Kobakhidze on the $400M+ compensation for ENKA: The state will seek alternatives

He noted that while last year also saw a high yield, this year’s figures are set to reach record levels."Preliminary forecasts indicate a record harvest this year; last year’s yield was also very high, but this year’s figure will be an absolute record. We are prepared for this in advance, including in terms of subsidies," Kobakhidze stated.According to the Prime Minister, the Ministry of Environmental Protection and Agriculture is managing the organization of the harvest, and the necessary preparatory work has already been completed.

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“At this stage, nearly 400 wineries are registered with the Harvest Coordination Headquarters and will phase into the grape reception process. This year’s harvest forecast stands at approximately 320,000 tonnes. The Georgian Government has stepped in to guarantee the full sale of this year’s grape crop, ensuring every winegrower has a secured market for their surplus. To this end, the state-owned Harvest Management Company LLC will purchase harvested grapes from individuals across Kakheti under established terms and conditions,” the statement noted.Under these guidelines, standard-quality, undamaged Saperavi grapes with a sugar content of no less than 21% will be purchased at GEL 1.50 per kilogramme. Substandard Saperavi, with sugar content ranging between 17% and 21% or showing partial damage, will be priced at GEL 0.90 per kilogramme. Saperavi grapes with less than 17% sugar content or significant damage will be set at GEL 0.30 per kilogramme.Under the Law of Georgia on Vine and Wine, undamaged grapes from other permitted varieties with at least 20% sugar content will be priced at GEL 1.30 per kilogramme. Grapes with sugar content between 17% and 20% will fetch GEL 0.80 per kilogramme, while those with less than 17% sugar content will be set at GEL 0.30 per kilogramme.The harvest coordination headquarters in Gurjaani is actively managing the grape intake process. For further information regarding the harvest, growers can call the dedicated hotlines at 1501 or 032 219 37 18.

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The event, entitled “Shaping the Future of Payments in the Caucasus and Türkiye,” brought together policymakers and representatives from central banks, the financial sector, and the international payment industry.During the forum, participants discussed the current challenges facing the global financial system, the modernization of payment infrastructure, and opportunities to deepen regional cooperation.In her address at the forum, Natia Turnava, Governor of the National Bank of Georgia, emphasized the importance of regional cooperation amid global economic fragmentation, highlighting that strengthening financial connectivity serves as an essential prerequisite for economic resilience.According to her, central banks play a critical role in modernizing financial services infrastructure and fostering interoperability with both regional and international partners.“For Georgia, situated along the Middle Corridor, strengthening regional cooperation is of paramount importance. As trade expands along this route, businesses require financial services that enable efficient and reliable cross-border payments,” stated the NBG Governor.Natia Turnava also highlighted the ongoing projects aimed at developing Georgia’s payment infrastructure. She noted that in 2026, the NBG completed a comprehensive modernization of its Real-Time Gross Settlement (RTGS) and clearing systems.The upgraded infrastructure is fully compliant with the ISO 20022 international messaging standard, facilitating faster, more secure, and reliable transactions, enhanced data quality, and greater international interoperability.“This upgrade paves the way for innovative digital services and the deployment of the Instant Payment System (IPS), scheduled for launch by the end of 2026. Our objective is to establish a secure, efficient, and innovative payment infrastructure that supports not only domestic economic growth, but also deeper regional financial cooperation,” remarked Natia Turnava.The forum was also attended by Ekaterine Galdava, Vice Governor of the National Bank of Georgia, who outlined the short-, medium-, and long-term priorities for the development of Georgia’s payment systems.Alexandre Ergeshidze, Head of the Specialized Risks Department at the NBG, participated in the panel discussion titled “Securing the Future of Payments: Building Resilient and Interoperable Systems.”Varlam Ebanoidze, Head of the Financial and Supervisory Technologies Department at the National Bank of Georgia, participated in the panel discussion titled "Building the rails of the future: real-time, 24/7, digital payment." The session explored how emerging technologies are reshaping payments, focusing on digital assets, use cases for blockchain-based shared ledgers, and interoperability between today's and tomorrow's payment systems. 

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According to the news agency haqqin.az, this information is revealed in the case files of the U.S. District Court for the District of Columbia (*ENKA Renewables LLC v. Georgia*).The International Chamber of Commerce issued the arbitration award in December 2024. Interest on the amount accrues on a quarterly basis.The arbitration dispute began in October 2021, after then-Prime Minister Irakli Garibashvili announced that the Namakhvani HPP project would not proceed in its existing form.By that time, ENKA had invested approximately $100 million in preparatory work for the project. The total value of the project had been estimated at $800 million.

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Prime Minister Irakli Kobakhidze submitted Borashvili’s candidacy to the legislature on September 14. Prior to this appointment, Borashvili served as the Deputy Head of the State Security Service. He replaces Geka Geladze, who announced his resignation on September 14 and will continue his career as a Deputy Minister of Internal Affairs.Under the law, the Parliament elects the Head of the State Security Service for a six-year term; however, the issue of appointing the agency's leader has appeared on the parliamentary agenda four times in the last year and a half. Tamaz Borashvili is the sixth person to hold the position of Head of the State Security Service. Heads of the State Security Service and the chronology of personnel changes: Vakhtang Gomelauri (August 1, 2015 – September 8, 2019) – The first head of the newly separated agency (over 4 years). Grigol Liluashvili (October 17, 2019 – April 2, 2025) – The longest-serving head (over 5 years). Anri Okhanashvili (April 4, 2025 – August 23, 2025) – Held the position for less than 5 months. Mamuka Mdinaradze (September 3, 2025 – April 21, 2026) – Led the agency for approximately 7 months. Geka Geladze (April 21, 2026 – September 14, 2026) – Left the position in less than 5 months.

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“Maia Bitadze is distinguished by her integrity, which was the primary criterion on which she was asked to assume the post of Minister of Culture,” Georgia’s Prime Minister Irakli Kobakhidze stated during a press briefing at the Government Administration.According to Kobakhidze, Bitadze possesses exceptional, long-standing managerial experience.“I would like to inform you that Mrs Maia Bitadze was today appointed as Georgia’s Minister of Culture. She requires no special introduction to the public. I want to emphasise that Mrs Maia possesses exceptional, long-standing managerial experience. For many years, she has held various high-ranking positions. Among other roles, she served for years as Deputy Minister of Environmental Protection and Deputy Mayor of Tbilisi, during which time she also oversaw the culture portfolio. Since 2020, Mrs Maia Bitadze has been a Member of the Parliament of Georgia and Chair of the Parliamentary Committee on Environmental Protection and Natural Resources. She holds a Doctorate in Law and is an Associate Professor at Tbilisi State University. Her integrity is exemplary, and this served as the principal criterion for inviting Mrs Maia to take up the position of Minister of Culture of Georgia. I am confident that Mrs Maia will be a highly successful Minister of Culture. I wish her great success,” stated the Prime Minister.Bitadze previously served as the Chair of the Parliamentary Committee on Environmental Protection and Natural Resources. Between 2011 and 2020, she held key public offices, serving as Deputy Minister of Environmental Protection followed by a term as Deputy Tbilisi Mayor.For context, the post of Culture Minister became vacant on 28 July after Tinatin Rukhadze’s resignation.

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During the forum, the concept of the Georgian Financial Markets Development Program (GMAP) was presented to the public. The objective of GMAP is to expand access to risk management and hedging instruments across Georgian financial markets and foster a more liquid, internationally accessible securities market. Achieving this objective relies heavily among other initiatives on the implementation of modern treasury infrastructure, enabling local commercial banks to offer the market more accessible and diverse risk hedging instruments.A central focus of the event was the technological component of this market development initiative, carried out in collaboration with Nasdaq. Under the shared treasury management system implementation project, Bank of Georgia, TBC Bank, Liberty Bank, Terabank, and Basisbank will execute treasury operations using the Nasdaq Calypso platform, which covers the full end-to-end treasury lifecycle. This shared system serves as a practical tool enabling the Georgian banking sector to build the capabilities required to achieve the market development objectives set under GMAP.The forum was opened by Natia Turnava, Governor of the National Bank of Georgia, who highlighted that a modern, liquid, and internationally connected financial market is vital for the country's economic development."Our objective is to transform the foundations built to date for financial market development into tangible market activity introducing more hedging instruments, cultivating a more active and liquid market, and enabling local participants to forge closer ties with international investors and counterparties," noted Natia Turnava.According to Lasha Jugheli, Executive Secretary of the Georgian Financial Markets Treasuries Association, GFMTA's mission is to support initiatives that help Georgian financial markets become deeper and more dynamic, with the deployment of the shared Nasdaq Calypso treasury management system serving as a cornerstone technological pillar along this journey."In recent years, the steady growth of the Georgian banking sector has created the need for treasury infrastructure aligned with international standards. Implementing the Nasdaq Calypso platform will allow banks to manage treasury operations and core risks within a unified infrastructure aligned with international standards. The five participating banks represent a substantial share of the market; however, the project is designed for further expansion and the inclusion of additional participating banks in the future," stated Lasha Jugheli.Brad Wilmot, Senior Vice President at Nasdaq, stated that Nasdaq, as a technology partner, is proud to support this initiative by the National Bank of Georgia and GFMTA."The shared treasury management system provides all participating banks with access to the same institutional-grade technology and standards utilized by the world's leading markets. It is a great honor for Nasdaq to serve as the technology partner to the National Bank of Georgia and GFMTA on this important journey, and we look forward to continuing our collaboration," remarked Brad Wilmot.The international forum brought together local and international financial institutions and official representatives, including central banks, government agencies, commercial banks, market infrastructure providers, and market participants. Attendees reviewed the progress achieved under GMAP and discussed steps planned going forward. Discussions also covered international best practices in market development, the transformation of treasury operations at Georgian banks, legal frameworks and practical mechanisms for GEL-denominated derivatives, and issues related to enhancing bond market liquidity.The GMAP Forum is scheduled to take place annually. In addition, throughout the year, the National Bank of Georgia and GFMTA have planned a series of supplementary activities to support the program's strategic objectives.

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“At Nasdaq, we bring communities together. It is embedded in our company’s DNA and essence, given our history of managing financial markets. Here, Nasdaq’s financial technology is also providing the infrastructure to unite the Georgian financial sector to enhance its overall financial framework,” noted Vincent Lemaire.According to the National Bank of Georgia, organised by the NBG and the Georgian Financial Markets Treasuries Association (GFMTA) in partnership with Nasdaq, a two-day international event, the GMAP Market Development Forum 2026, was held in Tbilisi.At the forum, the Georgia Market Development Programme (GMAP) overarching concept was presented to the public.GMAP aims to expand access to risk management and hedging instruments in Georgian financial markets, fostering a more liquid and internationally accessible securities market. A central theme of the event focused on the technological component of the market development initiative, which is being executed in partnership with Nasdaq.

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