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Economy

Boeing Buys First Products of Airplane Composite Spares Stated in Georgia

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The agreement was signed by Elbit Cyclone director David Vidan and ATC director Ari Weisbort.

The pant has finished test operation and manufactured the initial product. Currently, the flower employs above 120 persons trained by Elbit Cyclone specialists in Israel. The practice courses are going to be continued in a number stages. When using the full workload the plant will employ about 300 persons.?

At this stage the certification process have been finished for the plant. The organization owns ISO certificate and Boeing\’s compliance certificate.?

ATC is the foremost sample of attracted investments, Nino Cholokashvili, investments department manager of Partnership Fund and project manager Nino Cholokashvilis said.?

We remind you that ATC plant was established as being a joint project by Partnership Fund and Israeli company Elbit Cyclone. The project\’s investment value constituted 93 million USD. Guarana manufactures high-standard airplane spares, including gates, aerodynamic surface, control panels along with other spares. The ACT products are going to be supplied to Boeing, Airbus, Bombardier along with distinguished airplane companies.

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Economy

237.5 So many Georgian Citizens are Unemployed

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In 2018 the annual unemployment rate decreased by 1.2 percentage points compared to 2017 and amounted to 12.7 percent.

It must be noted how the downtrend inside the unemployment rate is maintained in the last nine years, furthermore in 2018 unemployment rate reached the minimum level over the past 15?years.

In IV quarter 2018 economically active population constituted 63.6 percent from the working age population (population aged 15 and older). In comparison to the previous quarter, the efficient?activity rate and employment rate decreased by 0.7 percentage points. The employment rate in?urban settlements decreased by 0.2 percentage points compared to the previous quarter plus?rural settlements – 1.3 percentage points. As compared to the previous quarter the commercial activity?rate in rural settlements decreased by 1.6 percentage points, when it\’s in urban settlements remained?unchanged.

Traditionally, the unemployment minute rates are higher for males than women. In IV quarter 2018 the indicator was 2.6 percentage points higher for men when compared to the corresponding indicator for girls.

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Economy

EIB Allocates Additional 250 million EUR for Georgia\’s Infrastructure Development

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As part of two agreements under Transport Communication Project of Georgia, EIB has allocated 500 million EUR financial aspect to Georgia for constructing 14-km Grigoleti-Choloki highway and building Chumateleti-Khevi and Ubisa-Shorapani sections of the Rikoti Pass.?

Consultations on allocating 250 million EUR component has become already finished EIB.?

In water supply sector, with the EIB financial support, Kutaisi Water Raceway project is it being implemented and EIB has allocated 100 million EUR financial component with this project.

A grant agreement continues to be signed in Eastern Partnership technical assistance program on allocation of the grant of approximately 250 000 EUR. Moreover, for that project support, a further grant agreement will be signed sooner and EU will allocate 4 750 000 EUR grant.?

Two framework agreements are actually signed for municipal infrastructure development. 200 million EUR has become used fund this direction and grow municipal roads, public buildings, kindergartens, tourism infrastructure, water and solid wastes infrastructure.

About 1.3 billion EUR is allocated for improving Georgia\’s infrastructure, including 750 million EUR for road infrastructure, 200 million EUR for municipal infrastructure, and 180 million EUR for water supply infrastructure.

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Economy

Vazil Hud

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Investment portfolio of your European Investment Bank in Georgia plus the main priorities of the future cooperation were the topic of the conversation.

The Minister of Economy and Sustainable Development George Kobulia, after conclusion in the meeting, stated that two new priority directions, like the cooperation in promoting of the energy efficiency and attracting the direct foreign investment to the country. Reported by George Kobulia, the EIB provides financial and technical assist to Georgian companies in an effort to implement technological re-equipment of the enterprises to make the production process energy-efficient.

\”Another priority issue is attraction with the direct foreign investment. The lending company will retain the steps involved in bringing large European companies into Georgian market, which assists to advance the export potential of our country in order to develop more SMEs,\” C the Minister of Economy and Sustainable Development stated.

\”The EIB gives over the past 10 years almost 200 million Euro support. We have been dealing with local banks to distribute your little friend loans guaranties for the enterprises in Georgia. We\’ll do this again. We are going to focus mainly on the enterprises, any local companies, which might be involved, one example is, in energy efficiency, agriculture and technology-We told the Minister the European Investment Bank will attempt to assist to get the investors and also, deliver the support for such investment,\” C the Vice-President of the European Investment Bank, Vazil Hudk noted. The Vice-President from the EBI also highlighted the energy projects maintained by the Bank.

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