TODAY:

- politics

AGREEMENT ON DOUBLE TAXATION AVOIDANCE WITH ISRAEL AND EGYPT TO BE RATIFIED PROBABLY IN SEPTEMBER

According to the fiscal committee of the Parliament, agreement on double taxation avoidance with Israel and Egypt will be ratified probably in September. Fiscal and branch economy and economic policy committees discussed the documents today.

- economics

JAPAN TO ALLOT GRANT OF $52.4M FOR GEORGIA

The Georgian government reported that Japanese International Cooperation Agency (JICA) would issue grant of $52.4 million (480 million JPY) for Georgia. The sum would be used for solar power system development in terms of larger project on clean energy development.

ADDITIONAL 2.2M LARI WAS ISSUED FOR REHABILITATION OF HOUSES DAMAGED BY EARTHQUAKE

According to the Georgian government’s decree, 2.2 million lari was issued for Georgian Municipal Development Fund. The money would be used for rehabilitation of houses in Oni, Ambrolauri, Sachkhere, Tkibuli and Chiatura districts (Racha-Lechkhumi and Imereti regions), damaged after earthquake in September 2009.

EXPERTS NAME UNDEVELOPED AGRICULTURE AS A FACTOR OF CAUSING POVERTY

According to the independent expert George Welton, the main reason of poverty in Georgia is undeveloped structure of agreculture (small plots, absence of farm enterprises, etc.). Expert also mentions lack of relevant education among peasants.

DIRECTOR GENERAL OF SAKPATENT: PATENTS ARE NOT USED BECAUSE OF ABSENCE OF FINANCIAL RESOURCES

According to Irakli Gvaladze, director general of National Center of Intellectual Property (Sakpatent), the Center has registered many interesting patents. However, they are not used because of absence of financial resources, he says.

NON-HOUSEHOLD CUSTOMERS SHOULD INSTALL DRINKING WATER METERS BY OWN EXPENCE UNTIL OCTOBER 1

According to Georgian National Energy and Water Regulating Commission, non-household customers should install drinking water meters on own account until October 1, 2010. Commission has made this decision on today’s meeting.

ELECTRIC TRAIN KUTAISI-MAKHINJAURI APPOINTED

According to LLC Georgian Railway, new electric train of 2 carriages has been appointed to move between Kutaisi and Makhinjauri. Ticket price is 4 lari.

- business

EBRD ISSUED $5M TO VTB BANK GEORGIA

According to VTB Bank Georgia, EBRD restored credit line of $5 million to the Georgian bank. The money is envisaged for trade financing.

SAKARTVELOS BANKI TO RELEASE MORTGAGE LOAN USERS FROM INTEREST PAYMENT FOR THE FIRST MONTH

Sakartvelos Banki (Bank of Georgia) announced that those clients, who apply for mortgage loans from June 15 to July 31, will be released from interest payment through the first month. The matter concerns loans, issued both in lari and in the US dollar.

M7 DEPOSITS OF 3.5M LARI WERE OPENED IN LIBERTY BANK

According to Liberty Bank (former People’s Bank), 3.5 million lari was placed in total on M7 Deposits of the bank. Number of such deposits makes up 1,028.

PREMIUM, ATTRACTED BY IRAO IN 2009, IS INCREASED BY ALMOST 50%

According to the National Bank of Georgia, premium attracted by insurance company Irao in 2009 made up 56.02 million lari (annual growth – 49.4%). In terms of attracted premium, Irao is on the 4th place among 14 insurance companies, operating in Georgia.

COMPANY NATAKHTARI PLANS TO RECEIVE HACCP AND ISO 9001 CERTIFICATES IN 2 MONTHS

According to brewery company Natakhtari, it will receive HACCP (hazard analysis of critical control points) and ISO 9001(quality management) certificates in 2 months. The company has already passed pre-certification audit.

- society

CARE INTERNATIONAL IN THE SOUTH CAUCASUS: 70% OF RACHA POPULATION HAS DAILY REVENUE BELOW $2

According to the research, conducted by Care International in the South Caucasus, 70% of Racha population has daily revenue below $2. Another region, distinguished with its poor population, is Shida Kartli.

For further information: Sarke