fury Road» 3D; «Blind Dates»; «Shaun the Sheep Movie»; «Avengers: Age of Ultron» 3D (Ticket Price: 7,50 - 12,50 GEL)

Theatre

Clubs, Pubs…

Amsterdam 7 Akhvlediani Str. Mob: 557 34 76 51 20:30 - «Uncle Nodar’s Band» SkyyBar 22 Metekhi Str. Mob: 592 32-32-32 21:00 - Band «Band’a’roll», DJ Datuna Pub Nali 4/1 Kiacheli St. Tel: 243 04 20 21:00-00:30 - Nali Band City Time Leonidze/Machabeli Str. 1/6; Tel: 292 02 12 20:00-24:00 - Live Band MacLaren’s Irish Pub 5 Rkinis Rigi (Chardin) Mob: 599 57 85 49 21:30 - Enjoy a unique ambiance of 60s-70s hits and improvisations by David Gabidzashvili and David Barnabishvili. Great mood is guaranteed! Spend evening at the warmest pub in the city! Restaurant «Bermukha» Agmashenebeli lane 13th km. Tel: 259 69 69; Mob: 598 59 69 69 Everyday from 17:00 restaurant Bermukha is awaiting you with renovated hall and colorful show program.Music program starts from 19:00:Dato Archvadze’s quartet «Taoba»: Georgian folk and city songs. Estrada singers: Giorgi Tsiklauri, Nina Okroashvili, Giorgi Kakutia Restaurant «Dzveli Sakhli» 3, Sanapiro Str. Tel: 2 365-365 20:00-23:00 - Georgian songs with live performance Café «Kala» 8/10 Erekle II Str. Mob: 599 79-97-37 21:00 - Guliko Chanturia Pub «Dublin» 8 Akhvlediani Str, Tel: 298-44-67 21:00-24:00 - Band «Good Company»

Cinema

Marjanishvili Theatre 8 Marjanishvili Str. Tel: 2 955-966 University of Laugh Director: Levan Tsuladze Cast: Nato Murvanidze, Nika Kuchava Duration: 105 minutes Date: May 29 Hall: Big Stage Time: 20:00 Price: 11 GEL Marjanishvili Theatre 8 Marjanishvili Str. Tel: 2 955-966 Sand Woman Director: Davit Danelia Cast: Nino Gachechiladze, Beka Goderdzishvili, Valeri Korshia Date: May 29 Hall: Theatre in Attic Time: 20:00 Price: 11 GEL Liberty Theatre 2 Rustaveli Ave. Tel: 298-58-21 The Cheaters - Premiere Director: Gogi Todadze Date: May 29 Time: 19:00 Price: 6, 10, 12 GEL Tumanishvili Film Actors Theatre 164 Agmashenebeli Ave. Tel: 234-28-99 Storybird Director: Kote Mirianashvili Cast: Nino Burduli, Ana Nikolashvili, Darejan Jojua, Nana Shonia, Vakhtang Akhaladze, Vano Dugladze, Soso Khvedelidze Date: May 29 Time: 20:00 Price: 10 GEL V. Abashidze State Music and Drama Theatre 182 Agmashenebeli Ave. Tel: 234-80-90 Games in the Backyard Director: Manana Berikashvili Cast: Nana Butkhuzi, Ana Aleksishvili, Giorgi Vardosanidze, Sandro Davitashvili, Tornike Gogrichiani, Kakha Kincurashviili Duration: 75 minutes Date: May 29 Time: 19:00 Price: 8, 10 GEL Iliauni Theatre 32, I. Chavchavadze Ave. Tel: 229-47-15 Witted Woe! Director: Otar Egadze Cast: Vasiko Odishvili, Dato Gigolashvili, Kakha Gogidze, Nika Giorgadze, Soso Mchedlishvili, Maka Dzagania, Levan Mamniashvili Duration: 90 minutes Date: May 29 Time: 20:00 Price: 7 GEL Gabriadze Theatre 13, Shavteli Str. Tel: 790 98-65-91 (MagtiFix), 298-65-90 Autumn of my Springtime Marionette Theatre Author and Director: Rezo Gabriadze +10 years Date: May 29 Time: 20:00 Price: 10, 15, 20 GEL Nodar Dumbadze Professional State Youth Theatre 99/1, D. Agmashenebeli Ave. Tel: 295-78-74, 295-39-27 The Princess, Frog, Hansel and Gretel Director: Dimitri Khvtisiashvili Cast: Edmond Gabedava, Tatiana Aloshkina, Nino Managadze, Nino Mumladze, Sergo Shvedkov, Tamar Tskvitinidze Date: May 29 Hall: Big Stage Time: 12:00 Price: 7, 10 GEL 1945 Director: Nikoloz Sabashvili Cast: Levan Katsiashvili, Giorgi Jikuridze, Luka Kachibaia, Ana Sanaia Duration: 45 minutes Date: May 29 Hall: Experimental Stage Time: 20:00 Price: 10 GEL

Gallery

Exhibition «Only Intuition» by Zaza Tsitskishvili Tbilisi Museum of History (Karvasla) 8 Sioni Str. Tel: 292-32-27 (Museum is working every day except Monday. From 11:00 till 17:00) till - June 4 Vitali Kapanadze’s 70 years anniversary exhibition Sh. Amiranashvili Art Museum 1, Gudiashvili Str. Tel: 299-71-76 Museum is working every day except Monday. From 11:00 till 17:00 till - June 7 Exhibition «Sergo Parajanovi - 21st century Dream» Tbilisi Museum of History (Karvasla) 8 Sioni Str. Tel: 292-32-27 (Museum is working every day except Monday. From 11:00 till 17:00) till - July 16 Exhibition of Lado Gudiashvili Lado Gudiashvili Exhibition Hall 11 L. Gudiashvili Str. Tel: 293 23 05 Exhibition Hall is working every day, 11:00 - 18:30 except Mondays and official holidays. Entry: Adults - 5 GEL / People from 6-18 - 3 GEL / Students and pensioners (with ID) - 3 GEL / Admission is free for orphan groups (with proof of status) and for children under 6 till - July 31

MAY 30, 2015

Clubs, Pubs…

Amsterdam 7 Akhvlediani Str. Mob: 557 34 76 51 20:30 - Band «Good Company» Pub Nali 4/1 Kiacheli St. Tel: 243 04 20 21:00-00:30 - Nali Zarebi SkyyBar 22 Metekhi Str. Mob: 592 32-32-32 21:00 - Veriko Turashvili & Live Band, DJ Datuna City Time Leonidze/Machabeli Str. 1/6; Tel: 292 02 12 20:00-24:00 - Live Band & Nata Kurdovanidze; DJ Vako MacLaren’s Irish Pub 5 Rkinis Rigi (Chardin) Mob: 599 57 85 49 21:30 - Enjoy a unique ambiance of 60s-70s hits and improvisations by David Gabidzashvili and David Barnabishvili. Great mood is guaranteed! Spend evening at the warmest pub in the city! Restaurant «Bermukha» Agmashenebeli lane 13th km. Tel: 259 69 69; Mob: 598 59 69 69 Every day from 17:00 restaurant Bermukha is awaiting you with renovated hall and colorful show program. Music program starts from 19:00: Dato Archvadze’s quartet «Taoba»: Georgian folk and city songs. Estrada singers: Giorgi Tsiklauri, Nina Okroashvili, Giorgi Kakutia Restaurant «Dzveli Sakhli» 3, Sanapiro Str. Tel: 2 365-365 20:00-23:00 - Georgian Dances Café «Kala» 8/10 Erekle II Str. Mob: 599 79-97-37 21:00 - Keti Paresashvili Pub «Dublin» 8 Akhvlediani Str, Tel: 298-44-67 21:00-24:00 - Band «Rustavi 2» (Covers)

Cinema

Vitali Kapanadze’s 70 years anniversary exhibition Sh. Amiranashvili Art Museum 1, Gudiashvili Str. Tel: 299-71-76 Museum is working every day except Monday. From 11:00 till 17:00 till - June 7 Exhibition «Sergo Parajanovi - 21st century Dream» Tbilisi Museum of History (Karvasla) 8 Sioni Str. Tel: 292-32-27 (Museum is working every day except Monday. From 11:00 till 17:00) till - July 16 Exhibition of Lado Gudiashvili Lado Gudiashvili Exhibition Hall 11 L. Gudiashvili Str. Tel: 293 23 05 Exhibition Hall is working every day, 11:00 - 18:30 except Mondays and official holidays. Entry: Adults - 5 GEL / People from 6-18 - 3 GEL / Students and pensioners (with ID) - 3 GEL / Admission is free for orphan groups (with proof of status) and for children under 6 till - July 31

MAY 24, 2015

Clubs, Pubs…

Amsterdam 7 Akhvlediani Str. Mob: 557 34 76 51 20:30 - Band «Good Company» Pub Nali 4/1 Kiacheli St. Tel: 243 04 20 21:00-00:30 - Nali Band SkyyBar 22 Metekhi Str. Mob: 592 32-32-32 21:00 - Agora Live Band, DJ Datuna City Time Leonidze/Machabeli Str. 1/6; Tel: 292 02 12 20:00-24:00 - Live Band & Maka Durglishvili; Karaoke, DJ Vako Restaurant «Bermukha» Agmashenebeli lane 13th km. Tel: 259 69 69; Mob: 598 59 69 69 Every day from 17:00 restaurant Bermukha is awaiting you with renovated hall and colorful show program. Music program starts from 19:00: Dato Archvadze’s quartet «Taoba»: Georgian folk and city songs. Estrada singers: Giorgi Tsiklauri, Nina Okroashvili, Giorgi Kakutia Restaurant «Dzveli Sakhli» 3, Sanapiro Str. Tel: 2 365-365 20:00-23:00 - Georgian songs with live performance Café «Kala» 8/10 Erekle II Str. Mob: 599 79-97-37 21:00 - Live Band Pub «Dublin» 8 Akhvlediani Str, Tel: 298-44-67 21:00-24:00 - Band «Rustavi 2» (Covers)

Cinema

Concert

J. Kakhidze State Musical-Cultural Centre 123/125, Aghmashenebeli Ave. Tel: 296 1243, 296 0620, 296 2207 International Music Festival Dedicated to Djansug Kakhidze 80 years Anniversary 20:00 - New York Voices Tbilisi Symphony Orchestra Conductor - Vakhtang Kakhidze (Ticket Price: 20 - 60 GEL)

Theatre

Concert

Theatre Marjanishvili Theatre 8 Marjanishvili Str. Tel: 2 955-966 Blind Visible (Molly Sweeney) Director: Temur Chkheidze Cast: Nani Chikvinadze, Goga Pipinashvili, Aleko Makharoblishvili Duration: 130 minutes Date: May 30 Hall: Theatre in Attic Time: 20:00 Price: 11 GEL Marjanishvili Theatre 8 Marjanishvili Str. Tel: 2 955-966 Jaqo, Tomorrow Will Be a War… Director: Aleksandre Eloshvili Cast: Beka Goderdzishvili, Nika Kuchava, Nino Gachechiladze, Zura Berikashvili, Onise Oniani, Nino Tsuladze, Nodar Dogonadze, Maka Shalikashvili, Paata Inauri Date: May 30 Hall: Big Stage Time: 20:00 Price: 6 - 16 GEL Liberty Theatre 2 Rustaveli Ave. Tel: 298-58-21 I Love You, I Love You, I Love You Director: Avto Varsimashvili Cast: Mariam Jologua, Apolon Kublashvili, Ani Aladashvili, Giorgi Jikia, Kakha Mikiashvili, Mamuka Mumladze, Sandro Margalitashvili Duration: 150 minutes Date: May 30 Time: 19:00 Price: 6, 13, 15 GEL Tumanishvili Film Actors Theatre 164 Agmashenebeli Ave. Tel: 234-28-99 The Taming of the Shrew Director: Hillary Wood (Great Britain) Cast: Gia Abesalashvili, Makho Abuladze, Temur Gvalia, Soso Khvedelidze, Vano Dugladze, Nika Tserodiani, Tsotne Metonidze, Guga Kakhiani, Ilia Tcheishvili, Akaki Khidasheli, Zura Antelava, Tamri Bziava, Irina Giunashvili, Ana Matuashvili Date: May 30 Time: 20:00 Price: 12 GEL V. Abashidze State Music and Drama Theatre 182 Agmashenebeli Ave. Tel: 234-80-90 The Lower Depths Directed by David Doiashvili Cast: Zaal Chikobava, Nana Butkhuzi, Ana Tsereleli, Tato Chakhunashvili, Tornike Gigrichiani, Aleksandre Begalishvili, Buba Gogorishvili, Nanka Kalatozishvili, Eka Demetradze, Shako Mirianashvili, Archil Sologhashvili, David Beshitaishvili, Kakha Kintsurashvili, Goga Gvelesiani, Gigi Karseladze Duration: 135 minutes Date: May 30 Time: 19:00 Price: 8, 10 GEL Royal District Theatre 10 Abesadze Str. Tel: 299-61-71 The Maids Director: Nika Tavadze Cast: Nata Murvanidze, Nino Kasradze, Baya Dvalishvili Date: May 30 Time: 20:00 Price: 15 GEL Iliauni Theatre 32, I. Chavchavadze Ave. Tel: 229-47-15 Witted Woe! Director: Otar Egadze Cast: Vasiko Odishvili, Dato Gigolashvili, Kakha Gogidze, Nika Giorgadze, Soso Mchedlishvili, Maka Dzagania, Levan Mamniashvili Duration: 90 minutes Date: May 30 Time: 20:00 Price: 7 GEL Akhmeteli Theatre 8 Vekua Str. Tel: 262-54-37, 262-59-73, 262-61-97 Romeo & Juliet - Premiere Director: Irakli Gogia Cast: Gigi Migriauli, Sofia Sebiskveradze, Tatuli Edisherashvili, Giorgi Gasviani, Andria Gvelesiani, Giorgi Tskhadadze, Veriko Kalandarishvili, Beknu Kapianidze, Giorgi Tchumburidze, Gaga Makhatadze Duration: 100 minutes Date: May 30 Time: 20:00 Price: 7, 10 GEL Griboedov Theatre 2 Rustaveli Ave. Tel: 293-11-06 Marshall de Fantie’s Diamond Marionette Theatre Author and Director: Rezo Gabriadze +10 years Date: May 30 Time: 20:00 Price: 10, 15, 20 GEL Iron Theatre 1, Budapest Str. Mob: 577 38 99 74 Quite a Different Opera Director - David Andguladze Cast: Zaza Tagoshvili, Gogita Trapaidze, Kakha Nozadze, Nodar Simsive, Mariam Amashukeli, Tornike Chekurishvili, Anna Kvinikadze, Elene Loria, Luka Meskhia Duration: 80 minutes Date: May 30 Time: 20:00 Price: 3, 5, 7, 10 GEL Gabriadze Theatre 13, Shavteli Str. Tel: 790 98-65-91 (MagtiFix), 298-65-90 Autumn of my Springtime Marionette Theatre Author and Director: Rezo Gabriadze +10 years Date: May 23 Time: 20:00 Price: 10, 15, 20 GEL Nodar Dumbadze Professional State Youth Theatre 99/1, D. Agmashenebeli Ave. Tel: 295-78-74, 295-39-27 The Princess, Frog, Hansel and Gretel (in russian) Director: Dimitri Khvtisiashvili Cast: Edmond Gabedava, Tatiana Aloshkina, Nino Managadze, Nino Mumladze, Sergo Shvedkov, Tamar Tskvitinidze Date: May 30 Hall: Big Stage Time: 12:00 Price: 7, 10 GEL Emily’s Adventures Director: Levan Koblianidze Cast: Khatia Melkadze, Nino Shushiashvili, Shalva Antelava, Maka Bardavelidze, Tsotne Saghinadze, Vasil Amurvelashvili, Sophia Achuashvili, Irine Kukuladze Duration: 60 minutes Date: May 30 Hall: Big Stage Time: 13:00 Price: 7, 10 GEL I Can See the Sun Director: Dimitri Khvtisiashvili Cast: Vameh Jangidze, Tamar Lortkipanidze, Nino Archaia, Khatia Melkadze, Berta Khapava, Badri Gvazava, Levan Katsiashvili, Giorgi Katchakhidze, Beso Megrelishvili, Paata Mkheidze Duration: 90 minutes Date: May 30 Hall: Big Stage Time: 19:00 Price: 7, 10 GEL

Gallery

Exhibition «Only Intuition» by Zaza Tsitskishvili Tbilisi Museum of History (Karvasla) 8 Sioni Str. Tel: 292-32-27 (Museum is working every day except Monday. From 11:00 till 17:00) till - June 4

Marjanishvili Theatre 8 Marjanishvili Str. Tel: 2 955-966 Women Director: Tsitsino Kobiashvili Cast: Nino Zautashvili, Nino Dumbadze, Keti Chkheidze, Keti Gegeshidze, Irma Berianidze, Eka Mjavanadze, Zaza Goguadze, Temo Kiladze Duration: 130 minutes Date: May 31 Hall: Big Stage Time: 20:00 Price: 4 - 10.50 GEL Marjanishvili Theatre 8 Marjanishvili Str. Tel: 2 955-966 Letter from an unknown woman Director: Natia Baladze Cast: Ekaterine Kvirkelia, Giorgi Tatishvili, Nikoloz Managadze Date: May 31 Hall: Theatre in Attic Time: 20:00 Price: 11 GEL Liberty Theatre 2 Rustaveli Ave. Tel: 298-58-21 Rain Saller Director: Nugzar Lortkipanidze Cast: Keta Lortkipanidze, Sandro Margalitashvili, Jaba Kiladze, Giorgi Jikia, Mamuka Mumladze, Lasha Gurgenidze, Shako Mirianashvili Date: May 31 Time: 19:00 Price: 6, 13, 15 GEL Tumanishvili Film Actors Theatre 164 Agmashenebeli Ave. Tel: 234-28-99 Diary of a Dress Director: Hillary Wood Cast: Tamri Bziava Duration: 60 minutes Date: May 31 Hall: Small Stage Time: 20:00 Price: 7 GEL V. Abashidze State Music and Drama Theatre 182 Agmashenebeli Ave. Tel: 234-80-90 The Lower Depths Directed by David Doiashvili Cast: Zaal Chikobava, Nana Butkhuzi, Ana Tsereleli, Tato Chakhunashvili, Tornike Gigrichiani, Aleksandre Begalishvili, Buba Gogorishvili, Nanka Kalatozishvili, Eka Demetradze, Shako Mirianashvili, Archil Sologhashvili, David Beshitaishvili, Kakha Kintsurashvili, Goga Gvelesiani, Gigi Karseladze Duration: 135 minutes Date: May 31 Time: 19:00 Price: 8, 10 GEL Royal District Theatre 10 Abesadze Str. Tel: 299-61-71 The Maids Director: Nika Tavadze Cast: Nata Murvanidze, Nino Kasradze, Baya Dvalishvili Date: May 31 Time: 20:00 Price: 15 GEL Iliauni Theatre 32, I. Chavchavadze Ave. Tel: 229-47-15 César and Drana Director: Rusudan Kobiashvili Cast: Lili Khuriti Duration: 70 minutes Date: May 31 Time: 20:00 Price: 10 GEL Akhmeteli Theatre 8 Vekua Str. Tel: 262-54-37, 262-59-73, 262-61-97 Romeo & Juliet - Premiere Director: Irakli Gogia Cast: Gigi Migriauli, Sofia Sebiskveradze, Tatuli Edisherashvili, Giorgi Gasviani, Andria Gvelesiani, Giorgi Tskhadadze, Veriko Kalandarishvili, Beknu Kapianidze, Giorgi Tchumburidze, Gaga Makhatadze Duration: 100 minutes Date: May 31 Time: 20:00 Price: 7, 10 GEL Griboedov Theatre 2 Rustaveli Ave. Tel: 293-11-06 Scarlet Sails Director: Vakhtang Nikolava Cast: Archil Baratashvili, Mikhial Ambrosov, Karina Kenia, Medea Mumladze, Vasili Gabashvili, Leri Gurgenidze, Irakli Apakidze Date: May 31 Time: 12:00 Price: 5 GEL Gabriadze Theatre 13, Shavteli Str. Tel: 790 98-65-91 (MagtiFix), 298-65-90 Marshall de Fantie’s Diamond Marionette Theatre Author and Director: Rezo Gabriadze +10 years Date: May 31 Time: 20:00 Price: 10, 15, 20 GEL Nodar Dumbadze Professional State Youth Theatre 99/1, D. Agmashenebeli Ave. Tel: 295-78-74, 295-39-27 Natsarkekia Director: Dimitri Khvtisiashvili Cast: Khatia Melkadze, Badri Gvazava, Levan Katsiashvili, Giorgi Katchakhidze, Paata Mkheidze, Vakhtang Nozadze, Nino Lortkifanidze, Paata Kikvadze, Kakha Tcholadze Duration: 90 minutes Date: May 31 Hall: Small Stage Time: 12:00 Price: 7, 10 GEL Mousetrap Director: Otar Baghaturia Cast: David Khakhidze, Khatia Melkadze, Badri Gvazava, Paata Kikvadze, Salome Tsurtsumia, Giorgi Gogishvili, Merab Sharikadze, Khatuna Berdzenishvili Duration: 80 minutes Date: May 31 Hall: Big Stage Time: 13:00 Price: 7, 10 GEL The Royal Cow Director: Guram Bregadze Cast: Nino Kikatheishvili, Edmond Gabedava, Nikoloz Doni, Aleksandre Lobov, Nino Mumladze, Sergo Shvedkov, Tamar Tskvitinidze, Den Khlibov, Ana Lezhava Duration: 90 minutes Date: May 31 Hall: Small Stage Time: 16:00 Price: 7, 10 GEL Little Longnose Director: Giorgi Tavadze Cast: Vameh Jangidze, David Khakhidze, Kakha Gabelaia, Paatra Kikvadze, Mariam Chukhrukidze, Kakhaber Choladze, Nikoloz Kvantaliani, Vakhtang Chachanidze, Maia Khornauli Date: May 31 Hall: Big Stage Time: 19:00 Price: 7, 10 GEL

Gallery

Exhibition «Only Intuition» by Zaza Tsitskishvili Tbilisi Museum of History (Karvasla) 8 Sioni Str. Tel: 292-32-27 (Museum is working every day except Monday. From 11:00 till 17:00) till - June 4 Vitali Kapanadze’s 70 years anniversary exhibition Sh. Amiranashvili Art Museum 1, Gudiashvili Str. Tel: 299-71-76 Museum is working every day except Monday. From 11:00 till 17:00 till - June 7 Exhibition «Sergo Parajanovi - 21st century Dream» Tbilisi Museum of History (Karvasla) 8 Sioni Str. Tel: 292-32-27 (Museum is working every day except Monday. From 11:00 till 17:00) till - July 16 Exhibition of Lado Gudiashvili Lado Gudiashvili Exhibition Hall 11 L. Gudiashvili Str. Tel: 293 23 05 Exhibition Hall is working every day, 11:00 - 18:30 except Mondays and official holidays. Entry: Adults - 5 GEL / People from 6-18 - 3 GEL / Students and pensioners (with ID) - 3 GEL / Admission is free for orphan groups (with proof of status) and for children under 6 till - July 31

For more information, please, visit the following website: www.info-tbilisi.com E-mail: afisha@info-tbilisi.com

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Green Checklist

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green business TSISKVILI

LITERATURULI CAFÉ

Red Café Bistro & Cafe

4, Besiki Str. 22, Abashidze Str. Tel: 222 02 76

Tel: 2 519 966

# 71 Vazhaphavela Ave. Tel: 2201 211 info@redcafe.ge

Beliashvili Str. Tel: 253 07 97

Belle Ville

PREGO

PICASSO

84, Barnovi Str. Tel: 225 22 58

French - European barrestaurant Pleasant and cozy atmosphere High quality service, live music every day

15, Erekle II. Tel: 293 14 11 25, Tarkhnishvili Str. Tel: 225 25 16

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26, l.Kiacheli Str. Tel: 293 65 53

DISCOVERY

Espresso Bar “RESPUBLIKA”

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37, Kostava Str. Tel: 298 37 67

2, MarjaniSvili Str. Tel: 2 999 723

Book Corner

13b, Tarkhnishvili Str. Tel: 223 24 30 contact@bookcorner.ge

Entree 13 Taktakishvili Str. 20 Rustaveli Ave. 19 Petriashvili Str. 7 Pekini Str. 78 Chavchavadze Ave. (Bagebi) 86 Aghmashenebeli ave.

16, Marjanishvili Str. Tel: 555 003151 www.facebook.com/RespublikaEspressoBar

VERA STEAKHOUSE

40, Chavchavadze Ave. Tel: 229 42 30

SIANG-GAN

Tel.: 599 21 53 83

CAFE CINEMA

Addr: 3 Vekua Street. (Trade Center GTC) Tel.: 2 93 61 38

41, Gamsakhurdia Str. Tel: 237 96 88

ENGLISH TEE HOUSE

5, Marjanishvili Str. Tel: 294 16 20 32, Paliashvili Str. Tel: 222 11 09

Literary cafe “MONSIEUR JORDAN” V. Gorgasali st.,17 Tel.: 275-02-07

Prospero’s Books

34, Rustaveli Ave. Tel: (+995 32) 2923 592

For advertising please contact: 577 741 700 marketing@finchannel.com

BUSINESSTRAVELCOM HOTEL AND AIRTICKET BOOKING: 2 999 662 | SKY.GE

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