Gov't to offer construction companies long-term financing plans

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.