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Business Roundup

Prepared by Christina Tashkevich
Friday, February 29

Agriculture project funding launched

The Ministry of Economic Development is launching a project to help create 100 agriculture businesses.

“The project aims to develop agriculture, create new jobs in the regions and promote exports,” Minister of Economic Development Eka Sharashidze said.

Interested businesses can submit an application for government support; the proposals will be judged on the project’s significance for regional development, the volume of intended investment and the number of staff employed.

Land plots in rural areas will go to winning businesses.

New hydropower stations to be built

The Ministry of Energy signed an agreement with a Turkish company to construct seven hydroelectric stations in Adjara.

Energy Minister Aleksandre Khetaguri said the agreement will contribute more widely to the development of regional projects. Construction of the plants will create about 2000 jobs, he said, improving the socioeconomic situation in the mountainous areas of Adjara province.

“The country’s export potential will increase too, and this is one of the main factors for economic growth,” the minister said.

The Adjar-Energy company will construct seven hydroelectric stations in Adjara, with total capacity of 120 megawatts.

Construction will start in spring 2009, with the stations to be up and running by January 2015.

Shildi winery sold for USD 175 000

The Economic Development Ministry reports that the state-owned Shildi winery was sold to an unidentified individual for USD 175 000.

The winery is in the village of Shildi in Kvareli district. The base capital of the winery is GEL 147 000, with the government holding 100 percent of the shares.