Georgia’s Co-Investment Fund and Agricultural Ministry to spend billions.

By Messenger Staff

Wednesday, November 18

The meeting of the Government’s Economic Council, consisting of economic direction bodies, held by the Government’s administration today. Photo by Prime Minister’s webpage.

Prime Minister Irakli Garibashvili was briefed on ongoing economic projects

Georgia’s Co-Investment Fund (GCF), a $6 billion USD private investment entity focused on providing an attractive environment for investing in Georgia, is currently carrying out investment projects worth $2 billion USD in Georgia. A major part of the projects are due to be completed in 2017.

The information was released several days ago during the Government’s Economic Council meeting in Tbilisi. The projects named within the council meeting were:

• Hydro Power Plant (HPP) Mtkvarhesi in east Georgia;

• Tskenistskali and Oni Hydro Power Plants (HPPs) cascades in west Georgia;

• Dairy farm and milk producing facility in Georgia;

• Gallery Tbilisi;

• Hotel and recreation centre in Shekvetili seaside zone in west Georgia;

• Panorama Tbilisi business project;

• Hotel Axis Towers;

• High quality Computer Data Centre in Georgia;

On another note, the projects implemented by the Ministry of Agriculture of Georgia have also been discussed during the meeting.

It has been revealed that in 2013-2015 the total amount of the projects carried out by the Ministry met 1,000, 800,000 GEL.

The details are as follows:

• Rehabilitation of 87 meliorate infrastructure-total amount in 2013-1015 was 62,000 GEL;

• 16,000 beneficiaries enjoyed cheap credits- the state budget covered 68 million GEL;

• 49 meliorate system is planned to be rehabilitated in 2016, 5 meliorate infrastructure will also see rehabilitation;

• 139 agricultural enterprises have been financed with 2992 men employed – total investment $ 120 million USD.

• 15-20 recycling facilities will be opened in 2016 with the state financing;

• In 2013-2014-2015 more than 800,000 farmers received benefits to purchase agricultural tools and other necessities to support harvest efforts.

• More than 210 hectare agricultural lands are cultivated annually;

• 100-150 beneficiaries will receive state support in 2016 for modern gardening;

• More than 27,000 agricultural policies had been issued in 2013-2014. The total insured area consisted of 23, 143 hectares: the total insured harvest was valued at 189 million GEL;

• Supporting of the Georgia tea enterprises will start in 2016 with 3,5 million GEL of state support.