The News in Brief
Friday, July 23
NBG raises its Policy Rate to 6.5 percent
The Monetary Policy Committee (MPC) of the National Bank of Georgia (NBG) has taken a decision to increase its Main Policy Rate (the refinancing rate) to 6.5%
Prime News was informed that the National Bank projects Georgia’s GDP will grow 4.6% in 2010. Trade, industry, transport and the financial sector will drive this growth. It is expected that inflation will remain at 6 %; however there is a small risk of its increase.
Money transfers increased in June. However transfers from Greece, Spain and Ukraine have decreased, mainly caused by the economic problems of these states. The NBG will closely monitor current developments in the economy and financial markets and will act accordingly.
The next meeting of the Monetary Policy Committee will take place on August 18. (Prime News)
RAKIA plans to issue Poti Port shares on international stock exchanges by 2011
The Ras Al Khaimah Investment Authority (RAKIA), the sovereign wealth fund of that Emirate, plans to make an initial public offering for its Poti Port project in Georgia for 2011, its Chief Executive has said. "We will go for an IPO definitely in 2011," said Khater Massaad, without giving a specific date.
RAKIA bought the Black Sea port of Poti and 300 hectares of land there in 2008 to develop a free industrial zone to generate income for the fourth-largest member of the UAE, Massaad said. The CEO, who for over 20 years has worked for Sheikh Saud Bin Saqr al-Qasimi, the Gulf Emirate’s Crown Prince, said that there were no plans to increase foreign investments or issue further debt to expand RAKIA’s $2 billion portfolio.
"We have clear instructions not to invest any more overseas and to invest only locally," he said. Aside from Poti Port, Massaad said RAKIA also has an aluminium project in India. Profits from RAKIA’s investment portfolio increased 25 per cent in the first half of 2010, he said. Last year, it made a profit of $65 million.
Massaad added that 400,000 tourists visited the coastal desert Emirate in 2009. Dubai had around 7 million visitors. Ras Al Khaimah aims to attract 1.5 million visitors by 2015 and is investing in infrastructure to accommodate more tourism. (Interpressnews)
Georgian-Azerbaijani Intergovernmental Commission session to be held in Baku
A Georgian-Azerbaijani Intergovernmental Commission will be held in Baku today. A Georgian delegation led by Prime Minister of Georgia Nika Gilauri will visit Baku.
Concrete projects, such as the construction of a 500 kilowatt electricity transmission line, the Baku-Tbilisi-Kars railway and the Rustavi-Baku autobahn will be discussed at the session. Afterwards Nika Gilauri will hold meetings with his Azerbaijani counterpart Artur Rasizade and President Ilham Aliyev.
The Georgian delegation will return from Azerbaijan on 23 July. (Interpressnews)
Collection of 30,000 signatures to begin
On July 22 the Georgian Parliament unanimously supported starting to collect voters’ signatures in order to make amendments to the Electoral Code. The issue was considered at Parliament’s Committee of Procedural Issues and Rules on July 22.
An initiative group will submit a bill to Parliament. The group consists of members of 23 different political parties. The initiative concerns identifying voters on election day by using biometric passports. (Prime News)
Ship sailing under Georgian flag detained in Genoa
The Zhasmin, sailing under the Georgian flag, has been detained in the port of Genoa. The ship's owner is an Italian citizen and its crew are Georgian citizens.
The ship was loaded with 2,700 tonnes of wheat in Marseilles but the marine administration fined the owner Euro 3,600 for overloading and breaching technical regulations.
The owner paid the fine, but the Georgian sailors say that he has not paid them for 6 months and they are owed Euro100,000 between them. The sailors' rights will be protected by the sailors’ rights international organisation.
The United Georgian Transport Administration says that the Georgian side is in continuous contact with the Georgian seafarers. (Prime News)
The Monetary Policy Committee (MPC) of the National Bank of Georgia (NBG) has taken a decision to increase its Main Policy Rate (the refinancing rate) to 6.5%
Prime News was informed that the National Bank projects Georgia’s GDP will grow 4.6% in 2010. Trade, industry, transport and the financial sector will drive this growth. It is expected that inflation will remain at 6 %; however there is a small risk of its increase.
Money transfers increased in June. However transfers from Greece, Spain and Ukraine have decreased, mainly caused by the economic problems of these states. The NBG will closely monitor current developments in the economy and financial markets and will act accordingly.
The next meeting of the Monetary Policy Committee will take place on August 18. (Prime News)
RAKIA plans to issue Poti Port shares on international stock exchanges by 2011
The Ras Al Khaimah Investment Authority (RAKIA), the sovereign wealth fund of that Emirate, plans to make an initial public offering for its Poti Port project in Georgia for 2011, its Chief Executive has said. "We will go for an IPO definitely in 2011," said Khater Massaad, without giving a specific date.
RAKIA bought the Black Sea port of Poti and 300 hectares of land there in 2008 to develop a free industrial zone to generate income for the fourth-largest member of the UAE, Massaad said. The CEO, who for over 20 years has worked for Sheikh Saud Bin Saqr al-Qasimi, the Gulf Emirate’s Crown Prince, said that there were no plans to increase foreign investments or issue further debt to expand RAKIA’s $2 billion portfolio.
"We have clear instructions not to invest any more overseas and to invest only locally," he said. Aside from Poti Port, Massaad said RAKIA also has an aluminium project in India. Profits from RAKIA’s investment portfolio increased 25 per cent in the first half of 2010, he said. Last year, it made a profit of $65 million.
Massaad added that 400,000 tourists visited the coastal desert Emirate in 2009. Dubai had around 7 million visitors. Ras Al Khaimah aims to attract 1.5 million visitors by 2015 and is investing in infrastructure to accommodate more tourism. (Interpressnews)
Georgian-Azerbaijani Intergovernmental Commission session to be held in Baku
A Georgian-Azerbaijani Intergovernmental Commission will be held in Baku today. A Georgian delegation led by Prime Minister of Georgia Nika Gilauri will visit Baku.
Concrete projects, such as the construction of a 500 kilowatt electricity transmission line, the Baku-Tbilisi-Kars railway and the Rustavi-Baku autobahn will be discussed at the session. Afterwards Nika Gilauri will hold meetings with his Azerbaijani counterpart Artur Rasizade and President Ilham Aliyev.
The Georgian delegation will return from Azerbaijan on 23 July. (Interpressnews)
Collection of 30,000 signatures to begin
On July 22 the Georgian Parliament unanimously supported starting to collect voters’ signatures in order to make amendments to the Electoral Code. The issue was considered at Parliament’s Committee of Procedural Issues and Rules on July 22.
An initiative group will submit a bill to Parliament. The group consists of members of 23 different political parties. The initiative concerns identifying voters on election day by using biometric passports. (Prime News)
Ship sailing under Georgian flag detained in Genoa
The Zhasmin, sailing under the Georgian flag, has been detained in the port of Genoa. The ship's owner is an Italian citizen and its crew are Georgian citizens.
The ship was loaded with 2,700 tonnes of wheat in Marseilles but the marine administration fined the owner Euro 3,600 for overloading and breaching technical regulations.
The owner paid the fine, but the Georgian sailors say that he has not paid them for 6 months and they are owed Euro100,000 between them. The sailors' rights will be protected by the sailors’ rights international organisation.
The United Georgian Transport Administration says that the Georgian side is in continuous contact with the Georgian seafarers. (Prime News)