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Business Roundup

Prepared by Christina Tashkevich
Friday, February 22
BSTDB increases financing to Georgian SMEs

The Black Sea Trade and Development Bank (BSTDB) allotted USD 10 million to ProCredit Bank Georgia

Three-year loan will provide financing to small and medium enterprises in a way of loans provided by ProCredit Bank.

The bank already has a successful credit history with BSTDB with previous loans worth of USD 11 million in total.

Gilauri introduces businessmen to tax reform

Finance Minister Nika Gulauri introduced tax reductions and other government’s financial reforms yesterday.

The proposed changes into the tax code call for income tax to reduce from 25 percent to 15 percent. Taxes on dividends and interest will decrease to zero percent over the five-year period.

"I may be the first minister of finance happy to decrease taxes," Gilauri told members of American Chamber of Commerce. "We feel that by doing so we are encouraging more businesses to come to Georgia, we are encouraging current businesses to flourish more and we are encouraging new employment to flourish in the future of Georgia."

KazTransGas Tbilisi plans new rehabilitation works

In the next four years KazTransGas Tbilisi plans rehabilitation works on the Tbilisi gas distribution network. The cost of the project will be USD 100 million.

KazTransGas has owned Tbilgazi since 2006, and has invested USD 45.5 million in Georgia.

Minister of economy monitors employment program

Minister of Economic Development Eka Sharashidze met with representatives of People’s Bank, Wissol, Center Point, Axis and other companies, participating in government’s employment program.

The companies participating in the meeting said they plan to employ people participating in the program as permanent staff.

“Those skills, our citizens obtaining from you, will significantly facilitate their participation in ongoing economic processes,” Sharashidze said.

Sharashidze has also visited one of the Axis construction sites where program participants are employed.

About 110 000 citizens registered at the end of last year to participate in the state employment program.

Georgia is interested in buying Kazakh wheat, Astana reports

The press service of Kazakhstan’s Ministry of Agriculture said Georgian Minister of Agriculture Petre Tsiskarishvili has expressed an interest in buying Kazakhstani wheat.

The Kazakhstani ministry said it is ready to discuss Georgia’s candidacy as its main agriculture partner. According to the agreement, Georgia in turn will increase the export of fruit and citruses to Kazakhstan.