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Wednesday, 26 October 2016


PM of Georgia presented the project of economy stimulation

2009-06-30 17:47

Today Nika Gilauri, the PM of Georgia, today presented the project of economy stimulation at the sitting of the government of Georgia - Regnum.


According to the project, GEL 260 mln will be lured by selling treasury bills to banks. The money will be spent on infrastructure projects implementation. "Today the banking sector and companies have certain financial resources, but they refrain to invest those resources in the economy because of the risks associated with the economic crisis," the government said in a statement.

Also, the government intends to receive credits from EBRD and the Asian Development Bank. The Prime Minister mentioned the government intends to lure GEL 700 mln to the banking sector - "In order to foster return of these resources back into the economy". In his view it would be "an important stimulus for the banking sector to activate issuing of loans."

The package to renew Tbilisi infrastructure, which will help to create several thousand working places, is being planned to be prepared. According to Gilauri, money should be allocated not only for infrastructure projects [roads, pipeline etc], but also for stimulation of separate sectors of economy.

The PM's project proposal also included the joint initiative of the association of banks, association of developers and the Georgian Chamber of Commerce and Industry: state-guaranteed loans to construction firms to foster their participation in the plan aimed to resettle residents of old houses, which are in poor condition and located in the central districts of Tbilisi, to new ones, which will be constructed by the participating companies. The government annually spends USD 176 million on the repair of these old houses.



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