Gov't to offer construction companies long-term financing plans
Announcing the initiative that will offer the developer companies new financing plans within the upcoming week, the PM said it was aimed at boosting economic growth. Photo: Nino Alavidze/Agenda.ge
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Construction companies in Georgia will be offered a state package for long-term financing plans to boost the sector, Georgian Prime Minister Irakli Garibashvili announced on Monday.
Announcing the initiative that will offer the developer companies new financing plans within the upcoming week, the PM said it was aimed at boosting economic growth.
Additionally, a working group will be set up under the Economy Ministry to prepare recommendations and proposals for resolving the challenges in the construction sector, with the decision made last week during the Georgian Economy Minister Levan Davitashvili’s meeting with the representatives of local construction companies.
Garibashvili also announced the launch of the recently announced state employment programme next month, saying it would create “thousands of jobs” in the country for economic growth.
The cost of construction in Georgia increased by 13.6 percent in the fourth quarter of 2021 compared to the same period of the previous year with the construction posting a 21.8 percent reduction in the real value-added in 2021 year-on-year.
The Construction Cost Index in Georgia increased by 13.6 percent in the fourth quarter of 2021 compared to the same period of the previous year, the National Statistics Office of Georgia (Geostat) announced on Thursday.
An increase in prices of construction materials in the market due to the global pandemic and the ongoing war in Ukraine was the focus of a meeting between Georgian Economy Minister Levan Davitashvili and representatives of Georgian construction companies on Monday.
The nominal gross domestic product (GDP) of Georgia amounted to 60.23 billion GEL ($18.7bln/€16.94bln) in 2021, up by 22.3 percent year-on-year, while the real growth of GDP also increased by 10.4 percent, the preliminary data from the National Statistics Office of Georgia (Geostat) show.
A total of 10,095 building permits covering 7.4 million square metres were granted in Georgia throughout 2021, the National Statistics Office of Georgia (Geostat) revealed today.
The Georgian Government will offer projects worth about 2 billion GEL ($647mln/€587mln) to the construction business in the country this year, Georgian Prime Minister Irakli Garibashvili announced on Monday.
The Georgian Government is launching large-scale infrastructure projects in the country under about a ₾2.5 billion ($817mln/€757mln) initiative, Prime Minister Irakli Garibashvili announced on Monday.
Construction costs across Georgia have increased following boosts in salaries of employees in the sector, the latest figures released on Friday by the National Statistics Office are showing.
A total of 10,822 permits were issued in Georgia in 2022 for construction projects spanning an area of 7.4 million square metres, the National Statistics Office of Georgia said in its latest release on Monday.
The Georgian Government on Monday approved an act allowing local authorities across the country to renovate or demolish buildings that “distort the look of their municipalities” or “cause safety issues”.