Georgian Gov’t supports companies affected by currency crisis

The Georgian Government is encouraging companies to continue implementing infrastructure projects in spite of the currency crisis., 20 Mar 2015 - 17:17, Tbilisi,Georgia

State tender-winning companies affected by the devaluation of the national currency against the US Dollar will be compensated for the currency crisis, announced the Georgian Government.

Despite the current challenges facing many businesses, the country’s leaders are encouraging companies to continue implementing infrastructural projects, and are offering privileges in return.

During today’s press conference, Georgia’s Economy Minister Giorgi Kvirikashvili said many companies had been affected by the currency crisis in Georgia. He explained that some companies had chosen not to complete their projects with state-invested money that was offered before the crisis.

"We have got signals that companies are not starting their [infrastructure] activities as they preferred to lose the guaranteed money instead of starting the activities and losing [their own money],” Kvirikashvili said.

In order to solve this problem and encourage companies to continue working on various projects, the Government decided to compensate the difference resulted by the currency devaluation.

"First of all, I am talking about those companies which are involved in infrastructural, municipal projects. At the same time, the companies involved in projects which are financed by international donor organisations will also benefit from the privileges,” Kvirikashvili said.

Georgia’s Economy Minister warned this offer should not be exploited and only companies that were eligible for the offer were ones that had been affected by the national currency crisis.

Kvirikashvili announced appropriate legislative changes would be made in the near future.