Innovative Georgian pharma company opens new manufacturing facility with EU support

Published in Economics
Wednesday, 28 December 2022 15:35

The Georgian biopharmaceutical company BioChimPharm (BCP) has completed the modernisation of its historic Bacteriophage (Phage) manufacturing factory – a two-year investment project worth €6 million and implemented with support from the EU, the EBRD, FAO and the Ministry of Economy and Sustainable Development of Georgia.

As a result, BioChimPharm has converted the plant to comply with EU GMP (Good Manufacturing Practice) guidelines, an accepted standard in the European Union. The company also plans to apply for GMP certification in the coming months.

“We hope that this success will be an inspiration for other companies to scale up knowledge-intensive and high value-added production in Georgia,” said Ambassador Pawel Herczycnski during his visit to the factory.

“The production of phage preparations and the phage therapy are still a novelty for most of the countries around the world. Millions of people still do not have access to phages, leaving patients vulnerable towards antibiotic-resistant infections,” explained Rati Golijashvili, the general manager of BioChimPharm. “With this project, the Company is increasing its production capacity and export area, thus making phages available for millions of patients across the globe.”

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Energy-efficiency modernisations in public buildings improve learning environments and support the energy transition in Georgia

Published in Economics
Wednesday, 04 May 2022 14:25

The celebration of Nefco’s first implemented energy-efficiency project in Georgia coincides with the signing of a new EUR 6.5 million project which will support energy-efficiency modernisations in public schools in remote mountainous regions in the country.

Nefco has officially inaugurated its first implemented project in Georgia, which encompasses the renovation of 26 public buildings across the country. The energy-efficiency modernisations carried out from autumn 2018 until the end of 2021 have resulted in improved indoor conditions and energy savings, and supported Georgia towards its green transition by using renewable and alternative energy sources. The project has also contributed to the implementation of Georgia’s national goals to combat climate change and demonstrated the applicability of new building codes in various types of buildings with different functions and usage and how these new codes work in different climate zones.

In addition to Nefco loan financing of EUR 2.8 million, the project was grant financed by the Eastern Europe Energy Efficiency and Environment Partnership (E5P) with EUR 1.87 million, to which the European Union and Sweden are the largest contributors. Denmark supported the project with EUR 956,000 for technical assistance during both the implementation and project preparation phases.

Together with its project partners, including the Ministry of Finance of Georgia, the Ministry of Regional Development and Infrastructure of Georgia, the Ministry of Economy and Sustainable Development of Georgia, E5P and its contributors, and the LEPL Municipal Development Fund of Georgia, Nefco inaugurated the project on 4 May 2022 and visited two of the modernised schools, Public School No. 55 and LEPL First Experimental Public School in Tbilisi, to present the implemented energy-efficiency measures.

“We are very pleased to celebrate our first implemented project in Georgia. Together with our project partners, it has been a privilege to see the country’s progress in implementing its energy reforms and moving towards a green energy transition. We are happy to continue supporting Georgia through the new project, which was signed today and will benefit, in particular, the more vulnerable communities,” commented Trond Moe, Managing Director at Nefco, in Tbilisi today.

Both the implemented project and the newly signed project ‘Rehabilitation and Energy Efficiency Improvements in Public Schools in Mountainous Regions in Georgia’ are characterised by their significant environmental and social impacts in Georgia. The implemented energy-efficiency project is expected to result in annual reductions of about 5,000 MWh in heat and electricity consumption, with a decrease of 1,100 tonnes of CO2 emissions. The actual savings will be monitored on a continuous basis for a ten-year period. The implemented project has created good and comfortable learning environments for schoolchildren and municipal workers. The second Nefco project in Georgia will support energy-efficiency modernisations and renovations in 15 public schoolsin mountainous regions in Georgia.

“First of all, I would like to say that we appreciate Nefco’s and E5P’s role in helping Georgia overcome the challenges we are facing and for ensuring that they are responsive to our priority needs. The project ‘Rehabilitation and Energy-efficiency Improvement in Public Schools in Mountainous Regions in Georgia’ is supporting Georgia’s transition to a green economy and helping to build more resilient and efficient infrastructure, while improving the learning environment for students in less-developed parts of our country and benefiting vulnerable social groups of the population. I believe that the project will have significant environmental and social impacts and bring many benefits, such as meeting the minimum requirements for appropriate infrastructure for teaching and improved comfort levels and safety for students and teachers. I am confident that this will be a catalyst for greater energy efficiency in the future,” said Lasha Khutsishvili, Minister of Finance of Georgia.

Nefco’s second project in Georgia will build on the lessons learned from the first completed project and be expanded into more challenging settings in less-developed parts of the country, benefiting vulnerable social groups of the population. Alongside the positive environmental impacts and energy-efficiency improvements, the new project will support the development of other UN Sustainable Development Goals, especially education, health and gender equality. Both Nefco projects are aligned with the new laws on energy efficiency and energy performance of buildings introduced by Georgia and are part of the wider reform agenda associated with the EU Georgia Association Agreement.

“The E5P donors are proud of this first Nefco project and its continuation in remote mountainous regions of Georgia. The E5P donors, led by the European Union, remain committed to such crucial investments, delivering a multitude of environmental and social benefits alongside the reform agenda,” commented Ewa Manik, Associate Director at E5P.

“The EU, the biggest contributor to the E5P Fund, is pleased to support energy-efficiency renovations of schools in Georgia. The E5P projects implemented by Nefco bring the economic, environmental and health benefits of energy-efficiency measures to municipalities across the country. We are looking forward to boosting renovations of buildings in Georgia with large-scale investment programmes underpinned by reform assistance together with our Team Europe partners,” said Carl Hartzell, EU Ambassador to Georgia.

The total investment of the new project, signed today in Tbilisi, is EUR 6.5 million. Nefco’s loan financing totals EUR 3.9 million and E5P grant financing EUR 2.6 million. Sweden has financed the project development costs and is expected to allocate financing for technical assistance during the project implementation, which is due to start at the end of 2022.

“Sweden is pleased to contribute to Georgia’s green transition, including improved energy efficiency. We have invested over EUR 8 million in the E5P fund for Georgia, as the largest bilateral donor. Similarly, we are one of the main stakeholders in Nefco, the Nordic Green Bank, together with the other Nordic countries. Together, we provide co-financing grants for municipal sector projects across Georgia to improve energy efficiency and boost progress on a multitude of other environmental and social issues. The Swedish assistance should be seen in the wider context of our strong political, financial and technical support to Georgia’s reforms for European integration,” said Ulrik Tideström, Ambassador of Sweden to Georgia.

Energy-efficiency measures in the new project will include insulation of building envelopes, replacement of doors and windows, installation of new heating and ventilation systems as well as measures for reducing electricity consumption. Structural improvements are also included in the projects due to the poor conditions of the school buildings. The implemented renovations and installed energy-efficiency measures will extend the lifetime of the buildings.

Since 2010, Nefco has financed over 170 similar energy-efficiency modernisation projects in public buildings in Ukraine, and it is currently implementing its initial projects in Moldova, the first of which was completed in autumn 2021. Together with E5P, Nefco has completed 36 energy-efficiency projects in Eastern Europe.

About Nefco

Nefco, the Nordic Green Bank, is an international financial institution (IFI) that provides risk capital for Nordic green solutions. Established in 1990 by the five Nordic countries: Denmark, Finland, Iceland, Norway and Sweden, Nefco serves the interest of its owners. Our task is to work with concrete actions to accelerate the green transition. By focusing on small and medium-sized projects with tangible results, we have been able to demonstrate how to implement climate and environmental projects in a sustainable and cost-efficient way. We evaluate our impact against the EU Taxonomy, the UN Sustainable Development Goals and our own environmental criteria. Over the years, Nefco has implemented some 1,500 private and public projects across different sectors all over the world. Nefco’s headquarters is located in Helsinki, Finland. Read more at www.nefco.int

About E5P

The Eastern Europe Energy Efficiency and Environment Partnership (E5P) is a multi-donor and multi-International Financial Institution (IFI) support fund created thanks to an initiative of the Swedish Presidency of the European Union in 2009. The E5P fund for Georgia totals EUR 40.56 million, representing pledges made by the European Union as the largest contributor to the fund (EUR 20.4 million), and Sweden (EUR 8 million), Germany (EUR 4 million), Norway (EUR 3 million), Denmark (EUR 0.5 million), Finland (EUR 0.4 million), Lithuania (EUR 0.35 million), USA (EUR 0.3 million), Estonia (EUR 0.15 million), Poland (EUR 0.13 million), Czech Republic (EUR 0.1 million), Slovak Republic (EUR 0.1 million) and TaiwanBusiness EBRD TC Fund (EUR 0.13 million). Georgia is also a contributor with EUR 3 million. The fund provides grant co-financing for municipal sector projects to improve energy efficiency and boost a multitude of other environmental and social impacts, especially in the wider context of the reform agenda associated with the EU Georgia Association Agreement. Read more at www.e5p.eu/georgia

Memorandum on Launching Industrial Production of Wind Power Plants in Georgia Signed

Published in Economics
Friday, 01 April 2022 15:39

Ministry of Economy and Sustainable Development, State Military Scientific Technical Center Delta and Georgian Wind Energy Association signed a Memorandum of Cooperation thus undertaking the obligation to facilitate the introduction of industrial wind power generation in Georgia, which in turn, will lead to creation of new jobs, integration of wind farms into the energy infrastructure, and generation of more electricity in the country.

The Memorandum was signed by Romeo Mikautadze, Deputy Minister, Ioseb Loladze, General Director of State Military Scientific Technical Center Delta, and Mamuka Mikashavidze, President of Georgian Wind Energy Association.

The Memorandum envisages negotiations with the leading companies producing wind power generation equipment, as well as with interested parties interested in purchasing such equipment and its components.

According to the document, the parties will also make efforts to find potential investors interested in financing and developing the production of components of wind power plants on the territory of Georgia and/or their procurement.
New plant, which will manufacture wind generators and their components in full compliance with the modern standards, will be located in the territory owned/used by Delta.

The Memorandum also envisages cooperation with the Government of Georgia, relevant agencies, international donor organizations, financial institutions and interested business circles in order to provide the use of wind energy in Georgia, electricity generation and rapid development of supply to the population.

Levan Davitashvili: We have very large tasks, plans and commitments towards our population – we have to provide rapid economic development and create maximum employment opportunities"

Published in Economics
Thursday, 17 February 2022 17:04

Ministry of Economy and Sustainable Development has a new head - Levan Davitashvili, who has been appointed as Minister. The Prime Minister Irakli Gharibashvili at a briefing held at the Government Administration presented the new Minister of Economy and Sustainable Development to the public. As the Prime Minister noted, Levan Davitashvili will also retain the position of the Vice Prime Minister.

“I would like to thank the Prime Minister, Mr. Irakli Gharibashvili, for the confidence he has shown and to each member of the team for the cooperation and support I have had over the years, which was a necessary condition for us to carry out agricultural or environmental reforms and make the Ministry a success. I would also like to thank each and every employee, whose great efforts and involvement allowed us to achieve what we have achieved in terms of environmental protection or agricultural reform,” – Levan Davitashvili stated.

Davitashvili also thanked the former head of the Ministry, Natia Turnava, for her successful work at the position of Minister of Economy. As Levan Davitashvili noted, Natia Turnava's activity coincided with a very difficult time when the pandemic changed the economic situation of the whole world and created special challenges in terms of economic development.

Minister of Economy and Sustainable Development Levan Davitashvili named the rapid economic development and the increase of employment as his main tasks at this post.

“Under the leadership of the Prime Minister, with the great efforts of the Ministry of Economy, we have been able to restore the economy on the one hand - we have really returned to the pre-pandemic rate. However, we have very large tasks, plans and commitments towards our population - to provide rapid economic development and create maximum employment opportunities, which is directly related to increasing the income of the population and improving the welfare,” – Levan Davitashvili noted.

Visa and the Ministry of Economy and Sustainable Development sign MoU to boost economic, innovative and cultural development of Georgia

Published in Economics
Saturday, 18 December 2021 12:14

Visa and the Ministry of Economy and Sustainable Development of Georgia authorized a two-year partnership to support local tourism and SMEs, promote economic and financial inclusion and boost Innovations in Georgia

Tbilisi, Georgia – DECEMBER 17, 2021 -Visa, the world’s leader in digital payments, has signed a two-year Memorandum of Understanding (MoU) with the Ministry of Economy and Sustainable Development of Georgia to address the needs of small and medium-sized enterprises (SMEs) impacted by COVID-19, support local tourism, contribute to the progress of economic and financial inclusion, and drive innovations in Georgia.

The document on future cooperation was signed by Natia Turnava, the Minister of Economy and Sustainable Development and Diana Kiguradze, Visa Country Manager for Caucasus Region. The official signing ceremony of the Memorandum was held at the National Museum of Georgia, one of the must-see cultural destinations in the country.

This memorandum is aimed to foster cooperation between Visa and Ministry of Economy and Sustainable Development establishing a collaborative framework, which will entail the following aspired objectives:

  • Support of small and medium-sized enterprises (SMEs) impacted by COVID-19, by offering joint educational programs, such as launching Visa Business Skills platform in cooperation with Enterprise Georgia and accelerate digitization process;
  • Promote local tourism and increase number of local and international travelers through joint activities;
  • Explore and accelerate innovations in Georgia, within tailored projects to promote economic and financial inclusion.

The signing of a memorandum between Ministry of Economy and Sustainable Development of Georgia and Visa will help to accelerate the digital transformation for Georgiansmall and medium-sized enterprises. Within the upcoming years, Visa will support both the Entrepreneurship Incentive Program - “Enterprise Georgia” - and the National Tourism Administration, which is very important given the international image of the global company. As a result of the cooperation, educational programs will be implemented to accelerate the digital transformation of the local small and medium-sized companies, as well as joint marketing campaigns will be planned in order to stimulate domestic and international tourism using the specific data shared by Visa. It is important that Visa is a supporter of small and medium-sized businesses, including the development of the tourism sector in Georgia.” – said Natia Turnava, Minister forMinister for the Economy and Sustainable Development.

”Signing of this memorandum today marks creation of an important collaborative platform for Visa and Georgia aimed at further development of the national economy. Focusing on three strategic pillars, such as SME’s support, local tourism development, and bringing innovations to the country, together with the Ministry of Economy and Sustainable Development and all involved parties, we aspire to achieve a long-term positive effect of our mutual work for society. At Visa we also believe in innovative and technological future of Georgia, that also preserves and endorses national cultural heritage and promotes the country as one of the world’s best destinations”. - noted Diana Kiguradze, Visa Country Manager for the Caucasus region.

By supporting local tourism development, Visa will be sharing with the Ministry specific data, including deep analysis and insights of travelers’ patterns. Designed framework will enable effective tourist traffic stimulation strategy planning, helping to identify soft spots and gap analysis. It will help to promote and effectively explore touristic potential of the country, strengthening existing routes and opening new ones.

With a global financial literacy initiative and ambitious goal to digitalize 50 million small and medium enterprises worldwide, Visa will present in Georgia its global digital platform – Practical Business Skills (PBS). This education platform featuring more than 50 online modules will address needs of entrepreneurs at various stages of the business lifecycles.

###

About Visa Inc.

Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device, and a driving force behind the dream of a cashless future for everyone, everywhere.  As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit usa.visa.com/about-visa, www.visa.com.ge,  https://www.facebook.com/VisaGeorgiaGE

Green Hydrogen Prospects in Georgia to Be Studied

Published in Economics
Thursday, 18 November 2021 14:29

Study on prospects of developing green hydrogen in Georgia is to be launched within the frames of the Declaration of Intent, which was signed today between the Ministry of Economy and Sustainable Development of Georgia and the German Development Bank (KfW). The document shall provide the development of the first pilot project in Georgia, which will ensure the development of clean and renewable energy in the country.

The main goals of the Declaration signed today are as follows:

  • Assessment of the prospects and benefits of green hydrogen in Georgia;
  • Implementation of the first pilot project, which will provide benefits to the economy and, consequently, help to attract investment to the country to develop clean and renewable energy;
  • Reduce dependence on imported gas and increase security of supply;
  • Increase the pace of development of renewable energy projects, mitigate carbon emissions and create export opportunities for the country.

Natia Turnava highlighted the importance of the fact that Georgia has already appeared on the map of green hydrogen study, in particular, the Energy Development Fund is actively working on the development of a pilot project, which will provide the first production of green hydrogen in Georgia. According to the Minister, this is a technology that allows to convert electricity into green hydrogen, especially for countries where there are renewable energy sources, including Georgia. 

“As a result, it will be possible to transport energy from regions saturated with renewable energy projects to the regions with energy shortages. This is the technology of the future and we are very proud that Georgia will be one of the first countries in the region to implement this technology in the real life with the support of our German partners,” – Natia Turnava commented.

The Secretariat of EaP Road Safety Observatory will be placed in Georgia

Published in Economics
Wednesday, 09 June 2021 14:23

In Georgia the Secretary of the EU Eastern Partnership Regional Project – Road Safety Observatory will be placed.  Georgia won in the call for the expression of interest of becoming host of the above mentioned organization which was launched by the European Commission in February 2021. According to the statement of the Ministry of Economy of Georgia еhe project of Eastern Partnership Road Safety Observatory (EaP RSO) envisages establishing integrated analytical platform/center, where specialized information concerning the road safety practice, policy and statistical data will be gathered from each Eastern Partnership member country (Georgia, the Ukraine, Belarus, Armenia, Azerbaijan and Moldova). The main purpose of this observatory is to promote in the Eastern Partnership Countries road safety situation based on the best European and international experience and analysis based approach.
 
The Ministry of Economy and Sustainable Development of Georgia presented application on expression of interest in the European Commission, which supported consortium of Policy Institute of International School of Economics (ISET) of Tbilisi State University and international non-governmental organization EASST (The Eastern Alliance for Safe and Sustainable Transport). In the call for expression of interest announced by the European Commission, Moldova and the Ukraine also participated.
 
Being the host of the Eastern Partnership Road Safety Observatory (EaP RSO) has utmost importance for the country and the region, which is going to improve road safety situation. The above said somehow represents the recognition of the successful policy and practice, which are being carried out on the national level in Georgia for the past years. Hosting this platform, Georgia is going to become an analytical center on the regional level in road safety sphere as well.

Entrepreneurial Market Opened in Batumi

Published in Economics
Friday, 25 August 2017 12:11

The LEPL Produce in Georgia of the Ministry of Economy and Sustainable Development will support three-day business entrepreneurship market to be held in Adjara on 18-20 August. Each participant will be able to introduce own products to the public in Batumi Boulevard, in front of the Summer Theater during the three days. The Chairman of the Government of Adjara, Zurab Pataradze and the Head of the Produce in Georgia, Mariana Morgoshia opened the business market today.

The Start-up Market represents an alternative, multifunctional and movable trade space aimed at improving business environment in Georgia and promoting young entrepreneurs. The aim of such events is to promote quality Georgian products.

About 100 participants, including the beneficiaries of the state program Produce in Georgia, will use the opportunity of participation in the exhibition-sale and present their products in public. In addition, the event will present the information desk of the Produce in Georgia, where interested people will be able to learn more about the projects implemented by the Agency and the Government's proposals to support business.
The 3-days event will be open at 18:00 to 00:00. The Ministry of Education, Sport and Culture of the Autonomous Republic of Adjara together with the Produce in Georgia Agency support the event.

48.37% Passenger Traffic Increase and 32.47% Freight Traffic Increase Recorded in Georgian Airports

Published in Economics
Wednesday, 09 August 2017 10:57

Civil Aviation Agency of the Ministry of Economy and Sustainable Development of Georgia announces that during the 7 months of this year, Georgian airports served 2 129 121 passengers, which is by 48.37% (694 153 passengers) higher number compared to the same period of the previous year (1 434 968 passengers). Compared to the same period of 2015, the increase amounts to 81.89% (958 577 passengers).

The traffic increase was recorded in all three Georgian international airports as follows:

  • During the first 7 months of 2017, Tbilisi International Airport served by 503 636 passengers more (1 658 366 passengers in total) compared to the same period of the last year (1 154 730 passengers in total). Respectively, the growth equals to 43,62%;
  • Passenger traffic at Kutaisi International Airport is increased by 86.48%. During the first 7 months of 2016, it served 124 826 passengers while during the same period of this year, the passenger traffic volume reached 232 775 passengers (increased by 107 949 passengers);
  • Batumi International Airport served 233 992 passengers during the 7 months of this year, which is by 52.32% (80 369 passengers) higher indicator compared to the same period of last year (153 623 passengers).

Regarding the local destination airports the data is as follows:

  • Mestia Airport served 3 988 passengers during the 7 months of this year, which is by 2 199 passengers or 122.92% higher number compared to the same period of 2016;
  • Ambrolauri Airport has received passengers for the first time this year and their number already reached 802 from the middle of January until the end of July.

It is also very important that during the 7 months of the current year, in total 11 218 passenger and freight flights (9 056regular and 2 162 charter) were carried out in Georgia’s airports, which is 41.66% (3 299 flights) higher indicator compared to the same period of the previous year.

In comparison with the same period of 2016, in 7 months of 2017 the usage of the Georgian airspace is increased by 15.25% (2016 - 69 863 flights, 2017 - 80 514 flights).

According to the data of 7 months of 2017, the growth was also recorded in terms of freight transportation. The volume of the cargo transported by air is 19 715.983 tons, which is by 4 832.60 tons or 32.47% higher number compared to the cargo transported during the same period of the previous year.

The business sector has been growing in Georgia-Ministry of Economy

Published in Economics
Monday, 05 December 2016 14:00

Despite the severe economic realities and challenges in the region, the business sector has been growing in Georgia - this is said in the information of the Ministry of Economy and Sustainable Development of Georgia.
According to the information, this trend is shown in the indicators of business sector and employment.
“Since the beginning of the year, the business continues to generate jobs,”-it is written in the statement.

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