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Business Roundup

Friday, December 21

Millennium Challenge Program finances three value-chains

MCG announced the first three winners of grants on December 19.

The three winner projects are value-chain enterprises involved in agricultural processing. MCG says local farmers will be given opportunity to sell their crop yield to these factories.

Vagi LLC is a fruit cannery in Chokhatauri, and plans to expand its jam production with the grant. The other winners were Laurus LLC, a bay leaf processing factory in Senaki, and Citro LLC, a Batumi-based citrus processing plant.

The grants will total USD 300 000, and the projects they pay for are expected to create 112 new jobs and allow more than a thousand local farmers to profit from selling to the businesses.

Bank Of Georgia receives Bank of the Year award

Bank of Georgia announced this week it has been named “Bank of the Year 2007” by The Banker, a publication of the Financial Times.

The Banker awards the leading commercial and investment banks every year.

“I am delighted that Bank of Georgia has won the Bank of the Year award for the second consecutive year. This prestigious award, as well as the Euromoney Award For Excellence as the Best Bank in Georgia 2007, reflects Bank of Georgia’s continued success and achievements this year,” acting chairman of the supervisory board of the Bank of Georgia Nikolas Enukidze said.

Israeli professor holds seminar at NBG

Michael Benstock, a professor at the Hebrew University in Israel, is holding a seminar at the National Bank of Georgia from December 17-21.

The seminar is dedicated to different macroeconomic issues, including the macroeconomic models of foreign central banks.

The seminar is the result of cooperation between the bank and the International Economic School of Tbilisi State University.

211th branch of People’s Bank to open in Ortachala

The 211th branch of People’s Bank will open in Ortachala district of Tbilisi today.

People’s Bank employers more than 5000 people, and has issued 900 000 VISA cards, covering 70 percent of the domestic market.

2008 state budget presented

Finance Minister Nika Gilauri said state revenue in the 2008 state budget will amount to GEL 5.1 billion, and expenditures GEL 5.7 billion.

Gilauri also said the government expects inflation to be at eight percent next year.

“Per capita GDP is expected to be USD 2,800 by the end of 2008,” he said.