Georgia’s Co-Investment Fund, Agriculture Ministry spend billions on state development

A Georgian private investment entity is financing several major projects worth $2 billion USD in infrastructure, energy sector, dairy farming and more. 

After this morning’s Government Economic Council meeting it was announced Georgia’s Co-Investment Fund (GCF), a $6 billion USD private investment entity focused on providing an attractive investment climate in Georgia, would finance the establishment of two Hydro Power Plants in east and west Georgia, a new dairy farm and milk production factory and other projects as part of its commitment to supporting Georgia’s investment climate.

Today’s Economic Council meeting was chaired by Georgia’s Prime Minister Irakli Garibashvili and held at the Government’s Administration in capital Tbilisi. 

The projects supported by the GCF included: 

The Economy Council meeting was chaired by Prime Minister Irakli Garibashvili. Photo by Prime Minister's webpage. 

• Mtkvarhesi Hydro Power Plant in east Georgia;
• Tskenistskali and Oni Hydro Power Plants in west Georgia; 
• Dairy farm and milk producing facility in Georgia;
• Gallery Tbilisi;
• Hotel and recreation centre in the Shekvetili seaside zone in west Georgia; 
• Panorama Tbilisi business project;
• Hotel Axis Towers; and
• High-quality Computer Data Centre in Georgia; 

A major portion of the projects were due to be completed in 2017. 

On another note, projects implemented by the Ministry of Agriculture of Georgia were also discussed during the meeting. It was revealed between 2013 and 2015 the Ministry spent about one billion GEL on more than a dozen initiatives in Georgia.

Specifically, these and future projects were:

• Rehabilitation of 87 meliorate infrastructures – total amount spent in 2013-2015 was  62,000 GEL;
• 16,000 beneficiaries enjoyed cheap credits – the state budget covered this with 68 million GEL;
• 139 agricultural enterprises were financed with 2,992 men employed – total investment of $120 million USD (288 million GEL). 
• Between 2013 and 2015 more than 800,000 farmers received benefits to purchase agricultural tools and other necessities to support good harvest – more than 306 million GEL from the state budget was spent on this;
• More than 210 hectares of agricultural lands are cultivated annually;
• More than 27,000 agricultural policies were issued in 2013-2014. The total insured area consisted 23,143 hectares and the total insured harvest was 189 million GEL;
• 49 meliorate systems are planned to be rehabilitated in 2016, five meliorate infrastructures will also be rehabilitated;
• 15-20 recycling facilities will open in 2016, funded by the state;
• In 2016 between 100-150 beneficiaries will receive state support for modern gardening; and
• In 2016 the Ministry will support Georgia tea enterprises with 3.5 million GEL state funds.