Unique Georgian Taste Welcomes the Autumn Season in Tbilisi

During the capacity-building sessions, the NFA experts focused on meat labelling, food safety standards in public catering, and Georgian legislation on food safety. During the interactive presentations and discussions, the private sector representatives had the opportunity to learn more about ensuring safe and healthy food item production for their consumers.Under the EU and Sweden-funded ENPARD IV, FAO has been sharing knowledge on food safety with food business operators for the past two years. The organisation's extension team has already trained over 1,000 staff members of 40 private companies working with animal-origin products, fruit juices, ready-to-eat products, and vegetable value chains on good hygiene and sanitation practices, prerequisites, and HACCP. Moreover, the FAO in Georgia continues to conduct assessment visits to food processing facilities to provide assistance to quality control managers regarding food safety measures.Within the framework of ENPARD IV, in partnership with NFA, FAO will continue to offer more training and consultancy opportunities to the country’s private sector in the coming year in close cooperation with the Czech Development Agency, supporting the National Food Agency services delivery in compliance with EU standards.“Providing such guidance to the Georgian private sector ensures that Georgian consumers have improved access to animal-origin and other food products that are healthy and safe to consume. Enhanced efforts for the implementation of advanced food safety measures in HoReCa facilities can only bring positive impacts on the competitiveness of the private sector and on the country’s tourism sector, as this is key to improve the local regional circular economy, trust and loyalty of domestic as well as international travellers,” says Denis Reiss, Programme Officer for Sustainable Food Systems at the Delegation of the European Union to Georgia.“Implementing and complying with the highest standards of food safety and quality requires knowing what they are and how to implement them. FAO’s training opportunities offer such knowledge to Georgian businesses engaged in delivering safe and healthy food products to their consumers and guests, in the case of the HoReCa sector. FAO, under the ENPARD IV funded by the EU and Sweden, will keep delivering such training opportunities to ensure that the food business operators in the country are better equipped to meet today’s food safety requirements and hence ensure the delivery of products that are of highest standards,” says Guido Agostinucci, the FAO Programme Manager.About the European UnionFor more than 30 years, the European Union has built a close partnership with Georgia, supporting its development through knowledge and experience sharing, expertise, innovation and financial support. The relationship between the EU and Georgia is based on shared values of peace, freedom, democracy, human rights and inclusive economic growth. More about the EU’s support in Georgia https://eu4georgia.eu/the-european-union-in-georgia/About ENPARDThe European Union supports rural development in Georgia through its ENPARD Programme. Aiming to reduce rural poverty, ENPARD has been implemented since 2013. The Programme started by supporting the development of national agriculture potential. Subsequently, it also concentrated on creating economic opportunities for rural populations in Georgia. Since 2021, the Programme has also been working on improving food safety in the country, with additional support from Sweden and with FAO and the Czech Development Agency as the main implementers of this food safety component under ENPARD IV.

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According to the bank's 8-month report (01.09.2024), 59% of lending (equivalent to 565 million GEL) comes from foreign currency loans. In the same period of the previous year (L.Y. 1.09.2023), 63% came from foreign currency lending.According to the NBG’s regulation, which is adjusted to the dollarization framework, the bank is required to have capital with a higher dollarization ratio (unhedged currency credit risk buffer).Up to 40%, the risk weight is equal to 40%. For every additional 1%, the capital requirement is calculated by 3% more. Accordingly, "Cartu" holds more capital than, for example, "Liberty".So is the reserve requirement for deposits. The upper limit (20%) applies to funds raised in foreign currency, >70% dollarized.The portfolio of "Cartu’s" deposits is 1.182 billion GEL as of September 1 and up to 81% (80.7%) - 952 million GEL is in foreign currency (L/Y - 83.5%)

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In a statement, the bank emphasized that financial institutions in Georgia strictly adhere to these requirements.“As per the instructions of the National Bank of Georgia, financial sector representatives operating in the country comply with international sanctions. Furthermore, the President’s Order No. 208/04, issued on August 4, 2023, established specific guidelines for enforcing sanctions regimes on entities under the supervision of the National Bank.According to the order, the sanctions regime applies to Georgian citizens only when a court in Georgia has issued a legally binding guilty verdict in connection with the sanctions. This general principle of enforceable sanctions is clearly outlined in the order.The National Bank of Georgia systematically oversees the application of international sanctions and ensures that financial sector participants comply with national regulations and legislation.We reiterate that the Georgian financial sector operates in full compliance with the sanctions regime. Georgia has never been, and will not become, a place for sanction evasion,” the National Bank concluded.

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As of the document, significant contributions to the real GDP growth in Q2 2024 is related to increase of value-added of the following activities: Wholesale and retail trade; repair of motor vehicles and motorcycles (8.4 percent), Accommodation and food service activities (35.7 percent), Education (21.3 percent), Manufacturing (11.0 percent), Construction (13.0 percent), Transportation and storage (16.1 percent).A decrease in the real value-added occurred in Electricity, gas, steam and air conditioning supply (-6.3 percent), Other service activities (-1.4 percent).The largest share in GDP by activity is held by Trade (15.0 percent) and Real estate activities (9.8 percent), followed by Manufacturing (9.1 percent), Construction (8.4 percent), Public administration (7.4 percent), Agriculture, forestry and fishing (7.2 percent), Education (6.0 percent), Transportation and storage (5.9 percent).

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Every year, Basisbank reinforces its reputation as a trusted partner for small and medium-sized businesses by providing tailored financial solutions and an exceptional banking experience. In 2024, Basisbank’s dynamic growth persisted, and in the area of business lending, it continues to maintain a strong position among the country’s top three banks.Wanda Rich, Editor of Global Banking & Finance Review, commented on the achievement: "Basisbank is one of the leading financial institutions driving the growth of small and medium-sized enterprises in the country's financial sector. Its ongoing, successful support for businesses demonstrates a deep understanding of the unique challenges faced by SMEs. In 2024, Basisbank made further significant strides with financial solutions tailored specifically to small and medium-sized businesses. This award is a testament to the bank's innovative approach, client-focused strategy, and consistent efforts in the SME sector.""We are especially proud that Basisbank has been named the best bank for supporting small and medium-sized businesses by the international publication Global Banking & Finance Review for the second consecutive year. With 30 years of continuous growth, our main priority is to offer businesses a comprehensive range of financial services, tailored to their specific needs and interests. By adopting an individualized approach with each client, we aim to foster long-term, successful partnerships between the bank and businesses. This international recognition reaffirms the consistent efforts of Basisbank’s team of professionals in delivering practical, results-oriented solutions for businesses," said Archil Chachkhiani, Head of Small and Medium Business Division at Basisbank.The Global Banking & Finance Review awards, presented annually by this internationally renowned publication, recognize outstanding companies in key areas of the banking and finance industry based on their best performance, strategic achievements, and innovations. Known for its impartial editorial policy, Global Finance is highly respected and trusted within financial circles.

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According to the document, in August 2024, the volume of money transfers from abroad constituted 290.6 million USD (784.4 million GEL), which is 0.3% (0.9 million USD) more than the amount in August 2023.As of the report, 96.2% percent of the total money transfers from abroad came from 24 largest partner countries, with the volume of transfers from these countries each exceeding 1 million USD in August 2024. In August 2023 the share of these 24 countries constituted 96.1% percent of the total volume of money transfers.In August 2024, 33.1 million USD (or 89.4 million GEL) was transferred from Georgia, which is 12.1% more as compared to 29.5 million USD in August 2023. 

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Shamugia cited Prime Minister Irakli Kobakhidze’s decision to raise the price set for collecting  the Saperavi variety from growers as evidence the Government was committed to supporting viticulture and winemaking.We began this process in 2013. We are helping both vine growers and winemakers to advance the sector. We are very actively involved in the grape harvesting process every year. We subsidise various grape varieties where we see the necessity. We also help wine producers re-equip their factories, open new ones, and set up [storage] cellars”, the Minister told Imedi TV.He noted over 3,000 small, medium, and large enterprises in the country produced wine, with 500 of them also exporting to countries around the world.Exports are also increasing, which is also important. Last year, we had record figures for exports to the tune of $260 million, and this year, in the first eight months, wine exports are $200 million already. Overall, for the first time, we expect to generate USD 0.5 billion in revenue this year from wine and spirits export”, the Minister pointed out.He also highlighted the importance of advertising campaigns aimed at promoting Georgian wine on international markets, with over GEL 100 million spent, and added the Ministry’s involvement would increase in the coming years.Shamugia’s comments came in the wake of the National Wine Agency saying Kakheti was experiencing a “record grape harvest”, with 78,000 tonnes processed as of Thursday last week.The Prime Minister also announced on Saturday that a state company would accept Saperavi variety for ₾1.5 per kilogram at up to 10 locations, while the Government would also cover the difference for those who had sold the type for less than GEL1.5 so far.Otar Shamugia, the Georgian Minister of Agriculture and Environmental Protection, on Saturday said the income of winegrowers involved in the ongoing harvest in the eastern region of Kakheti was expected to reach GEKL350 million  this year.Shamugia cited Prime Minister Irakli Kobakhidze’s decision to raise the price set for collecting  the Saperavi variety from growers as evidence the Government was committed to supporting viticulture and winemaking.We began this process in 2013. We are helping both vine growers and winemakers to advance the sector. We are very actively involved in the grape harvesting process every year. We subsidise various grape varieties where we see the necessity. We also help wine producers re-equip their factories, open new ones, and set up [storage] cellars”, the Minister told Imedi TV.He noted over 3,000 small, medium, and large enterprises in the country produced wine, with 500 of them also exporting to countries around the world.Exports are also increasing, which is also important. Last year, we had record figures for exports to the tune of $260 million, and this year, in the first eight months, wine exports are $200 million already. Overall, for the first time, we expect to generate $0.5 billion in revenue this year from wine and spirits export”, the Minister pointed out.He also highlighted the importance of advertising campaigns aimed at promoting Georgian wine on international markets, with over GEL 100 million spent, and added the Ministry’s involvement would increase in the coming years.Shamugia’s comments came in the wake of the National Wine Agency saying Kakheti was experiencing a “record grape harvest”, with 78,000 tonnes processed as of Thursday last week.The Prime Minister also announced on Saturday that a state company would accept Saperavi variety for ₾1.5 per kilogram at up to 10 locations, while the Government would also cover the difference for those who had sold the type for less than GEL1.5 so far. 

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As of the document, in August 2024, the number of transactions of newly-built flats in Batumi has increased by 10% year over year, while a 7% YoY decrease rate has been observed in the case of old flats.As of August 2024, the number of transactions of residential flats in Batumi has increased by 9% to 1,169 units. The market size has increased by 16% standing at USD 62 millions.

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