best georgian banks_2015

http://www.fi nancial.geNews Making Money13 April, 2015

© 2015 The FINANCIAL. INTELLIGENCE BUSINESS PUBLICATION WRITTEN EXPRESSLY FOR OPINION LEADERS AND TOP BUSINESS DECISION-MAKERS

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Building Green Business in Georgia

Overdue Loans on the Rise in GeorgiaRead on p. 9

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Apr 11 Apr 4

1 USD 2.2432 2.25741 EUR 2.4390 2.4576100 RUB4.1769 3.95711 TRY 0.8671 0.8704

CURRENCIES

GENERAL SPONSOR OF THE BANKING EDITION

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PASHA Bank is a Baku-based financial institution operating in Azerbaijan, Georgia and Turkey – providing full range of corporate and investment banking services to large and medium-sized enterprises.

PASHA Bank represents a regional financial institution, which is a part of PASHA Holding - a diversified investment group with interest in banking, insurance, property development, construction, tourism and other sectors. As of December 2014 its Total Assets are approximately AZN 3 billion.

PASHA Bank has been operating in Georgia since 2013. As of December 2014 the Bank’s Total Assets exceeded GEL 155 million.

Corporate and investment banking services

15 Rustaveli ave. Tbilisi, 0108, Georgia(032) 2 265 000 | pashabank.ge

PASHA Bank Georgia to PASHA Bank Georgia to Expand Lending in 2015Expand Lending in 2015

PASHA Bank Georgia PASHA Bank Georgia Targets Sustainable Targets Sustainable Growth in 2015Growth in 2015

The FINANCIAL

PASHA Bank Georgia plans to hit a number of operating mile-stones and targets related to the institutional develop-

ment, staffi ng, IT systems imple-mentation during 2015. The bank

targets to expand lending going forward.

Just in two years after enter-ing Gerogian market PASHA Bank Georgia signifi cantly popular for other banks when selecting a part-ner for syndicated deals.

The FINANCIAL

PASHA Bank Georgia has identifi ed its market niche and fi nalized localization of brand platform. All in all, for the two years of its

operation in Georgia the bank posi-tioned itself for sustainable growth for 2015.

SPONSORED BYUPPORTED BY NATIONALSUANK OF GEORGIABA

Development Company m2:“There is no Reason for Pessimism”

The FINANCIAL

Development company m2 will start the construction of two new apartment projects in 2015. The

devaluation of the Georgian Lari has decreased consumer demand for real estate in Georgia.

Continued on p. 6

Net Profi t of Georgian Commercial Banks to Decrease in 2015

The FINANCIAL

Georgian commercial banks will face a reduction of profi t due to squeezed economic activity in the country.

Interest rates on loans are expected to increase and deposit rates to slump in 2015. With a record high

negative trade balance, starting local production remains the key issue for the country in a short as well as long term perspective. In addition, further development of the country remains dependent on external factors, mostly the crisis in Ukraine.

Continued on p. 8

Losing our religion? Two thirds of people still claim to be religious

See on p. 2

2 HEADLINE NEWS & ANALYSIS FINANCIALC M Y K

13 APRIL, 2015 | FINCHANNEL.COM

By FLORIAN BIERMANN and LEVAN PAVLENISHVILI

SET

Economists disagree whether it was a good decision to reestablish the Georgian competi-tion authority. When

some years ago it was removed, the underlying logic was that a non-existing authority cannot be corrupt, and, more impor-tantly, cannot harm the economy through misguided decisions. As-suming that corruption will not be a problem for the competition authority, neither now nor in the future, regulating markets is still a highly delicate issue which yields many possibilities to go wrong.

WHAT IS THE RELEVANT MARKET?

One of the central issues that have to be answered in most an-titrust case is the identifi cation of the relevant market. When charged with the accusation of having a dominant position in a market, say, more than 70% mar-ket share, the accused company usually argues that in the relevant market, its share is much lower. What is meant by that? Well, in the market for, say, Toyota jeeps, Toyota has a market share of 100%. So, obviously the market for Toyota Jeeps cannot be the rel-evant market if one wants to argue that Toyota has a dominant posi-tion. One may therefore look at the market for jeeps, where Toyota will have a much lower share. Go-ing further, one might look at the market for cars in general, where Toyota has an even lower share. And perhaps, one could even look at the market for transportation, including not just cars but various means of transportation, where the kilometers contributed by Toyota vehicles will be very small. As one can see, whether Toyota has undue market power depends on which market one considers relevant for Toyota jeeps.

The common way to identify the relevant market is to look at cross-price elasticities. This cross-price elasticity says how much the price change for one product infl uences the demand for another prod-uct. For example, if the price for Toyota jeeps goes up, it might be that the demand for, say, Subaru jeeps will increase. This would be the case if from the points of view of the customers the two kinds of jeeps are substitutes to each other. If this effect is above a cer-tain threshold, one may argue that Toyota jeeps and Subaru jeeps are sold in the same market, and de-fi ne the relevant market to include all goods with mutual cross-price elasticities above the threshold. In antitrust cases, armies of econo-mists are employed both by com-

panies and competition authori-ties to underpin their respective views of what the relevant market is.

As a case study, let us look at very relevant (and hotly debated) market, namely the fuel retail market. The advantage of this market for our analysis is that the world market prices of oil and fuel are known, and as all fuel sold in Georgia is imported, the markup of the Georgian retailers can be easily calculated. Moreover, the issue of the relevant market is not that relevant here, as fuel is a more or less homogeneous good for which few alternatives exist. For commodities which are actu-ally produced and not just bought abroad, estimating the markup is more diffi cult, as one has to know the production cost. Eliciting col-lusion should be easier in this market than it is in others.

IS FUEL IN GEORGIA TOO EXPENSIVE?

Petrol and Diesel prices have always been a hot topic of discus-sion within the Georgian society, and the intensity has increased further when international oil prices have decreased to the low-est point of the decade. Many people ask whether fuel importers

pass on the lower world market prices to the Georgian customers.

Fuel is paid in dollars, and while dollar prices for fuel were declin-ing, the price of dollars in terms of lari soared. Both effects partly set off each other (see Figure 1), and with the lari depreciating, it would already be a de facto price reduc-tion if fuel retail prices denoted in lari would remain the same.

In August 2014, the weighted average import cost of one liter of “regular petrol” (octane <95) was $0.79, and with an average exchange rate in that month of 1.73 lari per dollar the weighted average import cost per liter of fuel was 1.37 lari. Adding 0.15 lari import tariff we get to 1.52 lari. The value added tax (VAT) of 18% based on an average retail price of this kind of petrol of 2.1 lari is 0.32 lari per liter. Adding up ev-erything, the import and tax costs in the price are 1.83 lari per liter and the price markup of the retail-ers, including operational costs, transportation within Georgia, and profi t, is 0.28 lari.

It is very diffi cult to say whether or not 0.28 lari is a competitive markup or not. Not only are op-erational costs and transporta-tion data of private businesses not publicly available, but also the competitive profi t depends on the particular risks associated with

retailing fuel in Georgia, which is somewhat a matter of opinion.

As the markup as such is not indicative of a lack of competi-tion, alternatively one could con-sider whether price reductions in international markets are timely transmitted to the Georgian cus-tomers. Fuel retailers might be quick to pass on price increases to local buyers but take more time to transmit price reductions, which they could only do if they have market power.

Yet also this analysis does not yield a conclusive answer. Figure 2 shows the percentage changes of import prices, i.e. the prices that have to be paid for petrol “at the border” of Georgia, and compares it to the retail prices inside the country. Both prices are denoted in lari, so there is no exchange rate effect here.

While from summer 2014 on-wards the import prices decline strongly, this price movement is transmitted to the domestic market in a delayed and less pro-nounced manner. However, in the last years one can also fi nd situa-tions where increases in border pcrices are not transmitted imme-diately and are similarly smooth-ened down, e.g. during the three

13 April, 2015

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CURRENT PRICES ON GASOLINE AND DIESEL 13 APRIL, 2015, GEORGIA

Prices in GELSuper 0.00Premium 1.89Euro Regular 1.82Regular 1.73Euro Diesel 1.89 Diesel 1.75CNG 1.15

Prices in GEL

Eko Super 1.94Eko Premium 1.89Eko Regular 1.76Eko Diesel 1.89Eko Super 100 2.20Euro Regular 1.73Diesel Energy 1.74

Prices in GEL

Eurosuper 1.94Premium Avangard 1.84EuroPremium 0.00Euroregular 1.68Eurodeasel 1.84

Prices in GEL

Super 1.94Nano Premium 1.84Euro regular 1.73Nano Regular 1.70 Nano Diesel 1.71Euro Diesel 1.89

Prices in GEL

Euro Super 1.99Efi x Euro Premium 1.87Euro Regular 93 1.68Efi x Euro Diesel 1.89Euro Diesel 1.72

GASOLINE PRICES PRESENTED BY BUSINESSTRAVELCOMHOTEL AND AIRTICKET BOOKING: 2 999 662 | SKY.GE

Continued on p. 12

The Complexities Facing the Competition Authority

Best Georgian BanksBest Georgian Banks

3HEADLINE NEWS & ANALYSISFINANCIALC M Y K

FINCHANNEL.COM | 13 APRIL, 2015 Best Georgian BanksBest Georgian BanksPASHA Bank Georgia to Expand Lending in 2015

The FINANCIAL

PASHA Bank Georgia plans to hit a number of operating mile-stones

and targets related to the institutional development, staffi ng, IT systems implementation during 2015. The bank targets to expand lending going forward. Just in two years after entering Gerogian market PASHA Bank Georgia signifi cantly popular for other banks when selecting a partner for syndicated deals. “The main reason other Banks fi nd it comfortable to cooperate with PASHA Bank for syndicated deals is probably the fact that we are a corporate bank and we do not have retail operations as such. Therefore we do not compete with other banks for retail customers and this makes it easier for them to team up with us, rather than with other banks, with whom they compete on daily basis,” said Goga Japaridze, Commercial Director at PASHA Bank Georgia. “The other reason is that we have a formidable capital base in Georgia of GEL 103 mln. which allows us to issue sizable loans. This naturally makes us a large player for the local market,” said Japaridze.

Q. What are the com-petitive advantages of PASHA Bank that you of-fer to your customers?

A. As you probably know, we are a corporate bank – we do not do retail banking at this stage of our develop-ment. To some extent this is much appealing to certain audiences; we pay great deal of attention to every single client, which may or may not

have been possible if we were actively engaged in retail banking as well, which re-quires a lot of resources and time.

We have access to our par-ent bank’s balance sheet, which is very signifi cant, scale wise to our local market. In a rare case when PASHA Bank Georgia cannot fi nance a very large deal on our own, we can always call upon our parent

and fund the deals through Azerbaijan. This gives us an opportunity to take part in much larger transactions than it would have been possible if we were relying on our local capital base only.

Another differentiator and strength of PASHA Bank is that we operate regionally. In addition to Georgia and Azer-baijan, PASHA Bank has re-cently launched a fully owned subsidiary in Turkey.

Q. PASHA Bank is be-coming a number-one choice for other banks when selecting a part-ner for syndicated deals. What is the reason for this?

A. The main reason other Banks fi nd it comfortable to cooperate with PASHA Bank for syndicated deals is prob-ably the fact that we are a corporate bank and we do not have retail operations as such. Therefore we do not compete with other banks for retail customers and this makes it easier for them to team up with us, rather than with other banks, with whom they compete on daily basis.

The other reason is that we have a formidable capital base in Georgia of GEL 103 mln. which allows us to issue sizable loans. This naturally makes us a large player for the local market.

Another advantage of ours, at least the way we perceive it, is that we have cut back on red tape to the greatest extent possible. We are actually able to react to proposals coming our way from other banks in a swift and effi cient manner. Being able to offer an imme-diate collaboration often is of a critical importance when it comes to being selected a partner for a syndicated deal.

Q. What are your plans for 2015?

A. The key objective for 2015 would be turning profi t, as we are still in red. Being a start-up this is very normal, as we have to incur certain ongoing costs related to the institutional development. But our portfolio size and op-erations have not yet reached suffi cient scale to cover those costs.

We hope that break-even moment will come some-where in the middle of year 2015 and we will turn profi t by the end of the year. This is task number one for our team.

To do that, though, we need to hit a number of operating mile-stones and targets relat-ed to the institutional devel-opment, staffi ng, IT systems implementation and so forth.

We will continue working on diversifying our customer base across various sectors - our product offerings are

also increasing in terms of currency, tenor and product features.

Q. During 2014 PASHA Bank sponsored a range of events in Georgia. Is this tendency going to continue in future?

A. Throughout 2014 we have been sponsoring such events as Business Brilliance Awards organized in Tbilisi by London based Global Event and Training Group (BOC), Caspian Energy Forum, Trade Finance Seminar, Tbilisi In-ternational Film Festival and many more.

Due to its daily activities and efforts in marketing com-munications PASHA Bank is gaining a growing recognition. We’ve been awarded “Bank of the Year” by the President of Georgia, Mr. Giorgi Mar-gvelashvili in November 2014, at Caspian Energy Forum. Considering its recent mar-keting activities PASHA Bank Georgia won the nomination of “New-comer in Georgian Marketing” by EGO MAG. It is nominated for being “The Fastest Growing Corporate Bank in Georgia” by GLOB-AL BANKING & FINANCE REVIEW, UK. We strongly believe that the positive ten-dency of raising awareness and recognition of the brand will continue throughout the following years.

GOGA JAPARIDZE, Commercial Director at PASHA Bank Georgia

PASHA BANK IS A BAKU-BASED FINANCIAL INSTITUTION OPERATING IN AZERBAIJAN, GEORGIA AND TURKEY – PROVIDING FULL RANGE OF HIGH-QUALITY CORPORATE AND INVESTMENT BANKING SERVICES TO LARGE AND MEDIUM-SIZED ENTERPRISES. WE TREAT CLIENTS AND PARTNERS WITH HOSPITALITY AND DOUBLE ATTENTION FOCUSING ON THE MUTUAL PROSPERITY. WE PUT THE INTEREST OF OUR CLIENTS AT THE CORNERSTONE OF OUR CORPORATE STRATEGY, LOOKING TO ACHIEVE NEW HEIGHTS, TOGETHER AND CONTRIBUTE TO THE SUSTAINABLE GROWTH OF EACH AND EVERY CLIENT.

CHANGES TO THE COMPOSITION OF BOARD OF DIRECTORS – COMMERCIAL DIRECTOR, GOGA JAPARIDZE, JOINING THE BOARD OF DIRECTORS EFFECTIVE MARCH 1ST.

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13 APRIL, 2015 | FINCHANNEL.COMBest Georgian BanksBest Georgian Banks

Q. PASHA Bank is a Ba-ku-based regional fi nan-cial institution, a part of investment group - PASHA Holding. Can you tell us shortly about the group?

PASHA Holding is a diver-sifi ed investment vehicle with interest in banking, insurance, property development, con-struction, tourism and other sectors. As of December 2014 its Total Assets are approxi-mately AZN 3 billion.

I will try to provide you with brief information about the companies of PASHA Holding: PASHA Bank was incorporated in 2007 and it focuses on de-livering best in class banking services to the rapidly growing corporate sector of Azerbaijan. The bank is rated B+ by Fitch Ratings and bb- by S&P. It has been actively providing capital raising services and was named Azerbaijan’s Best Investment Bank by Emeafi nance (2012) as well as International Finance Magazine (2013, 2014).

Kapital Bank is also a mem-ber of PASHA Holding. It was formed as a result of a merger of three major State owned banks – Agro-Investment Bank, In-dustrial-Investment Bank and Savings Bank in 2000. Kapital Bank boasts the most extensive branch network in Azerbaijan and is rated B+ by Fitch Rat-ings and B1 by Moody’s.

PASHA Holding owns two companies in insurance sector: PASHA Insurance and PASHA Life. PASHA Insurance offers more than 30 types of products to corporate and retail custom-ers, while PASHA Life is mainly focused on retail services. Along with standard insurance products it has developed a

high-end Key Man Insurance product aimed at top execu-tives who play a crucial role in the day to day management of their respective organizations.

PASHA Holding is repre-sented in hospitality sector by PASHA Travel, a company with the leading position in the Azerbaijani market. Over the course of the last several years PASHA Travel has devel-oped a network of global alli-ances allowing the company to put together variety of travel packages for budget travelers and premium customers alike. PASHA Travel succeeded in building a strong reputation of a reliable outsource partner for corporate sponsored business trips.

PASHA Holding is the owner of PASHA Construction, one of the largest businesses of its kind in Azerbaijan. As of the end of 2014 its complet-ed project portfolio exceeds 1,000,000m2 worth of proj-ects, with further 756,000m2 currently under construction. These developments include retail, residential, offi ce space, hotels and large mixed use properties. The list of the suc-cessfully completed projects includes but is not limited to – Four Seasons Hotel, Absheron JW Marriott Hotel, Port Baku Towers, Nizami Residence and others.

Q. How long has PASHA Bank been operating in Georgia and how would you estimate this period?

A. PASHA Bank has been operating in Georgia for two years already. First year we were mainly focused on admin-istrative issues while 2014 was a formative year in many other

respects. We completed staffi ng of the front-offi ce by the mid of the year. For the fi rst time we became able to cover the entire target segment of ours, which is made up of large and medium-sized enterprises. Apart from that we also increased our port-folio almost ten-fold compared to January 2014. While the growth is rather aggressive, the base from where we started was fairly small, which accounts for the unusually rapid growth.

We entered a number of syn-dicated deals with Georgian banks: considering their scale and other characteristics, some of them were unprecedented even in the original Azerbaijani market of PASHA Bank.

We have identifi ed our mar-ket niche and have fi nalized localization of brand platform. All in all, for the two years of our operation in Georgia we have positioned ourselves for sustainable growth for 2015. With PASHA Bank now already in Turkey, we believe, that our operation in the region will be-come more effi cient from 2015.

Q. You mentioned the news regarding PASHA Bank entering Turkish market. Can you tell us what this means to Geor-

gian customers? A. Turkey is Georgia’s largest

trading partner. Basically all lo-cal companies that do business with Turkey now have the op-portunity to deal with a single fi nancial institution in both countries. Like Georgia, Azer-baijan has a very signifi cant trade turnover with Turkey. Any company from our region now is able to access fi nancial services at a single institution, regardless of which country it is physically based in.

Q. Are there any new businesses lines that PA-SHA Bank is planning to launch in the nearest fu-ture?

A. Natural extension of our current core competence of large-scale corporate banking is entering into SME segment. We are presently researching this opportunity. We want to make sure that as an institution we are ready to cover the SME sector, which is several times larger, by number of entities, than large corporate segment. This is something we are look-ing at and most likely we will decide upon our next steps closer to the end of the year.

Q. At present PASHA Bank offers solely corpo-

rate banking service. Are there any expectations for you to start serving retail segment as well?

A. As for the retail banking, we are not planning to enter re-tail for the current strategic pe-riod which encompasses next three years.

Q. What are your plans for developing bond mar-ket in Georgia?

A. PASHA Bank in Azerbai-jan is one of the leading banks in terms of handling bond originations. We are looking at ways to transfer our par-ent’s expertise to Georgia and try to duplicate our success in Azerbaijan in our local mar-ket as well. At the same time we should keep in mind that the market realities in Georgia and Azerbaijan are quite dif-ferent. Interest rates on corpo-rate loans in Georgia are lower than those in Azerbaijan, which somewhat limits the appeal of bond fi nancing to the largest corporates. But there are many other reasons apart from cost of funding that might induce a corporate to issue a bond. We already have certain indica-tions of interest, hopefully mid-year we will know more about the market

PASHA Bank Georgia Targets Sustainable Growth in 2015

The FINANCIAL

PASHA Bank Georgia has identifi ed its market niche and fi nalized

localization of brand platform. All in all, for the two years of its operation in Georgia the bank positioned itself for sustainable growth for 2015. With PASHA Bank now already in Turkey, the bank believes, that its operation in the region will become more effi cient from 2015. “PASHA Bank has been operating in Georgia for two years already. First year we were mainly focused on administrative issues while 2014 was a formative year in many other respects. We completed staffi ng of the front-offi ce by the mid of the year. For the fi rst time we became able to cover the entire target segment of ours, which is made up of large and medium-sized enterprises. Apart from that we also increased our portfolio almost ten-fold compared to January 2014. While the growth is rather aggressive, the base from where we started was fairly small, which accounts for the unusually rapid growth,” said Shahin Mammadov, CEO at PASHA Bank Georgia.

SHAHIN MAMMADOV, CEO at PASHA Bank Georgia

PASHA BANK IN GEORGIA IS WHOLLY OWNED BY PASHA BANK OJSC, A LEADING CORPORATE BANK IN AZERBAIJAN, THAT IS A PART OF PASHA GROUP, A MAJOR INVESTMENT HOLDING GROUP IN AZERBAIJAN, WHICH ALSO INCLUDES SIGNIFICANT ASSETS IN THE FIELDS OF INSURANCE, PROPERTY DEVELOPMENT, CONSTRUCTION MATERIAL PRODUCTION, TOURISM AND OTHERS.

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FINCHANNEL.COM | 13 APRIL, 2015 Best Georgian BanksBest Georgian Banks

Advertiser: Pasha Bank. Contact FINANCIAL Ad Dep at marketing@fi nchannel.com



Q. The company has four projects currently under con-struction. Give us your evalu-ation of the sales dynamics - have they been impacted by the devaluation of the national currency?

A. GEL devaluation certainly af-fected the sales rate to some extent. The volatility of the national cur-rency is directly related to the time of deliberation before purchasing an apartment. This time has increased and our potential customers are spending more time on decision-making. What is more concerning is the segment which plans to buy an apartment with a mortgage loan denominated in a foreign currency while the family’s income is in the lo-cal currency. It is important that all the projects of m2 are fully funded. This means that completing them does not depend on the pace of sales. Accordingly, our company has not faced any problems in this regard. As I already mentioned, we are opti-mistic about the economic situation and plan to launch two new projects this year.

Q. In 2012-2013 there was another boom in the construc-tion business of Georgia. Are there any signs of seeing an-other wave of uncompleted constructions?

A. I can only tell from our com-pany’s example, that if a developer has a well-established system of corporate governance, especially in terms of risk management, then un-completed construction is unlikely. For example, m2 does not begin construction until it mobilizes the full funding for the project. We man-age it with our own capital, credit resources and a suffi cient number of

potential customers. This is a guar-antee that regardless of the econom-ic cycle, the project’s completion will not be endangered.

Q. Do you think that develop-ers meeting their responsibili-ties should be regulated, and if so, then how?

A. Our approach to this issue is quite simple. Strong competition and the market itself is the best reg-ulator. The emergence of any other additional regulatory institutions is not considered justifi ed.

Q. What is your view regard-ing the quality control of con-struction in Georgia?

A. Any respectful developer should have a serious attitude to-wards quality control. Otherwise they will be unable to withstand the competition. m2 pays special atten-tion to the quality control of con-struction. The company spends a lot of money in this direction, from laboratory testing of the reinforce-ment and concrete to the monitoring of any kind of work. m2 has quality standards for each project based on international practice. We have a high-level professional team on each construction. They are monitoring the progress of the construction and its compliance with our standards.

Q. What will be the impact of the GEL devaluation on the construction business?

A. As mentioned above, the cur-rency slump has prolonged the fi nal decision-making of many potential customers. From our viewpoint I will say that it has had no impact on prices.

Q. What has changed since Bank of Georgia separated its non-core assets?

A. m2 has always been separated

from banking activities. So, it will be given a legal form that has been pre-viously in practice.

Q. Your career is linked to the banking sector. What were the main challenges that you faced in the construction busi-ness and which abilities helped you to succeed?

A. My career is connected to the banking sector. However, I moved here from real estate development. So, the sector was not unfamiliar to me. The main challenge was restor-ing the previous confi dence in de-velopers that had been lost. We are proud to state that with the high pro-fessionalism of our team and meet-ing our promises, the newly estab-lished m2 has successfully managed it. My banking career helped me to establish an effective system of cor-porate governance and especially risk management. It is important that m2 attracts fi nances from such diversifi ed sources as international fi nance institutions and corporate bonds.

Q. Qualifi ed staff is a big problem for the construction business. How can you evalu-ate the education level of local universities and how respon-sive are they to your demands?

A. This is a really big problem. However, it is nice to see that the young generation is eager to learn as much as possible. One of the policies of m2 is frequent training of its em-ployees. Currently, we have brought in a German specialist to the project management direction. He is now sharing his rich experience with our employees.

Q. The Georgian construc-tion business is not suffi ciently addressing offi ce space. Are

you planning to enter this di-rection?

A. The main focus of m2 is resi-dential apartments. However I do not exclude implementing projects in the direction of offi ce space as well.

Q. Tell us about your plans. Which new projects are you going to launch?

A. m2 is going to establish two new projects. m2 has two lines of projects: apartments for the mid-dle-class segment of the population; and the ‘Optima’ line - more afford-able, with optimal planning. So, the two new projects will be started in both directions. Both of the projects will be located in the Saburtalo dis-trict.

Q. What are the main chal-lenges for the construction business at the moment?

A. Establishing an effective sys-tem of corporate governance by developers is the main challenge in the construction business. It should be based on strict discipline and ac-countability towards shareholders and clients. This is one of the corner-stones of success.

Development Company m2:“There is no Reason for Pessimism”

The FINANCIALBy MADONA GASANOVA

Development company m2 will start the construction of two new

apartment projects in 2015. The devaluation of the Georgian Lari has decreased consumer demand for real estate in Georgia. However, the stable growth of the Georgian economy encourages the management of m2 to launch new projects. Meanwhile, having an effective system of governance remains the main challenge in the Georgian development business.

m2 has been successfully cooperating with various international fi nance institutions. As Irakli Burdiladze, Chairman of the Supervisory Board of m2, said, the attitude of foreign investors towards Georgia has not changed against the background of instability in the region. “m2 is cooperating with international fi nance institutions that are oriented on economic development. They are not afraid of issuing funding despite varying stages of economic cycles,” Burdiladze said.

“m2 is quite optimistic about the future. The economy of Georgia continues to grow. According to the preliminary data of the Statistics Center of Georgia, in February the real GDP growth rate was 4.9% more than the data from the same period of the previous year. It is quite a good result. As for the average real GDP growth for 2 months (January-February), the rate was 2.7%. In March, infl ation was a modest 1.2% in comparison with the previous month, and 2.6% in comparison with March of the previous year. So there is no reason for pessimism,” Burdiladze told The FINANCIAL.

IRAKLI BURDILADZE, Chairman of the Supervisory Board of m2



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[email protected]+995 32 2505 955

The FINANCIAL

During the pilot phase, United Nations Indus-trial Development O r g a n i z a t i o n

(UNIDO) found that levels of awareness and implementa-tion of green industry are rather low in Georgian en-terprises. Many enterprises are unaware of the opera-tional and opportunity costs they incur with their use of materials, chemicals, water and energy and to their dis-charges of effl uent, waste and emissions.

“Over the past decade few enterprises have under-taken cleaner production or related resource effi ciency measures under different in-ternational projects, yet their results and experiences have remained somewhat isolated and not yet been replicated at a larger scale”, said René VAN BERKEL, Unit Chief, In-dustrial Resource Effi ciency, UNIDO in interview with The FINANCIAL.

“Most Georgian manufac-turers, in particular small and medium enterprises, are preoccupied with day to day challenges of serving custom-ers, delivering sought after goods and services, and se-curing supplies, including labor, in often uncertain or even volatile national and in-ternational markets”.

“This situation is not unique to Georgia yet refl ects to a certain extent day to day realities of small and medium enterprises in the region and indeed globally. This short

term mindset stands in way of taking longer term stra-tegic perspectives on busi-ness opportunities, including those arising from the green agenda. Moreover, specifi -cally for the environment, many manufacturers are not fully aware of their impact on environment and resource use, which stands in way of adopting a more proactive and preventive approach”.

Q. How green oriented Innovations can infl u-ence local community?

Green Innovations can de-pending on situation have multiple positive impacts on local community. New green enterprises will create jobs and incomes, which can be taken up by locals. Moreover, where hazardous substances and processes are eliminated for environmental reasons, workers, communities and consumers stand to benefi t from reduced or eliminated exposure and risks. Finally, innovative green products can enhance customer satis-faction and well-being.

Q. What is the impact of green growth on coun-tries’ economy?

There are multiple im-pacts from green growth and their net impact on country economy is generally positive, yet fl uctuates on country by country basis. Reduced use of energy and other natural resources reduces costs and dependency on their imports and hence balance of trade. Higher competitiveness of in-dustries, as a result of indus-trial resource effi ciency, and better environmental per-formance of products, would

allow enterprises to compete better in international mar-kets, and indeed benefi t from Deep and Comprehensive Free Trade Agreement with the European Union.

Q. What are the respon-sibilities of large compa-nies towards population in terms of green busi-ness promotion?

Large companies are gen-erally perceived to be better placed to take lead in green-ing of production and con-sumption, as they have or could more easily acquire the necessary skills, technolo-gies, processes and funds to innovate and invest in green industry projects.

Q. How benefi cial might be transforming from regular company into green industry?

Companies adopting re-source effi cient and cleaner production practices stand to gain from reducing their operational costs, through savings on materials, energy and water bills, and reducing their impact on environment. The scale of possible benefi ts fl uctuates between enterpris-es. As a rule of thumb most enterprises are able to save in range of 10% on the costs of energy, materials and wa-ter, with relatively low cost investments that have short paybacks not exceeding about 1.5 yr. Signifi cantly bigger en-vironment and cost savings are often possible with in-vestments in technology, that though would generally also be competitive.

Building Green Business in Georgia

GREEN INDUSTRY AIMS TO TURN PRESENT CONCERNS REGARDING USE OF NATURAL RESOURCES, POLLUTION OF ENVIRONMENT AND CHANGES IN CLIMATE, INTO BUSINESS OPPORTUNITIES. ITS TWO PRONGED AIMS ARE TO ACHIEVE ON ONGOING BASIS IMPROVEMENTS IN RESOURCE EFFICIENCY AND POLLUTION INTENSITY OF EXISTING INDUSTRIES IN ANY SECTOR (OR ‘GREENING OF (EXISTING) INDUSTRIES’) AS WELL AS TO SUPPORT NEW INDUSTRIES THAT PROVIDE ENVIRONMENTAL GOODS AND SERVICES (E.G. RENEWABLE ENERGY, RESOURCE RECOVERY, ETC., OR THE ‘CREATION OF NEW GREEN INDUSTRIES’). IN GEORGIA, THE UNITED NATIONS INDUSTRIAL DEVELOPMENT ORGANIZATION (UNIDO) HAS WORKED EXCLUSIVELY TOWARDS THE GREENING OF INDUSTRIES THROUGH THE APPLICATION OF RESOURCE EFFICIENT AND CLEANER PRODUCTION (RECP) WITHIN THE FRAMEWORK OF THE EUROPEAN UNION’S PARTNERSHIP FOR ENVIRONMENT AND GROWTH THAT SUPPORTS GEORGIA AND OTHER COUNTRIES OF THE EASTERN PARTNERSHIP (ARMENIA, AZERBAIJAN, BELARUS, MOLDOVA AND UKRAINE) TO TRANSITION TOWARDS A GREEN ECONOMY.

Continued on p. 12



Q. Dollarization has always been a big problem for Georgia. Since the recent devaluation of the national cur-rency, do you ex-pect this process to worsen?

A. The de-dollariza-tion policy of NBG over the years has brought its results. In past years, about 7-8 years ago, the dollarization rate was 83%. Last year the fi gure was reduced to 68%. Stopping the dollarization process in such a weak economy as Georgia’s, is impos-sible. The only thing we can do, is lower the ceil-ing. The recent events have shaken the exist-ing trust towards the national currency. Ac-cordingly I am expect-ing the dollarization rate to rise even more. During fl uctuations confi dence in more stable assets grows. The sad reality is that the dollar is more of a stable asset. This dem-onstrates the weakness of our economy.

Q. Do you think that in the event of having a differ-ent economic poli-cy Georgia would avoid external shocks more easily?

A. The steps and di-

rections taken by the Government are ab-solutely right. There were some wrong steps, concerning regula-tions. They have been refl ected in the tourism sector and investment climate. There was a miscalculation.

Regulations exist in even the most liberal of countries. Even in terms of land purchase. A conservative ap-proach exists in every country. However, the main thing is that when you are having liberal rules you should not close the doors imme-diately. Implementing visa regulation is one of the EU’s demands. It protects countries from the entrance of illegal migrants from third countries. However, while implementing it, considering our reality was necessary. Georgia is an open country. So, the message that we delivered to foreigners was that the country had started closing its doors to foreign tour-ists and investors. It was a big macro risk of the country.

Offi cials should have issued information that they were planning such regulations. According-ly, the results would not have been so dramatic.

In this case investors would have had time to decide whether to leave the country or con-tinue their operations. A change in legislation should not have the quality of surprise.

Q. Since the deval-uation of the Geor-gian Lari we have been hearing ac-cusations from the representatives of the monetary and fi scal policy made against one anoth-er. Which body has made the largest share of mistakes in this process?

A. The economic suc-cess of the country does not lie on either the central bank or any in-dividual governmental body. Economic policy is one whole. So, ac-cusing one side of this whole is incorrect. Each has their share of the fault.

The open interven-tion of NBG in cur-rency change processes is the toughest mon-etary instrument. Any developed country applies this method only in extreme cir-cumstances. In general more soft instruments are implemented, like an increase of the refi -nancing rate and repo rate. Although, due to

the lack of development of the stock market in Georgia, the repo rate decrease was insignifi -cant. Spending reserves during global shocks is unjustifi ed. We might spend all the reserves like many countries have, and receive no result. We are facing a shock not lasting a day or a week. The fi nal re-sult would be empty re-serves and no solution to the problems. NBG made some interven-tions but the volume was absorbed by im-porters in a few days. So, I absolutely wel-come the decision of no intervention. Our goal should be minimization of the impact of global shocks, not avoiding them.

Q. NBG has rec-ommended that commercial banks restructure loans for borrowers. The prolongation of loans with an addi-tional interest rate has been the only step made by them. How loyal were the banks to their cus-tomers, which are facing over 30% of an increase in debt responsibilities?

A. There are four ap-proved methods of re-structuring that com-mercial banks apply during the deterioration of economic conditions. They concern individu-al as well as corporate loans. In general, banks offer prolongation of terms for individuals. The corporate segment can use the revision of the payment schedule. The third method is re-vision of interest rates to change fi xing rate in variable. The fourth method is converting a loan from a foreign cur-rency into the national one. So, the approach of Georgian commercial banks is well-approved and I consider it to be a step of solidarity.

Q. We have heard a lot of criticism of consumers - that they fail to manage risks while borrow-ing in a foreign cur-rency. Meanwhile, we all know that the banks themselves deny the option of lending in the na-tional currency. What are your thoughts on this?

A. Commercial banks have no access to long-term resources denom-inated in the national currency. The current accounts of citizens are mostly denominated in the national currency while termed deposits are in foreign ones. So, banks fi nd it risky to is-sue long-term loans in the national currency. They secure their risks by preferring to lend in a foreign currency.

Q. What is you

evaluation of the development of the Georgian economy?

A. Georgia is part of a global policy. This is unavoidable. There are some signs of the global policy developing in a negative way, but in the event of these being resolved, the situation will develop in a good way.

We are witnessing at-tempts to restore fun-damentalism. On the other hand, there is Russia with its great-power hysteria. Hope-fully Russia will come out of this hysteria. Res-toration of relations be-tween the U.S. and Iran is quite positive. This is a big leverage that the West can use against fundamentalism. Sta-bilization of U.S.-Iran relations will result in benefi ts for Georgia. The oil resources of Iran will enable a new economic trend to be reached. It will further reduce oil prices and decrease the product cost. Currently, energy cost makes up a large amount of total prod-uct cost. In this context Georgia has a chance to better overcome the current slowdown and move to a new stage of development. Lifting sanctions from Iran will bring great benefi ts to Georgia. Iran is our neighbour in the region. So, the volume of in-vestments will increase signifi cantly. Our main task is to avoid political cataclysms. Resump-tion of armed confl ict in Ukraine will be the worst global cataclysm. It will lead to further sanctions over Russia. Accordingly we will get more of a reduction in remittances to Georgia. A negative impact on the investment envi-ronment will also fol-low.

If we exclude this possible negative sce-nario we will have quite positive results. Over a USD billion will be attracted for energy projects alone. There are also other projects that will attract an ad-ditional volume of in-vestments. All of this will correct the cur-rency imbalance. The defi cit of USD, which causes the fl uctuation, will stabilize. Invest-ments are a direct fac-tor in economic growth. So, in the event of this positive scenario Geor-gia will manage to have 8-10% growth next year.

Net Profi t of Georgian Commercial Banks to Decrease in 2015


Georgian commercial banks will face a reduction of profi t due to squeezed economic activity in the country. Interest rates on loans are

expected to increase and deposit rates to slump in 2015. With a record high negative trade balance, starting local production remains the key issue for the country in a short as well as long term perspective. In addition, further development of the country remains dependent on external factors, mostly the crisis in Ukraine.

“The profi t of the banking sector will be reduced in 2015. They will not manage to reach the same level as they did in 2014. From a macro perspective, economic growth of the country will be reduced from 5 to 2%. So, the banking sector will not stand separately from this aspect. The slowdown of the economy squeezes any business. It is a natural process. Banks and crediting always follow business dynamics. The increase of business activity results in a growth of lending and its decrease results in a reduction. In general, long-term loans grow during a crisis. This happens at the expense of the refi nancing of short-term loans. The loan portfolio’s growth will be much less in 2015 than last year. Therefore, the earnings of the sector will be reduced,” Giorgi Tsutskiridze, Executive Director at the Association of Banks of Georgia (ABG), told The FINANCIAL.

According to Tsutskiridze, further increase of the refi nancing rate will result in the growth of interest rates on loans. “When economic activity is reduced, the rate on deposits falls. The rate on deposits increases when banks are under open competition. They try to attract more and more resources for issuing loans,” he said.

The negative trade balance of Georgia is 54%. While 20-25% is considered to be the norm. “This means that the pressure on a foreign currency is constantly high. Georgians fail to satisfy its basic requirements. This is what should be solved,” Tsutskiridze said.

“Currently, the existing negative trade balance is a result of our wrong economic policy of the last decade. Local production has been decreasing from year to year. Finally, we have become totally dependent on import. Georgia is a country that imports every type of product. It is not normal. Perhaps the GDP has been previously growing from year to year, but in a general economic context it was not effective. We cannot name any successful country which has such a high rate of negative trade balance. The success of any country nowadays is laid on production. This is a measure of a country’s economic success. Production brings additional value, creates jobs and increases consumer demand. Absence of local production is a result of the high level of unemployment in Georgia. The offi cial statistics are coloured. Reality is even harder,” he explained.

GIORGI TSUTSKIRIDZE, Executive Director at the Association of Banks of Georgia (ABG)




The volume of over-due loans of com-mercial banks totalled GEL 305,646,000 as

of 1 March, 2015. The num-ber has grown from the GEL 294,768,000 from February 2015, showing a 14% increase. The credit portfolio of Geor-gian banks has made up GEL 13,902,215,000 as of March of the current year. The num-ber is only 4% more than in the previous month.

Short term loans make up over GEL 3 billion of the total credit portfolio issued by commercial banks, as of 1 March. Meanwhile, long-term loans amount to more than GEL 10 billion. Short-term credit holders have found it easier to meet their loan responsibilities. Accord-ingly, the volume of over-due loans amounted to GEL 174,318,000 in March, down from the GEL 176,282,000 from the previous month. As for long-term overdue loans, the volume has increased from GEL 118,487,000 to GEL 131,328,000 for Febru-ary and March, respectively.

Georgian commercial banks have issued more than GEL 5 billion of loans as of 1 March, denominated in the national currency. Over GEL 9 billion is made up by loans in a foreign currency. GEL 146,325,000 is the fi gure of overdue loans out of the total credit portfolio given out in the national currency. GEL 159,321000 is made up by overdue loans denominated in a foreign currency.

While the fi nancial re-sources of commercial banks remain highly dollarized, the recent dramatic devaluation of the national currency put big pressure on those in the population that have income in GEL and debt in a foreign currency.

Due to reducing remit-tances, tourism and export, in 2015 the Georgian Lari reached a record low against the USD; the lowest for the last decade. Over 25% devalu-ation of the national currency has been a clear signal for ex-perts that the volume of the overdue loans portfolio would increase. Meanwhile, rep-resentatives of commercial banks say that they are not facing an increase in overdue loans.

In February, the President

of National Bank of Georgia, Giorgi Kadagidze, asked com-mercial banks to introduce plans to bring relief to indi-viduals who have taken out loans in the US dollar and earn an income in the Geor-gian Lari.

Since then some of the banks have introduced re-structuring that includes the duration of the loans, with ex-tra interest rates.

“The devaluation of the Georgian Lari towards the USD that started from No-vember 2014 and reached its peak in February did not increase the overdue portfo-lio. In addition, as of January 2015, the overdue loan port-folio has slumped by 0.2% in comparison with the same pe-riod last year,” said Irakli Gi-lauri, CEO at Bank of Georgia, one of the leading Georgian banks.

Over 75% of the loan port-folio of ProCredit Bank Geor-gia is issued in a foreign cur-rency. Meanwhile, Asmus Rotne, General Director at ProCredit Bank Georgia, in February told The FINAN-CIAL that no customer had appealed to the Bank asking for the restructuring of a loan. Rotne was optimistic that the overdue loan portfolio would not increase further as a re-sult of the signifi cant devalu-ation of the Georgian Lari to-wards the USD.

As Rotne said, a conserva-tive approach to lending is the main reason why the Bank’s customers will not face dif-fi culties due to the recent dramatic devaluation of the Georgian Lari.

Lado Gurgenidze, Ex-ecutive Chairman at Liberty Bank, said that restructuring has not been part of the agen-da of the Bank. In his words, 96% of the Bank’s loans are given out in the national cur-rency and so, accordingly, currency fl uctuation has not damaged their clients.

“The absolute majority of our loans, 96%, is issued in Georgian Lari. So, it fortu-nately does not concern us. Loans in EUR and USD are almost never issued,” said Gurgenidze.

Tamar Jugheli, Research Director at PMCG Research Center, does not expect that appreciation of the USD to-wards the GEL will result in a decreased demand for loans in a foreign currency. “One thing for sure is that the apprecia-tion of the USD increases the value of credit for borrowers. According to market prin-

ciples, the increase of a prod-uct’s cost results in a decrease of demand. According to this logic, the demand for credits denominated in USD may de-crease and this will be refl ect-ed in the volume of credits in a foreign currency. However, predicting prices - whether the volume will decrease and if so, by how many percentag-es - is diffi cult. It depends on other economic factors devel-oping in the country,” Jugheli told The FINANCIAL.

“If that happens, then the issuance of loans in a foreign currency may be replaced with loans in the national currency. However, this will only happen in the event that commercial banks manage to attract appropriate resources in GEL and if the interest rates on loans in the national currency will be advisable. In 2014, the average annual interest rate on loans de-nominated in GEL was 18.2%, while in the same period the rate of loans denominated in a foreign currency was 11.9%,” said Jugheli.

“Sharp devaluation of the GEL towards the USD will fi rstly have a negative impact on borrowers who have a line of credit in a foreign cur-rency and income in the na-tional currency. It could lead to an increase in the volume of overdue loans. That will in turn increase the losses of commercial banks. If it will be compounded by a reduction of the volume of loans, it will have an additional negative impact on commercial banks. This will become clearer in time,” said Jugheli.

According to NBG, market interest rates on loans have been characterized by a grow-ing trend in 2015. Whereas in December 2014, the annual interest rate on loans was 17.5% on GEL denominated loans, in February 2015 the fi gure reached 18.5%. As for loans in a foreign currency, the interest rate stood at 10.5% in December 2014; in the two months following it reached 10.8%.

Overdue Loans on the Rise in Georgia


With a 12.0% annual in-terest rate on term deposits in

the national currency Geor-gian Liberty Bank leads the list of banks’ best offers for Georgian depositors. Prog-ress Bank has the next most attractive offer (10.25%) for depositors, followed by Bank of Georgia, VTB Bank, Basis-Bank and Halyk Bank with 9%. With 6.75% APY Bank Republic and Cartu Bank have the lowest interest rates on term deposits. Georgia has the seventh highest deposit rates worldwide.

The total volume of de-posits at Georgian commer-cial banks in the national currency amounted to GEL 4,714,507 thousand as of 1 March, 2015, NBG statis-tics revealed. The fi gure was GEL 4,586,207 thousand in the same period of previous month. The amount of depos-its in foreign currencies was GEL 8,633,673 thousand as of 1March 2015. It was GEL 8,154,442 thousand for Feb-ruary 2015.

Interest rates on depos-its have been characterized with a reducing tendency re-cently. The average interest rate on term deposits in the foreign currency was 6.6% for March 2014, while currently it amounts to 5.5%. As for the interest rate on term deposits in a national currency, savers receive on average 8.8% at the moment, while their benefi t was 9.0% in the same period of the previous year.

Progress Bank, that has the second best offer for deposi-tors in the national currency, has the most attractive offer in foreign ones. With 6.5% for USD and 6.0% for EUR de-posits the Bank has the high-

est rate. The less attractive offer on USD deposits is de-livered by Liberty Bank where the rate amounts to 4.00%. It is followed by Cartu Bank, ProCredit Bank Silk Road Bank (BTA Bank) and Bank Republic offering just 4.75% for savers. With an annual 3% on EUR deposits Liberty Bank leads the list of lowest rates in the European currency.

Liberty Bank Georgia of-fers term deposits with 12% APY in the national curren-cy; Progress Bank – 10.25%; Bank of Georgia - 9%; TBC Bank – 8.50%; BasisBank – 9%; VTB Bank Georgia– 9%;

KSB Bank - 9%, Bank of Georgia, BasisBank and Halyk Bank also offer 9%; ProCredit Bank 7.5%; Bank Republic, SocGen Group and Cartu Bank - 6.75%.

According to deposits.org, providing the International Deposit Rates Exchange (IDRE) globally, Georgia has the seventh highest deposit rates worldwide. With 29% Belarus leads the list of most attractive deposit interest rates worldwide. It is followed by Argentina, which offers 24.95%. Against the back-ground of ongoing economic recession Ukraine offers 24% for depositors. APY in Iran is 22%; in Mongolia it is 15.1%; Uganda- 13%.

Georgia’s neighbour Tur-key delivers 9.50% to its de-positors. In Russia the rate is 9.20% and in Armenia – 9%. The lowest rate has been shown at Liechtenstein Czech banks, measuring 0.05% and 0.10% respectively.

Contrary to its less attrac-tive deposit rate, KSB Bank has the best offer for con-sumer loans. With an an-nual 13.5%, the Bank leads the list of the best options for lenders. It is followed by Progress Bank with 14.0%; BasisBank – 14.09%; Halyk Bank - 14.1%; Bank of Georgia – 14.41%; ProCredit Bank –

15%; TBC Bank – 15.1%; VTB Bank Georgia – 15.4%; Bank Republic, SocGen Group – 15.58% and Liberty Bank – 16%.

According to NBG, the credit portfolio of Georgian banks has made up GEL 13,902,215,000 as of March of the current year. The num-ber is only 4% more than in the previous month. The vol-ume of overdue loans of com-mercial banks totalled GEL 305,646,000 as of 1 March, 2015. The number has grown from the GEL 294,768,000 from February 2015, showing a 14% increase.

Georgian commercial banks have issued more than GEL 5 billion of loans as of 1 March, denominated in the national currency. Over GEL 9 billion is made up by loans in a foreign currency. GEL 146,325,000 is the fi gure of overdue loans out of the total credit portfolio given out in the national currency. GEL 159,321000 is made up by overdue loans denominated in a foreign currency.

Contrary to deposit interest rates, market interest rates on loans have been charac-terized by a growing trend in 2015. Whereas in December 2014, the annual interest rate on loans was 17.5% on GEL denominated loans, in Febru-ary 2015 the fi gure reached 18.5%. As for loans in a for-eign currency, the interest rate stood at 10.5% in Decem-ber 2014; in the two months following it reached 10.8%.

Liberty Banks has the Best Offer for Georgian Depositors

Name of the Bank APY in GEL APY in USD APY in EURLiberty Bank 12.00% 4.00% 3.00%

Progress Bank 10.25% 6.50% 6.00%Bank of Georgia 9.00% 5.00% 5.00%

VTB Bank Georgia 9.00% 5.00% 5.00%BasisBank 9.00% 5.00% 4.50%Halyk Bank 9.00% 5.00% 4.00%KSB Bank 9.00% 5.00% 4.50%TBC Bank 8.50% 5.00% 4.00%

Silk Road Bank (BTA) 7.50% 4.75% 4.75%ProCredit Bank 7.50% 4.75% 4.00%Bank Republic 6.75% 4.75% 4.75%

Cartu Bank 6.75% 4.75% 4.75%



Losing our religion? Two thirds of people still claim to be religious

MERAB PACHULIAGORBI

GEORGIANS MOST RELIGIOUS AMONG EASTERN ORTHODOX PEERS

GORBI is the only member of WIN/Gallup International Association in Georgia. While this certainly provides advan-tages to my fi rm, it more im-portantly exposes readers of The Financial to unique data representing opinions from across planet Earth. This week my fellow Christians and I are celebrating Easter, and I am using this column to focus on religious beliefs globally and specifi cally in countries where Eastern Or-thodoxy is the dominate faith.

63,898 people from 65 countries across the globe were asked the following question: “Irrespective of whether you attend a place of worship or not [what] would you say you are?”

63% OF PEOPLE POLLED SAY THEY ARE RELIGIOUS

China is the least religious country with twice the amount of convinced atheists than any other nation (61%) followed by Hong Kong (34%), Japan (31%), Czech Republic (30%), and Spain (20%).

Thailand is the most reli-gious country (94%), followed by Armenia (93%), Bangla-desh (93%), Georgia (93%), and Morocco (93%).

New research this Easter

shows that worldwide six out of ten (63%) citizens say they are religious, while one in fi ve (22%) say they are not and one in ten (11%) consid-ers themselves as convinced atheists.

In Africa and the Middle East more than 8 out of 10 people (86% and 82%, re-spectively) portray them-selves as religious while 7 out of 10 say so in Eastern Europe and America (71% and 66% respectively) and 6 out of 10 (62%) in Asia say they are.

Western Europe and Ocea-nia are where opinions are most polarized between those who think of themselves as religious or not with around 4 out of 10 respondents (43% who say they are religious and 37% who say they are not in W. Europe and 44% versus 37% respectively in Oceania)

choosing one of these two op-tions. It is also, in these two regions and in Asia where the largest number of atheists are found - slightly over 1 out of 10 in each region (Western Europe: 14%; Asia 14%; Ocea-nia 12%).

THE MOST RELIGIOUS

The research discovered that the most religious regions are Africa and MENA (Middle East and North Africa) where 86% and 82% respectively of the people consider them-selves to be religious. Mean-while the most religious of the countries surveyed is Thai-land with 94% saying that they are religious and just 2% describing themselves as either not religious or con-

vinced atheists. Thailand is followed by Armenia (93%), Bangladesh (93%), Geor-gia (93%), Morocco (93%), Fiji (92%) and South Africa (91%). Just 30% of the citi-zens of the UK however con-sider themselves as religious and70% of Russians and 56% of Americans describe them-selves in the same way.

LEAST RELIGIOUSWestern Europe (51%) and

Oceania (49%) are the only regions where approximately half of the population is either not religious or convinced atheists. The least religious country was found to be China where 61% of people claim to be convinced athe-ists, approximately twice as many as any other country

and 29% say that they are not religious compared to just 7% who are religious. The num-ber of people claiming to be atheists was next highest in Hong Kong and Japan follow-ing China with 34% and 31% respectively claiming to be so. The Swedish prove to be the least religious in the Western World with 78% saying they are either not religious or con-vinced atheists.

In Israel, 65% of those asked said that they are either not religious or convinced atheists compared to just 30% who say that they are religious. Meanwhile in the Palestinian Territories (West Bank and Gaza) the popula-tion is considerably more re-ligious with 75% saying that they are religious compared to 18% who say that they are not religious.

GLOBAL DEMOGRAPHICS OF RELIGION

The relationship between gender, age, income, educa-tion and people´s religios-ity reveals interesting trends. Younger people (those un-der 34) tend to be more reli-gious (about 66% as against about 60% for the other age groups). Those without what is considered an education are the most religious (80%) but religious people are a ma-jority in all educational levels.

Income appears to exert a greater infl uence – among those with a medium high and high income, where less than 50% say they are religious, against 70% of those with low, medium low and medium in-come. Likewise, the number

of convinced atheists is as high as 22% and 25% among people with medium high and high income but only 6% and 5% among people with low and medium low income.

Jean-Marc Leger, Pres-ident of WIN/Gallup In-ternational Association, said: “Religion continues to dominate our everyday lives and we see that the total num-ber of people who consider themselves to be religious is actually relatively high. Furthermore, with the trend of an increasingly religious youth globally, we can assume that the number of people who consider themselves re-ligious will only continue to increase.”

As for the level of religious-ness among Eastern Orthodox countries, Georgia is the clear “leader” with absolute majori-ty of people (93%) saying that “I am a religious person.” This is followed by Macedonia and Romania with 88% and 77% respectively. More than half of the respondents in other “Orthodox” countries also say that they are religious irre-spective of what religiousness means to them.

Disclaimer: Gallup International Association or its members

are not related to Gallup Inc., headquartered in Washington

D.C which is no longer a member of Gallup International

Association. Gallup International Association does not accept

responsibility for opinion polling other than its own. We require

that our surveys be credited fully as Gallup International

(not Gallup or Gallup Poll). For further details see website:

www.wingia.com

Chart 1: Religiousness in countries where Eastern Orthodoxy is the largest single religious faith. Figures are given in percentages, answers are based on responses to “I am a religious person.”

Source: WIN/Gallup End of Year Survey

The FINANCIAL -- Those who live within walking distance of their workplace have a simple way to im-prove their wellbeing, their world and their wallet.

The comparative ben-efi ts of commuting on foot – or bike – instead of by car seem self-evident. But for those who still need con-vincing the results of an 18-year study of 18,000 British commuters, published last September, were irrefutably clear. People who stopped driving and started walking or cycling to work, it said, both improved their physi-cal health and “were under less strain and better able to concentrate.”

RealtyTrac, the nation’s one of the leading sources for comprehensive housing data, has just released a re-port on American communi-ties where carless commut-ing is most common. Based on data from the 2012 U.S. Census, it shows the 50 zip codes, of at least 500 resi-dents, where walking is the chosen way to work.

The communities on the list include the nation’s Cap-itol, two military bases and several college towns. The highest-ranking area with the greatest population, at number 14, is University Park, Pennsylvania, home of Penn State University, ac-cording to RealtyTrac.

Communities Where Commuting Gets the Boot

The FINANCIAL

Regulatory ap-proaches and at-titudes towards data privacy are f u n d a m e n t a l l y

different in the world’s three largest markets, according to a report co-authored by DLA Piper and the Boston Consult-ing Group. As a result, exploit-ing personal data may expose businesses to underestimated legal and reputational risks.

Data privacy in the US is strongly infl uenced by sector regulation, such as health, telecommunications or fi nan-cial services; China’s laws fo-cus on consumer protection and trade secrets; and the EU takes a holistic approach to data privacy.

However, while there is a di-vide in legal approaches across the globe, over 75% of respon-dents of a recent BCG poll of 10,000 consumers in 20 coun-tries, consider the privacy of personal data is a priority is-sue - an attitude also shared across all age groups, refuting the conventional wisdom that younger generations are un-concerned with how their per-sonal information is used.

The poll confi rmed that trust is the key factor that determines the opportunities companies can reasonably pursue, as consumers become increasingly aware of their personal data in response to media coverage of data breaches and personal data surveillance.

The economic impact of consumer trust is consider-able, and a business with the ability to build on such con-fi dence can expand the data it can access and use tenfold. Without such confi dence, the billions of Euros in future eco-

nomic and social value that big data represents might be lost.

The poll also found that while almost 90% of respon-dents considered financial data and data regarding payment cards private, half of those polled were less sensitive about the privacy of their location, internet usage, email, purchasing history, and use of social networks. Additionally, in-formation such as one’s fam-ily name, age, gender, hob-bies and brand preferences is not considered private by

the vast majority of respon-dents.

More than half of the re-spondents surveyed also ac-cepted the use of their per-sonal data by companies, provided that they are confi -dent no harmful consequenc-es will ensue. This sentiment was shared by 66% of French respondents; 57% of German respondents, and 53% of US respondents.

Against those shared atti-tudes come legal approaches to data protection and privacy that are at odds in numerous ways. The US adopts a sector approach with no single pri-vacy regulator. The EU has a transversal approach with a standard set of principles on the processing of personal data across all 28 member states in line with the 1995 Data Protection Directive, which is soon to be revised by the forthcoming EU Data Pro-tection Regulation.

The Asia-Pacifi c region is adopting privacy laws mod-elled on those in the EU, with countries such as Australia strengthening their laws. Oth-er countries, such as China, have focused on protecting consumer data and do not have broadly applicable laws.

Earning Consumer Trust in Big Data: a European perspective



Advertiser: Grant Thornton. Contact FINANCIAL Ad Dep at marketing@fi nchannel.com


13 APRIL, 2015 | FINCHANNEL.COM

MOSTLY TRUE

Zurab Chilingarashvili:

Parliamentary Minority MPParliamentary Minority MP

“The population of the Javakheti region has had problems since the visa regulations were imposed.”

CONCLUSIONThe aforementioned regulations have caused considerable problems for the Samtskhe-The aforementioned regulations have caused considerable problems for the Samtskhe-Javakheti region where the majority of the population possesses passports of either Armenia or Javakheti region where the majority of the population possesses passports of either Armenia or the Russian Federation. the Russian Federation. Based upon these facts, Based upon these facts, FactCheckFactCheck concludes that Zurab Chilingarashvili’s statement is concludes that Zurab Chilingarashvili’s statement is MOSTLY TRUE.MOSTLY TRUE.

The views expressed in this website are those of FactCheck.ge and do not refl ect the views of The FINANCIAL or the supporting organisations

FactCheckFactCheck

Tariel KIPSHIDZEFactCheck

On 4 February n 4 February 2015, the Parlia-2015, the Parlia-mentary Minor-mentary Minor-ity MP, Zurab ity MP, Zurab Chilingarashvili, Chilingarashvili,

stated: “The Javakheti region stated: “The Javakheti region has been in a diffi cult situ-has been in a diffi cult situ-ation since the visa regula-ation since the visa regula-tions were imposed. There are tions were imposed. There are mixed families there. Some mixed families there. Some have Armenian passports, have Armenian passports, some have Russian passports some have Russian passports and they are, in fact, required and they are, in fact, required to cross the border every three to cross the border every three months to get a new residence months to get a new residence permit and then come back.”permit and then come back.”

FactCheckFactCheck took interest in took interest in the MP’s statement and veri-the MP’s statement and veri-fi ed its accuracy. fi ed its accuracy.

The new The new LawLaw of Georgia on of Georgia on the Legal Status of Aliens and the Legal Status of Aliens and Stateless Persons was enacted Stateless Persons was enacted on 1 September 2014. Accord-on 1 September 2014. Accord-ing to the Law, the period al-ing to the Law, the period al-lowing residence in Georgia lowing residence in Georgia without a visa was decreased without a visa was decreased from 360 days to 90 days from 360 days to 90 days (with a 180-day interval). Ac-(with a 180-day interval). Ac-cording to the new Law, visas cording to the new Law, visas are no longer issued by the are no longer issued by the Public Service Development Public Service Development Agency of the Ministry of Jus-Agency of the Ministry of Jus-tice of Georgia. Instead, visas tice of Georgia. Instead, visas are issued by diplomatic rep-are issued by diplomatic rep-resentations or consulates of resentations or consulates of Georgia abroad. A foreigner Georgia abroad. A foreigner who wants to travel to Geor-who wants to travel to Geor-gia has to address the nearest gia has to address the nearest diplomatic representation or diplomatic representation or consulate of Georgia if there consulate of Georgia if there is no such facility in his home is no such facility in his home country. The Law also abol-country. The Law also abol-ished the practice of issuing ished the practice of issuing visas on the state border of visas on the state border of Georgia (except in special Georgia (except in special cases). cases).

Further, the changes im-Further, the changes im-posed by the new Law of posed by the new Law of Georgia on the Legal Status of Georgia on the Legal Status of Aliens and Stateless Persons Aliens and Stateless Persons requires an individual per-requires an individual per-manently residing on Geor-manently residing on Geor-gian territory and involved in gian territory and involved in various types of work-related various types of work-related activities and with a fam-activities and with a fam-ily to undergo the following ily to undergo the following procedures in order to gain a procedures in order to gain a residence permit: return to residence permit: return to the country whose passport the country whose passport he possesses, apply for an ap-he possesses, apply for an ap-

propriate visa at a diplomatic representation or consulate of Georgia therein andthen await the answer (which could take up to 30 days). In the take up to 30 days). In the case when the visa is issued, case when the visa is issued, the individual must then re-the individual must then re-turn to Georgia and apply for turn to Georgia and apply for a residence permit. a residence permit.

The aforementioned regu-The aforementioned regu-lations have complicated the lations have complicated the possibilities of entrance and possibilities of entrance and residence for both visitors residence for both visitors and foreign citizens residing and foreign citizens residing in Georgia. On 16 November in Georgia. On 16 November 2014, the Parliament of Geor-2014, the Parliament of Geor-gia made further amendments gia made further amendments to the Law of Georgia on the to the Law of Georgia on the Legal Status of Aliens and Legal Status of Aliens and Stateless Persons, attempting Stateless Persons, attempting to alleviate the strict regula-to alleviate the strict regula-tions. It was decided that:tions. It was decided that:

The Georgian immigra-The Georgian immigra-tion visa can be issued by the tion visa can be issued by the Ministry of Foreign Affairs of Ministry of Foreign Affairs of Georgia to foreigners legally Georgia to foreigners legally inside Georgia. For this pur-inside Georgia. For this pur-pose, the foreigner must ap-pose, the foreigner must ap-ply to the Ministry of Foreign ply to the Ministry of Foreign Affairs of Georgia not later Affairs of Georgia not later than 45 days prior to the ex-than 45 days prior to the ex-piration of his legal basis en-piration of his legal basis en-abling residence in Georgia. abling residence in Georgia.

A temporary preferential A temporary preferential regime was established for regime was established for gaining a residence permit gaining a residence permit for a certain category of for-for a certain category of for-eigners residing in Georgia; eigners residing in Georgia; namely, foreigners who were namely, foreigners who were issued a residence permit issued a residence permit before the enactment of the before the enactment of the amendments or those enter-amendments or those enter-ing Georgia after the enact-ing Georgia after the enact-ment are free from the obliga-ment are free from the obliga-tion of presenting a document tion of presenting a document proving the legal basis of their proving the legal basis of their visit to Georgia until 1 March visit to Georgia until 1 March 2015. 2015.

Foreigners who entered Foreigners who entered Georgia before 17 March 2014 Georgia before 17 March 2014 and resided in Georgia at the and resided in Georgia at the moment of the enactment of moment of the enactment of the amendments are allowed the amendments are allowed to obtain an immigration visa to obtain an immigration visa in Georgia before 1 March in Georgia before 1 March 2015 after the expiration 2015 after the expiration of the period of their legal of the period of their legal residence except in the cases residence except in the cases when they were refused a resi-when they were refused a resi-dence permit.dence permit.

As we can see, the changes As we can see, the changes provide for the possibility for provide for the possibility for certain foreigners to obtain certain foreigners to obtain their immigration visas at their immigration visas at

the Ministry of Foreign Af-the Ministry of Foreign Af-fairs of Georgia and are not fairs of Georgia and are not required to leave the country. required to leave the country. However, these changes were However, these changes were only enacted on 14 Novem-only enacted on 14 Novem-ber 2014 which means that a ber 2014 which means that a large number of foreign na-large number of foreign na-tionals were required to leave tionals were required to leave the country in the period from the country in the period from 1 September 2014 to 14 No-1 September 2014 to 14 No-vember 2014. In addition, a vember 2014. In addition, a part of the amendments listed part of the amendments listed above was in effect until 1 above was in effect until 1 March 2015 only. March 2015 only.

In his statement, the MP In his statement, the MP focuses upon the Samtskhe-focuses upon the Samtskhe-Javakheti region, specifi cally. Javakheti region, specifi cally. There are no separate statis-There are no separate statis-tical data about the impact tical data about the impact of the aforementioned legis-of the aforementioned legis-lative changes upon this re-lative changes upon this re-gion. In order to obtain more gion. In order to obtain more detailed information about detailed information about this issue, this issue, FactCheckFactCheck inter- inter-viewed the Representative of viewed the Representative of the Public Defender of Geor-the Public Defender of Geor-gia in Samtskhe-Javakheti, gia in Samtskhe-Javakheti, Seda Melkumiani. According Seda Melkumiani. According to her, a large number of the to her, a large number of the population of the Akhalkalaki population of the Akhalkalaki Municipality has Armenian or Municipality has Armenian or Russian passports. Accord-Russian passports. Accord-ing to the new regulation, ing to the new regulation, they are required to either they are required to either leave the country or apply to leave the country or apply to appropriate structures for a appropriate structures for a residence permit or citizen-residence permit or citizen-ship. The problem therein is ship. The problem therein is that these individuals receive that these individuals receive ungrounded refusals from the ungrounded refusals from the Ministry of Justice of Georgia Ministry of Justice of Georgia concerning the permanent concerning the permanent residence permit and citizen-residence permit and citizen-ship in the majority of cases. ship in the majority of cases.

Various articles published Various articles published by open media sources also by open media sources also attest to the severity of these attest to the severity of these problems in the region. For problems in the region. For example, on 2 February 2015, example, on 2 February 2015, the Chairman of the pub-the Chairman of the pub-lic movement Multinational lic movement Multinational Georgia, Arnold Stepanian, Georgia, Arnold Stepanian, stated in his interview that af-stated in his interview that af-ter the imposition of the new ter the imposition of the new regulations citizens of Arme-regulations citizens of Arme-nia and Russia, residing in nia and Russia, residing in Samtskhe-Javakheti, have no Samtskhe-Javakheti, have no legal right to stay in Georgia legal right to stay in Georgia longer than 90 days. After the longer than 90 days. After the expiration of this period, they expiration of this period, they are forced to leave Georgia are forced to leave Georgia and live away from their fami-and live away from their fami-lies in another country for a lies in another country for a 90-day period. 90-day period.

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Q. Who are the main investors in green indus-try? Who can be in Geor-gia?

UNIDO is only working in Georgia on greening of exist-ing industries, which requires investments by manufactur-ing industries themselves. Such investments are normal-ly cost-effective and manufac-turers therefore can consider different sources of fi nance, including their retained prof-its, operational budgets and/or loans. In selected cases enterprises can make use of preferential loan schemes for

energy and environmental innovations. In Georgia such fi nancial instruments are al-ready available on a smaller scale through amongst others ProCredit Bank and European Bank for Reconstruction and Development.

Q. What are the dead-lines for green industry transformation?

There are as of yet no in-ternational fi rm deadlines for green industry transfor-mation, yet some indicative targets might result later this year with the confi rmation of the Sustainable Devel-opment Goals at the global level. Yet economic growth needs to be drastically de-

coupled from increased use of natural resources and pol-lution of the environment, to achieve amongst others zero greenhouse gas emissions by the end of the century, which in turn is necessary to limit global warming to within the internationally agreed limit of 2 degrees. There is para-mount evidence that early action to improve resource effi ciency is most cost-effec-tive for achieving the long term targets, and taking into consideration that resource effi ciency typically pays off, immediate action on resource effi ciency is warranted to start green industry transfor-mation.

Building Green Business in GeorgiaContinued from p. 7

The FINANCIAL

In February 2015, com-n February 2015, com-pared with January pared with January 2015, industrial produc-2015, industrial produc-er prices1 rose by 0.5% er prices1 rose by 0.5% in the euro area (EA19) in the euro area (EA19)

and by 0.6% in the EU28, ac-and by 0.6% in the EU28, ac-cording to estimates from Eu-cording to estimates from Eu-rostat, the statistical offi ce of rostat, the statistical offi ce of the European Union. In Janu-the European Union. In Janu-ary 20153 prices fell by 1.1% in ary 20153 prices fell by 1.1% in in the euro area and by 1.3% in the euro area and by 1.3% in the EU28.in the EU28.

In February 2015, com-In February 2015, com-pared with February 2014, pared with February 2014, industrial producer prices industrial producer prices decreased by 2.8% in the euro decreased by 2.8% in the euro area and by 3.4% in the EU28.area and by 3.4% in the EU28.

The 0.5% increase in in-The 0.5% increase in in-dustrial producer prices in dustrial producer prices in total industry in the euro area total industry in the euro area in February 2015, compared in February 2015, compared with January 2015, is due to with January 2015, is due to rises of 2.0% in the energy rises of 2.0% in the energy sector and of 0.1% for both sector and of 0.1% for both durable and non-durable con-durable and non-durable con-sumer goods. sumer goods.

Prices remained stable Prices remained stable

for capital goods, while they for capital goods, while they fell by 0.2% for intermediate fell by 0.2% for intermediate goods. goods.

Prices in total industry ex-Prices in total industry ex-cluding energy decreased by cluding energy decreased by 0.1%.0.1%.

In the EU28, the 0.6% in-In the EU28, the 0.6% in-crease is due to rises of 2.5% in crease is due to rises of 2.5% in the energy sector and of 0.1% the energy sector and of 0.1% for both durable and non- du-for both durable and non- du-rable consumer goods. Prices rable consumer goods. Prices remained stable for capital remained stable for capital goods, while they fell by 0.2% goods, while they fell by 0.2% for intermediate goods. Prices for intermediate goods. Prices in total industry excluding en-in total industry excluding en-ergy decreased by 0.1%.ergy decreased by 0.1%.

The highest increases in in-The highest increases in in-dustrial producer prices were dustrial producer prices were observed in Greece (+3.5%), observed in Greece (+3.5%), the Netherlands (+2.3%) and the Netherlands (+2.3%) and Denmark (+1.7%), and the Denmark (+1.7%), and the largest decreases in Slovakia largest decreases in Slovakia (-2.2%), Estonia (-1.8%) and (-2.2%), Estonia (-1.8%) and Ireland (-0.8%).Ireland (-0.8%).

The 2.8% decrease in in-The 2.8% decrease in in-dustrial producer prices in dustrial producer prices in total industry in the euro total industry in the euro area in February 2015, com-area in February 2015, com-pared with February 2014, is pared with February 2014, is due to falls of 8.1% in the en-due to falls of 8.1% in the en-

ergy sector, of 1.8% for inter-ergy sector, of 1.8% for inter-mediate goods and of 0.9% mediate goods and of 0.9% for non- durable consumer for non- durable consumer goods, while prices rose by goods, while prices rose by 0.7% for capital goods and by 0.7% for capital goods and by 1.0% for durable consumer 1.0% for durable consumer goods. Prices in total indus-goods. Prices in total indus-try excluding energy fell by try excluding energy fell by 0.8%.0.8%.

In the EU28, the 3.4% de-In the EU28, the 3.4% de-crease is due to falls of 11.5% crease is due to falls of 11.5% in the energy sector, of 1.6% in the energy sector, of 1.6% for intermediate goods and for intermediate goods and of 1.1% for non-durable con-of 1.1% for non-durable con-sumer goods, while prices sumer goods, while prices rose by 0.8% for both capital rose by 0.8% for both capital goods and durable consumer goods and durable consumer goods. Prices in total industry goods. Prices in total industry excluding energy fell by 0.7%.excluding energy fell by 0.7%.

Industrial producer prices Industrial producer prices fell in all Member States, ex-fell in all Member States, ex-cept in Luxembourg (+0.7%) cept in Luxembourg (+0.7%) and in Latvia where prices and in Latvia where prices remained stable. The largest remained stable. The largest decreases were observed in decreases were observed in Lithuania (-9.2%), the Neth-Lithuania (-9.2%), the Neth-erlands (-8.3%), the United erlands (-8.3%), the United Kingdom (-8.2%), Belgium Kingdom (-8.2%), Belgium (-6.8%), Ireland (-6.0%) and (-6.8%), Ireland (-6.0%) and Denmark (-5.8%).Denmark (-5.8%).

Industrial Producer Prices Industrial Producer Prices up by 0.5% in Euro Areaup by 0.5% in Euro Area

price increases that occurred between the end of2011 and the beginning of 2013. Appar-ently, fuel retailers smoothen external price changes in both directions. Hence, this data does not suggest that there is collusion going on, though of course, in a more serious anal-ysis one would apply sophisti-cated econometric techniques to fi nd out whether price in-creases and price declines are transmitted equally quickly.

CONCLUSIONOn the one hand, these mat-

ters are so complicated and require so much expertise, and on the other hand wrong decisions can have long-last-ing negative effects on the regulated sectors of the econ-omy. Therefore, one might ar-gue that a small country like Georgia should do without its own competition policy, just open its borders for imports and rely on the forces of free markets. If prices were con-siderably higher in Georgia then in the rest of the world,

wouldn’t new companies en-ter the Georgian market im-porting the overpriced com-modity?

The “small country argu-ment”, however, goes in both directions. Because by inter-national standards, Georgia is such a small market, even if prices are higher here than elsewhere, it would not nec-essary be profi table to start selling in Georgia. Take the example of salt (a commodity that played a role in the origi-nal decision to remove the competition authority). If salt was, say, 10% more expensive in Georgia than elsewhere, and this price difference was caused by a lack of compe-tition among Georgian salt producers and importers, the revenue potential of selling salt in Georgia 10% cheaper may simply be negligible, so that no new salt sellers are at-tracted to enter the market.

As we illustrated, there are huge complexities that have to be tackled if one wants to show that the level of com-petition in a country is insuf-fi cient or that there is outright collusion between sellers. Even the most experienced competition agencies in fully

developed countries, doing this job for many decades, often cannot provide conclu-sive evidence that companies illegally restrain competition. Expensive court cases, span-ning over many years and increasing uncertainty and worsening the investment climate throughout all of this time, are typical results of interventions on part of the competition authorities.

Georgia’s new competi-tion authority is well-advised to make decisions whether or not to become active in a highly conservative manner. There is a certain pressure on a newly founded institution to show its visibility by be-ing proactive. Hopefully, the Georgian competition author-ity will resist this seduction.

The Complexities Facing the Competition AuthorityContinued from p. 2


FINCHANNEL.COM | 13 APRIL, 2015

MOSTLY TRUE

The views expressed in this website are those of FactCheck.ge and do not refl ect the views of The FINANCIAL or the supporting organisations

Nodar CHACHANIDZEFactCheckFactCheck

On 12 December 2014, the so-called President of Occu-pied Abkhazia, Raul Khajimba, stated:

“Up until now, we do not know whether or not we actually get that 40% of electricity which belongs to us according to the 60/40percentage distribution scheme. We have to know pre-cisely whether or not we are able to function under these conditions. The President, as the head of the executive gov-ernment, together with the whole executive government itself has to elaborate respective measures to regulate the Inguri HPP ownership issue. Every-thing which is on the territory of Abkhazia should belong to the people of Abkhazia.”

The Minister of Energy and Natural Resources of Georgia, Kakha Kaladze, responded to that statement, saying: “There were cases when we encoun-tered some problems in the dis-tribution of electricity through the Inguri HPP and we had to purchase electricity from the Russian Federation which was very expensive. We supplied Abkhazia with Russian electric-ity to make sure that Abkhazia was not completely in darkness and, probably, we will do that in the future as well.”

FactCheck took interest in Kakha Kaladze’s statement and verifi ed its accuracy.

The Inguri HPP is the largest hydro power plant in Georgia. It

was constructed between 1961 and 1978. It represents a com-plex of HPPs which includes the Inguri HPP proper and the Vardnili HPP. The Inguri dam is located in the district of Tsalenjikha in the vicinity of Daba Jvari whilst the power plant is located on the territory of the village of Saiberio which is in the occupied territory.

The Inguri HPP’s projected capacity reaches 4.5 billion kWh annually although due to hydrological conditions, its maximum capacity is, in fact, 4 billion kWh annually. The Inguri HPP produces 40%-45% of the total electricity generated in Georgia. Georgia’s total elec-tricity consumption equals 8 billion kWh annually. After the Inguri HPP’s generated elec-tricity is distributed according to the aforementioned 60/40 percentage ratio, the amount of electricity supplied to the rest of Georgia constitutes 25%-30% of its annual electricity con-sumption.

The President of Georgia’s National Academy of Energy, Revaz Arveladze, stated: “The machinery comprising the In-guri HPP is located in the vil-lage of Saiberio which is in the occupied territory of Abkhazia. Part of the electricity through the 500 kV electricity cable is being transmitted to Georgia and part of the electricity is given to the occupied territory through a 220 kV electricity cable. Approximately 15 years ago, a verbal agreement was reached to give 40% of the electricity generated by the In-guri HPP to Abkhazia and 60% to Georgia. In fact, Abkhazia

should not be getting more than 10%. Even though 35% of the machinery running the HPP is located on their side, electric-ity is being generated by water from the Inguri River which fl ows on our side.”

To obtain further informa-tion onthe frequency of the problems at the Inguri HPP, the price of electricity imported from Russia and whether or not that electricity was, in fact, delivered to Abkhazia, Fact-Check addressed the Ministry of Energy and Natural Resourc-es of Georgia. According to an offi cial letter sent to us by the Ministry, there is only one case when the Inguri HPP experi-enced any problems in distrib-uting electricity in the period of 2013 to the present day and, moreover, this was only for a couple of hours.

According to the information obtained from the Ministry of Energy and Natural Resources, the following is the amount of electricity imported by the Government of Georgia from Russia and other neighbouring countries:

According to the Ministry’s information, all of the transac-tions related to the purchase of electricity are carried out by the commercial operator of the GeorgianState Electric Sys-tem. FactCheck addressed the Georgian State Electric System in order to obtain information on electricity prices. According to the reply we received, how-ever, the price of imported elec-tricity is confi dential as request-ed by the contractor companies.

CONCLUSIONSince 2013, there has only been one case when the Inguri HPP experienced problems in distributing Since 2013, there has only been one case when the Inguri HPP experienced problems in distributing electricity. As concerns imported electricity, the bulk of it was imported from Russia both in 2013 electricity. As concerns imported electricity, the bulk of it was imported from Russia both in 2013 and 2014. According to the information of the Ministry of Energy and Natural Resources, electricity and 2014. According to the information of the Ministry of Energy and Natural Resources, electricity purchased from Russia was delivered to the population of Abkhazia in the case of necessity. purchased from Russia was delivered to the population of Abkhazia in the case of necessity. FactCheck FactCheck concludes that Kakha Kaladze’s statement is concludes that Kakha Kaladze’s statement is MOSTLY TRUEMOSTLY TRUE.

FactCheckFactCheck

Kakha Kaladze:

Deputy Prime Minister of Georgia

“When Abkhazia had problems with electricity, we were supplying it with electricity purchased from Russia.”

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The FINANCIAL

FedEx Corp. on April 7 said it would buy Dutch parcel-deliv-ery fi rm TNT Ex-press NV for about

EUR4.4 billion ($4.8 billion) to expand in Europe.

The deal comes two years after a takeover of TNT by U.S. rival United Parcel Ser-vice Inc. for nearly $7 billion fell apart because of antitrust issues, and as the Dutch com-pany struggles to compete with larger rivals, including FedEx.

FedEx and TNT said the all-cash deal had been approved by the Dutch company’s board and that the EUR8 a share offer price represents a premium of 33% over TNT’s share price on April 2, accord-ing to Nasdaq.

The companies said the combination would trans-form FedEx’s European capa-bilities and accelerate global growth. They also said there was a “high level of deal cer-tainty” and that any antitrust concerns “can be addressed

adequately in a timely fash-ion,” without elaborating.

European Union competi-tion regulators blocked the proposed merger between UPS and TNT in 2013 saying the transaction would restrict competition in 15 EU coun-tries. Concessions offered by UPS, including asset sales, were deemed inadequate at the time.

Ever since the deal with UPS fell apart, TNT has strug-gled to fi nd a new stand-alone strategy as it was confronted with sluggish growth and op-erational setbacks. The com-pany in September issued a

profi t warning blaming the weak European economy.

FedEx Chairman and CEO Frederick Smith said the deal would allow the U.S. company to “quickly broaden our port-folio of international trans-portation solutions to take advantage of market trends--especially the continuing growth of global e-commerce.

TNT Chief Executive Tex Gunning said the Dutch compa-ny didn’t solicit the deal but that FedEx’s offer was “good news.”

Dutch mail company PostNL NV, which has a 14.7% stake in TNT, said it supports the offer.

FedEx to Buy TNT Express for $4.8 Billion Featured

The FINANCIL

But productivity re-mains key to escap-ing the clutches of the fi nancial crisis, says PwC report

Almost seven years on from the global fi nancial crisis and a broad based global rebound remains elusive. But one of the most damning and tangi-ble metrics of the crisis – the huge upturn in unemploy-ment in the G7 – is moving decisively in the right direc-tion in most economies.

In simple terms, and at an aggregate level, there are more jobs in the G7 and E7 now than there were before the crisis. There are now around 4.5 million more jobs, in net terms, across the G7 than there were at the end of 2007. This fi gure takes into account the overall number of jobs created and lost during the period.

Canada has led the way with the biggest percentage increase in employment, as its economy was the fi rst of the G7 to regain its pre-crisis GDP level. And in absolute terms, Germany and the US have created over 4 million jobs between them. The fi -nancial crisis didn’t have the same impact on the labour market in the E7, as around 90 million jobs have been cre-ated over the same period.

But in the last year the pace of job creation has deceler-ated in some of these econo-mies. For example, in the past year the economies of Mexico, Turkey and Brazil combined created around 300,000 jobs, compared to around 2.7 mil-lion a year on average be-tween 2007 Q4 and 2013 Q4.

And when it comes to job creation, a key factor is the type of jobs created. In the US and across Europe the trend

has been rising part-time em-ployment, with part-time job creation outperforming full-time employment gains in most of the economies in the sample.

Only the UK and Germany have posted growth in both full- and part-time employ-ment. And full-time employ-ment has fallen in the other Eurozone economies. Says PwC senior economist Rich-ard Boxshall: “These fi ndings suggest that the next phase of the labour market recovery will be to increase the number of full-time workers, which will support faster economic growth.”

But the number of jobs created is only one measure of economic performance. Another important measure is labour productivity. Says Richard Boxshall: “To truly escape the clutches of the fi -nancial crisis, now is the time to put productivity growth at the top of the political and business agenda.”

The economists used GDP per hour worked to measure productivity in the G7; but used GDP per person em-ployed in the E7, as hourly employment data is not avail-

able for each economy. The analysis shows:

Amongst the G7, Canada and Germany have managed to combine high employment growth with a strong increase in labour productivity. This is in contrast to other high-performing economies like the US, where productivity growth has outperformed em-ployment, and the UK where the reverse is true.

One way to offset China’s shrinking workforce is to move workers from low-cost manufacturing into higher-skilled occupations. PwC’s analysis shows this process is already underway, with productivity in China around 60% higher than in 2008. This implies China has moved up the value chain.

Amongst the E7, Mexico and Turkey have witnessed the biggest percentage increase in employment, due to increases in the labour force. In the long-term, these economies will be-come more reliant on produc-tivity rises to fuel economic growth. The star emerging market performers in terms of combining high employment and productivity growth are India and Indonesia.

The G7 Have Created 4.5 Million Jobs Since Before the Crisis

Import From Russia From Azerbaijan From Armenia In Total (million kwt/h)2013 460.547 23.560 0.001 484.1082014 607.0 184.2 2.1 793.3



Weekly Market Watch

Investments (or any short-term transactions) in emerging markets involve signifi cant risk and volatility and may not be suitable for everyone. The readers of this document must make their own investment decisions as they believe appropriate based on their specifi c objectives and fi nancial situation. When doing so, such recipients should be sure to make their own assessment of the risks inherent in emerging market investments, including potential political and economic instability, other political risks including without limitation changes to laws and tariffs, and nationalization of assets, and currency exchange risk.

GALT & TAGGARTAddress: 79 D. Agmashenebeli Avenue, Tbilisi 0102, GeorgiaTel: + (995) 32 2401 111Email: [email protected]

WEEKLY MARKET WATCH EXCLUSIVELY PROVIDED TO THE FINANCIAL BY GALT & TAGGART

ECONOMYGross international reserves stood at US$ 2.5bn end-March 2015

Gross international reserves stood at US$ 2.5bn (-0.7% m/m) and net foreign assets

of NBG stood at US$ 2.2bn (-0.4% m/m) as of end-March 2015, according to NBG. The decrease in reserves was attributed to FX in-terventions as NBG sold US$ 40mn (1.6% of total) on 19 March, 2015. However, gross reserves decreased by just US$ 16.6mn due to a surplus from government FX operations (partly offsetting the decrease due to interven-tions).

FIXED INCOME

Corporate Eurobonds: Bank of Georgia Eurobonds (GEBGG) closed at 5.6% yield, trading at 104.5 (up 0.9% w/w). GOGC Eurobonds (GEOROG) were trading at 101.4 (up 0.1% w/w), yielding 6.1%. Georgian Railway Euro-bonds (GRAIL) also traded at a premium at 108.6 (up 0.3% w/w) yielding 6.3%.

Georgian Sovereign Eu-robonds (GEORG) went up to 111.3 (up 0.5% w/w), closing at 4.7% yield to maturity.

Source: Bloomberg

Source: Bloomberg

EQUITIESBank of Georgia Holdings

(BGEO LN) shares closed at GBP 19.10/share (+5.99% w/w and +3.58% m/m). More than 360k shares traded in the range of GBP 17.98 – 19.17 /share. Average daily traded volume was 94k in the last 4 weeks, same as in the previous month. FTSE 250 index, of which BOGH is a constituent, has gained 3.51% w/w and 5.63% m/m. The vol-ume of BOGH shares traded was at 1.00% of its capitalization.

TBC Bank closed the week

at US$ 12.25 (+4.26% w/w and

+2.08% m/m). More than 77k GDRs changed hands in the range of US$ 10.95 – 12.25/GDR. Average daily traded volume was 80k in the

last 4 weeks, less than in the previ-ous month. The price has decreased 5.77% since the start of trading on June 5, 2014.

MONEY MARKETRefi nancing loans: National

Bank of Georgia (NBG) issued 8-day refi nancing loans of GEL 700mn (US$ 311mn) with an average yield of 4.50% (unchanged w/w).

Certifi cates of deposit: NBG sold 92-day, GEL 20mn (US$ 8.89mn) certifi cates of deposit, with an average yield of 5.00% (up by 38bps from previous issue).

Ministry of Finance Treasury Notes: 2-year, GEL 20mn (US$ 8.86mn) T-Notes of Ministry of Fi-

nance were sold at the auction held at NBG. The weighted average yield was fi xed at 7.559%. The coupon rate was 7.500%. The nearest trea-sury securities auction is scheduled for April 15, 2015, where GEL 15mn nominal value 5-year T-Notes will be sold.

Source: NBG

W E E K L Y M A R K E T W A T C H E X C L U S I V E L Y P R O V I D E D T O T H E F I N A N C I A L B Y G A L T & T A G G A R T

Source: Offi cial data, G&T Research Source: GeoStat

Source: Bloomberg

Source: NBGNote: Index growth means appreciation of exchange rate, decline means depreciation of exchange rate.

Ease of Doing Business # 15 (regional leader)

Economic Freedom Index # 22 (mostly free )

Global Competitiveness Index # 69 (improving trend)

Source: World Bank, Heritage Foundaition and World Economic ForumSource: Rating agencies

Source: NBG

Source: NBG



TBC BANKTBILISI BRANCHESTbilisi #9 Service Center in Zahesi

(Customs Terminal)

0125, 105 A, Mshvidoba St.

Vake Branch #1

0179, 41, Abashidze St.

Central Branch

0179, 11, Chavchavadze Ave.

Chavchavadze Branch #1

0179, 29/31/33, Chavchavazde Ave

Vera Branch

0179, 31, Melikishvili St.

Parliament Service Center

0118, 8, Rustaveli Ave

Mtatsminda Branch

0105, 1, Rustaveli Ave.

Rustaveli Service-Center

0108, Marriot hotel

Rustaveli Branch #1


Mtatsminda Branch #2

0105, 22, Leselidze St.

Rustaveli Branch #2


Avlabari Branch #1

0103, 2, Ketevan Tsamebuli Ave.

Varketili Branch #1

Javakheti St.

Isani Branch

0120, 67, K. Tsamebuli Ave.

Vazha-Pshavela Branch #2

0186, 73, Vazha-Pshavela Ave.

Vazha-Pshavela Branch #1

0160, 11, Vazha-Pshavela Ave

Saakadze Branch

0160, 6, Shartava St. (Saakadze Sq.)

Saburtalo Branch

0160, 12, Al. Kazbegi Ave.

Tbilisi Central Service Center

0112, Vagzali Sq. 2

Agmashenebeli Branch #1

0102, 138, Agmashenebeli Ave.

Marjanishvili Branch #2

0102, 16, Marjanishvili St.

Tamar Mepe Branch

0112, 7, Tamar Mepe Ave.

Head Offi ce & Marjanishvili Branch

0102, 7, Marjanishvili St.

Tsereteli Branch #2

0119, 73a, Tsereteli Ave.

Didube Branch

0119, 117, Tsereteli Ave.

Digomi Branch in shop («My House»)

0131, Agmashenebeli Alley, 12th km,

furniture shop «My House»

Digomi Branch in “Goodwill”

0131, 1, Parnavaz Mepe Ave. (Hypermarket

Goodwill)

Nadzaladevi Branch

0180, 109, Dadiani Ave.

Gldani Branch

0172, Mukhiani Settlement, Plot 1/6

Tbilisi Airport Service Center

0158, Tbilisi National Airport

TBILISI ATMSVazisubaniVazisubani III dstr., II Blk.Sanzona50, Guramishvili Ave. Nikora StoreVake11, Chavchavadze Ave. Vake Branch1, Tamarashvili St.Pharmacy “36.6”34, Chavchavadze Ave. Trading Center “Pixel”7, Kipshidze St. 41, Abashidze St. Vake Service Center #129, Chavchavazde Ave. TBC Bank Branch59, Paliashvili St. “Simba” Supermarket50, Chavchavadze Ave. 15, Phaliashvili St. Aversi PharmacyVera7, Kostava St. 36, Kostava St. Cinema “Amirani”8/1, Akhvlediani Ave18, Melikishvili St. 60, Barnovi St. “Fresh Market”31, Melikishvili St. TBC Bank branch Mtatsminda13, Rustaveli Ave. Hotel «Tbilisi Marriot»11, Rkinis Rigi Acura Billiard Room5, Rustaveli Ave. Rustaveli Cinema4, Freedom Square22, Leselidze St. TBC Bank branch52, Rustaveli Ave. TBC Bank branch44, Rustaveli Ave. TBC Bank branch1, Rustaveli Ave. TBC Bank branchAvlabari84, K. Tsamebuli Ave. 2, K. Tsamebuli Ave. TBC Bank branchNavtlugi2, Cholokashvili St. “36.6” PharmacyVarketili34a, Kakheti Highway 44, Javakheti St. (Varketili Metro)Varketili 3, 4th m/r. Javakheti St. TBC Bank branchIsani-Samgori39a, Moscow Ave. 169, Khmelnitski St. Supermaket“Isani” subway station 67, K.Tsamebuli Ave. TBC Bank branchSaburtalo40, Vazha Pshavela Ave. ESM Tbilisi67, Vazha Pshavela Ave. «Nikora» Shop68, Kostava St. Public Television Building22, Bakhtrioni St. 53, Saburtalo St. Nikora store12, Al. Kazbegi Ave. At Saburtalo Branch74, Kostava st. Shop “Caesar”Z. Zhvania Sq., 45, Gamsakhurdia Ave. “PSP” Pharmacy1, Nutsubidze St.52, Vazha-Pshavela Ave. Mobi Shop Riverside named after H. Aliev At Wissol gas station Turn at 4th Plateau of Nutsubidze 179, Nutsubidze St. “PSP” Pharmacy26, Kazbegi Ave. Shop “Planeta Z”Vazha-Pshavela V Blk, 4 Bld. 29, Gamsakhurdia Ave. Shop “Okaidi”6, Shartava St. 4, Gamsakhurdia Ave. 11, Vazha-Pshavela Ave TBC Bank Branch11, Mitskevichi St. Supermarket29b, Kazbegi Ave. 73, Vazha-Pshavela Ave. TBC Bank branch 11/5, Dolidze St. Supermartket “Mango”Chugureti39, Chitaia St. Aversi Pharmacy7, Marjanishvili St. Marjanishvili branch19 Tsabadze St. Trade center «Pasazhi»8, Tsabadze St. Trade center «Kidobani»4, Khetagurov St.

Humana Pharmacy16, Marjanishvili St. TBC Bank branch4, Chubinashvili St. Aversi PharmacyDidube73a, Tsereteli Ave. At #2 Didube Branch114, A. Tsereteli Ave. «Coca-Cola»117, Tsereteli Ave. At Didube Branch82, Tamar Mepe Ave. “MedService” Pharmacy1, Tsereteli Ave. Trading Center “Panda”7, Tamar Mepe Ave. TBC Bank branch138, Agmashenebeli Ave. TBC Bank branch12, Kereselidze St. “Megaline” Trading CenterDigomiDigomi District 3/2 Digomi District II BLK. Building 7 Digomi District, 3rd blk. D. Agmashenebeli Alley “Lukoil” Gas stationDidi DigomiEntrance of Didi Digomi Trade center GOODWILL12th Km, Agmashenebeli Alley. Shop “Chemi Sakhli”Nadzaladevi106, Ts. Dadiani Ave. Nadzaledevi Branch321, Ts. Dadiani Ave. Aversi Pharmacy144, Ts. Dadiani Ave. SupermarketTemkaTemka, 10th Block, BLD. 2. GldaniGldani District 1st blk. Supermarket “Bingo”Akhmeteli Metro Trading Center “Mariami”Mukhiani Settlement, Plot 1/6 TBC Bank branchMukhianiMukhiani III MKR, Dumbadze Ave., BLK.5a Mukhiani II M/R, Noneshvili St., BLk. 5 “Red A” PharmacyAvchala3, Sarajishvili St. “Alfa Express”Ortachala39, V. Gorgasali St. 28, Gorgasali St. AirportTbilisi International Airport

CONSTANTA BANKBRANCHES AND ATMS

Tbilisi

Sadguri Branch

137, Tsinamdzgvrishvili Street

Varketili Branch

20, Vazisubani turn

Isani Branch

84/86, Ketevan Tsamebuli Avenue

Gldani Branch

The right side of the Akhmeteli Subway

Didube Branch

117, Tsereteli Ave

Lilo Branch

2, Chirankhuli Str.

Saburtalo branch

28, Vaja-Pshavela Str.

Baratashvili Branch

2, Baratashvili Str.

BANK OF GEORGIATBILISIMtatsminda-Krtsanisi

3 Pushkin Str.

4 Leselidze Str.

38 Tabukashvili Str.

7 Pushkin Str.

1 Vekua Str.

3 Pushkin Str.

Vake-Saburtalo

24 Kostava Str.

29 Vazha-Pshavela Ave.

7 Kipshidze Str.

14 Gamsakhurdia Ave.

22 Bakhtrioni Str.

72/12 I.Abashidze Str.

70 Kostava Str.

Sheraton Metheki Palace

10 Melikishvili Ave.

62 Chavchavadze Ave.

Mtatsminda-Krtsanisi

8 Rustaveli Ave. (Parliament)

38 Tabukashvili Str.

19 Rustaveli Ave.

4 Freedom Square (Courtyard Marriott)

Metro Station “Tavisuplebis Moedani”

Metro Station “Rustaveli”

3 Vekua Str. (Populi City)

37 Gorgasali Str. Ortachala

Radisson SAS Iveria Hotel

Isani-Samgori

10 Ketevan Tsamebuli Ave.

80 Ketevan Tsamebuli Ave.

7 Kalaubani Str.

Airport

Metro Station “Avlabari”

Metro Station “300 Aragveli”

Metro Station “Samgori 1”

Metro Station “Samgori 2”

Metro Station “Varketili”

Metro Station “Isani”

Temqa Block 10, Bulding 25

44 Moskovi Ave.

Vazis ubani block 4 (“Populi”)

Vake-Saburtalo



70 Kostava Str.


7 Petritsi Str.

Melikishvili Str. 10

Gldani-Nadzaladevi

39 Tsotne Dadiani Str.

5 Tornike Eristavi Str. (“Electroplast”)

Shopping Mall “Mariami”, Gldani

Metro Station “Akhmeteli”

Metro Station “Grmagele”

Metro Station “Nadzaladevi”

Metro Station “Sarajishvili”

Metro Station “Guramishvili”

Mukhiani, Block 4, Bulding 4

34 Tsotne Dadiani Str., Bulding 8

Metro Station “Elektrodepo”

Vake-Saburtalo

1a Bulachauri Str.

Metro Station “Politeknikuri Instituti 1”

Metro Station “Politeknikuri Instituti 2”

Metro Station “Vazha-Pshavela”

Metro Station “Sameditsino Instituti 1”

Metro Station “Sameditsino Instituti 2”

Didube-Chugureti

99 Tsereteli Ave.

18 Tamar mefi s Ave.

60 Tsereteli Ave.

83/23 Davit Agmashenebeli Ave.

142 Davit Agmashenebeli Ave.

19 Tsabadze Str. (“Pasazhi”)

12 Kereselidze Str. 1st turn (“Megaline”)

137 Tsinamdzgvrishvili Str.

127 Davit Agmashenebeli Ave.

Metro Station “Vagzlis Moedani”

Metro Station “Vagzlis Moedani 3”

Metro Station “Tsereteli”

Metro Station “Didube”

Metro Station “Marjanishvili”

3 Vagzali Str.

Gldani-Nadzaladevi

Gladni 1 Vekua Str., Block “a”

38 Guramishvili Ave.

ATM’STBILISIVake

8 Mtskheta Street

12 eristavi street

72/12 Abashidze Street

48 Chavchavadze Avenue

22/23 Chavchavadze Avenue

22/23 Chavchavadze Avenue






7 Kipshidze Street

9a nafareuli street

13 Kipshidze Street

2 Berdzenishvili Street

41 abashidze street

81/9 Abashidze Street

3 Tamarashvili Street

Tamarashvili Street

16 Phaliashvili Street

Tskneti

3 Rustaveli Street

2 Rustaveli Street

Saburtalo

67 Vazha-Pshavela Avenue




27b Vazha-pshavela avenue

27a Vazha-Pshavela Avenue




Vazha-Pshavela Avenue, II Block

35/37 Shartava Street

7 Shartava Street

21 Dolidze Street

vakhushti bridge

Saakadze square

Samedicino

Vazha-Pshavela

Politeqnikuri 1

Politeknikuri 2

17a Saburtalo Street

37 Saburtalo Street

70 Kostava Street

70 Kostava Street

26 maisi street

1 26 May square

Kostava Street

44 Khazbegi Avenue

10 Khazbegi Avenue

13 Khazbegi Avenue

14 Khazbegi Avenue

12 Khazbegi Avenue

bagteriofagi

8 a mitschkevichi street

19 Gamrekeli Street

23 kandelakis street

43 Gamsakhurdia Avenue. gagarini

16 Gamsakhurdia Avenue



1a Bulachauri Street

3 mk.2 kv. Nucubidze

175 Nutsubidze Street

221 Nutsubidze Street

25 nutsubidze street

Nutsubidze plato III mr. II kv

1 Sandro Euli Street

13 Bakhtrioni Street

22 Bakhtrioni Street

6 Phanaskerteli Street

16 Chikovani Street

25 Kavtaradze Street

4 Gabashvili Street

5 Jikia Street

Mtatsminda

2 Freedom Square

mtawminda square

3 Pushkin Street

3 Pushkin Street

3/1 Pushkin Street

3 Pushkin Street

Tavisuplebis Moedani

7 Pushkin Street

4 Freedom Square

12 Chanturia Street

Rustaveli

16 Rustaveli Avenue

8 Rustaveli Avenue

19 Rustaveli Avenue

37 Rustaveli Avenue

2 Leonidze Street

22 Leselidze Street

4, Leselidze Street

38 Tabukashvili Street

2 Baratashvili Street

7 Ingorokva Street

GTC

8 Erekle II Street

13 Savteli Streer

20 Akhvlediani street

1 Vekua Street

40 Khetagurovi street

rose squire

rose squire

Vera

28 petriashvili street

25 Kostava Street

24 Kostava Street

44 Kostava Street

1 Khorava Street

10 Kekelidze Street

8 Kuchishvili Street

50 Gogebashvili Street

13 Melikishvili Street



Gldani-Nadzaledevi

2 gudamakhari street

Gldani V m/r Block14

Gldani III m/r

2 Khizanishvili Street

2 Dadiani Street

7 Dadiani street

34 Dadiani Street

151 Dadani Street

21 Sarajishvili Street

Sarajishvili

Grmagele

Guramishvili

38 Guramishvili Avenue

33a GuramiSvili avenue




Peikrebi street

Mukhiani, IV m/r, 4 block

Dumbadze str IV m/r, Block 5

Nadzaladevi

Nadzaladevi metro Square



metro axmetelis mimdebare. mariami

metro axmetelis mimdebared

1 Vekua Street

1 Vekua Street

Akhmeteli

Temka 10 Kv, Block 25

Temka samshobiaro saxli # 5 mimd

34 Khosharauli Street

Didube-Chugureti

8 tsabadze street

17 Uznadze Street

1 Tsereteli avenue

60 Tsereteli Avenue

55 Tsereteli Avenue

95 Tsereteli Avenue

110 Tsereteli Avenue

99 Tsereteli Avenue

118 Tsereteli Avenue

118 Agmashenebeli Avenue





89/24 Agmashenebeli Avenue

86/90 Agmashenebeli Avenue

15 Tamar Mepe Avenue

10 Tamar Mepe Avenue

20 General Kvinetadze Street

5 marjanishvili street

Marjanishvili

83/23 Agmashenebeli street

1 Chitaia Street

19 Tsabadze Street, pasage

2 Chkheidze Street

Tbilisi central

Tsereteli

Vagzlis moedani 2

Vagzlis Moedani 1

Vagzlis Moedani 2

19 Agladze Street

2 Vagzlis Moedani

95 Tsinamdzgvrishvili Street

137 Tsinamdzgvrishvili Street

Mtkvari Left Riverside (mushtaedi)

1 chaladze street

Digomi

8 chachava street

Military Base (vashlijvari)

Digomi II kv. 5 Block

Digomi Block V, I a Building

11 George Balanchini Street

Agmashenebeli alley II km

Agmashenebeli alley 9 km.

Agmashenebeli alley Didi Digomi way.

Digomi village way (vashlijvari)

8 Petritsi Street

7 Petritsi Street

10/12 Godziashvili Street Vashlijvari

Agmashenebeli alley 13 km

6 gelovani avenue

5 Lubliana Street

Isani-Samgori

Isani

Samgori 1

Samgori 2

Varketili

Varketili 3, IVm/r, near by 410 Building

1 Khomleli street

64 Javakheti street

Vazisubani IV m/r I block, petefi str.

Vazisubani IV m/r I block

2 Landia street

300 Aragveli

Kakheti Highway 21km

60 Kakheti Highway

Military Base (alekseevka)

Military Base (alekseevka) AIR

3a Khomleti Street

10 Ketevan Tsamebuli Avenue

80 Ketevan Tsamebuli Avenue

51a Ketevan Tsamebuli Avenue

4 Kiziki Street

Airport

Airport

Airport

Military Base (vaziani2)

7 Kalaubani Street

7 Kalaubani Street

14 Kalaubani Street

39 Moscow Avenue

17 chichinadze street

44 Moscow Avenue

10 Telavi Street

Avlabari

Avlabari Metro Square

8/10 Chekhov Street

23 Shuamta Street

155 bogdan khmelnitski street

6/4 Naftlukhi Street

Atskuri, isnis metros mimdebare

Kairo & Javakheti Street

64 Melaani Street

1 Abdushelishvili street

122 Kakheti Highway

market lilo

113 gakhokidze street

38 Kakheti Highway

Krtsanisi

41 Gorgasali Street

39 Gorgasali Street

Military Base (krtsanisi)2

Military Base (krtsanisi)

16 Gorgasali Street

16 Gorgasali Street

6 Gorgasali Street

77 Gorgasali Street

117 Gorgasali Street

37 Gorgasali Street

19/2 Rustavi Highway

7 a krtsanisi street

10 Gulua Street

Kodjori

military base

Mtskheta

23 arsukidze street

Bebriscixis mimdebared

12 samxedro street

BANK REPUBLICTBILISI BRANCHES AND SERVICE CENTERS

Head Offi ce and Central Branch

2 Gr. Abashidze St.

Tel: (995 32) 292.55.55

Fax: (995 32) 292.55.44

Vake

13 Chavchavadze Ave. (24 hour)

33a Paliashvili St.

Freedom Square

2, Leonidze St.

Airport

International Airport (24 hour)

24 hours, except Christmas and Easter

Didube

10 Building, Tsereteli Ave.

Sadguri

10, Tamar Mephe Ave.

Sadguri

Near the Railway Station

Sanzona


Nadzaladevi

34 Dadiani Ave.

Saburtalo

28 Pekini Ave.


47 A. Kazbegi Ave.

Isani

6/2 Navtlughi St.

Gldani

20 Khizanishvili St.

Mukhiani

8b Block, IVa micro district

Iashvili Clinic

2/6 Lubliana St.

Police Offi ce

8 Gulua St.

Dighomi

1b Block, 1 micro district, Dighomi

Building of City Court of Tbilisi

David Aghmashenebeli Alley VI km.

Ortachala

37 Gorgasali St.

Varketili

Aerodrome Settlement. St N 29-31

ATM

Tbilisi

Vake

2 Gr.Abashidze St.


33 A Paliashvili St.

1 Chavchavadze Ave.

49b Chavchavadze Ave.


2 Mosashvili St.

Mrgvali Bagi

7 Kibshidze St.

Mtatsminda

27 Kostava St.

32 Br/Zubalashvili St.

20 Rustaveli St.

10 Pushkini St.

8 Erekle II

2, Leonidze St.

4 – 9aprili St.

24 Gorgasali St. Ministry of Justice

24 Gorgasali St. General Offi ce of Public

Prosecutor

37 Gorgasali St.

8 Gulua St.

Saburtalo

75 Kostava Ave.

16 Kazbegi Ave.

47 Kazbegi Ave.

2 Gamsakhurdia Ave.

23-25 Gamsakhurdia Ave.



6 Shartava St.

19 Nutsubidze St.

179 Nutsubidze St.

5 Sandro Euli St.

Nutsubidze Plato 3rd , 5 Dzotsenidze St.

13 Bakhtrioni St.

11 Dolidze St. Building 4/5

34 Vaja Pshavela Ave.

Vaja Pshavela Ave.




Building 1, Block of fl ats 7, Vaja Pshavela

Ave.

Kavtaradze St.

Digomi

1st Block, 1 Micro District, Dighomi Masivi

9 Mikeladze St. 3rd Block, Dighomi Masivi

Aghmashenebeli alley 6 th km.

Aghmashenebeli alley

2/6 Lubliana St.

5 Lubliana St.

13 Petritse St. Didi Digomi

Didube-Chugureti

1 Khetagurovi St.

2 Tsereteli Ave.

Tsereteli Ave. Building 10

67 a Tsereteli Ave.

144 Tsereteli Ave.

10 Tamar Mephe Ave.

Near Railway Station

44 Aghmashenebeli Ave.

4 Chubinashvili St.

19 Vakhtang Bagrationi Ave.

19 Tsabadze St.

Isani-Samgori

International Airport of Tbilisi,

„Sakaeronavigatsia“

International Airport of Tbilisi, Airport

Service Center

Kakheti highway

112 Kakheti highway

6/2 Navtlughi St.

23 “Ghvinis Aghmarti”

Varketili Subway Territory

7 Varketili, Kaloubnis St.

9 Tsinandali St.

91 Ketevan Tsamebuli Ave. Opposite side

2 Ketevan Tsamebuli square

44 Moscow Ave.

Vazisubani III Mik. II Block #15

Gldani-Nadzaladevi

34 Dadiani St.

39 Dadiani St.

263 Dadiani St.

20 Khizanishvili St.

Mukhiani 2nd , Block #5 (Noneshvili St.)

Mukhiani, Building 8, 4a m/d

Temka District, Building 10, 2 m/d, Block

of fl ats: 25



Subway Sadguri, Akhmeteli Theatre

Territory

VTB BANKTbilisi37, Uznadze Str. 14, Chanturia Str. 5, Jikia Str. 3, Gotua Str. 6, Gorgasali Str. 16/18, Rustaveli Ave. 54, Chavchavadze Ave. 10, Chavchavadze Ave. 21, Vazha Pshavela Ave. I tr. 33, Kostava Ave. 16/18, Tamar Mepe Ave. 4, Leselidze Str. 15, Tamar Mepe Ave. 76, Tsereteli Ave. 3, Vani Ave. 147, D. Aghmashebeli Ave. 5, Khizanishvili Str. 12, Ketevan Tsamebuli Ave. 20, Telavi Str. 42, Al. Kazbegi Ave. 8, Tsabadze Str. 6/2, Navtlughi Str. 9, Tsinandali Str. 48a, Bogdan Khmelnitsky Str. 19, Gamrekeli Str. 143, Tsereteli Ave. 78, Nutsubidze Str. Aghmashenebeli Alley 60, Barnov Str.

KSB BANKTBILISI BRANCHESVake (09.30-21.00)

43, Chavchavadze ave.

Avlabari

3, Ketevan Tsamebuli str.

Vera

8/2, Melikishvili str.

Didube

60, Tsereteli ave.

Agmashenebeli

147, Agmashenebeli ave.

Varketili

7, Kaloubani str.

Krtsanisi

37, Gorgasali str.

Pekini (09.30-20.30)

24a, Pekini ave.

Didi Digomi

8, Ioane Petritse str.

Gldani

15, Khizanishvili str.

Freedom sq. branch (24 hour)

4, Freedom sq.

Service centre - Gudushauri hospital

(24 hour)

18/20, Lubliana str.

ATM’STBILISIVake – branch43, Chavchavadze ave.Vake - Fashion house24, Chavchavadze ave.Avlabari - branch3, Ketevan Tsamebuli str.Vera - branch8/2, Melikishvili str.Didube - branch60, Tsereteli ave.Agmashenebeli Avenue - branch147, Agmashenebeli ave.Varketili - branch7, Kaloubani str.Krtsanisi - branch37, Gorgasali str.Pekini - branch24a, Pekini ave.Didi Digomi - branch8, Ioane Petritse str.Agmashenebeli Alley - Prosecutor12 km, Agmashenebeli AlleyGudushauri Hospital18/20, Lubliana str.

Gldani - branch15, Khizanishvili str.Freedom sq. - branch4, Freedom sq.Publich Television68, Kostava ave.Public Service Hall2, Sanapiro str.Mtatsminda-Krtsanisi, Revenue Service16, Gorgasali str.Mtatsminda-Krtsanisi, Revenue Service4, General Gulua str.Georgian railway15, Tamar Mepe ave.Trade center Panda1, Tsereteli Ave.Agmashenebeli Avenue96, Agmashenebeli ave. Old Tbilisi5, Virsaladze str.Church store67, Vazha-Pshavela ave.Book store14, Vazha-Pshavela ave.Dighomi district2nd block, building 6a. Airport customs clearance zone Old airportLilo customs clearance zoneMartkopi,Gardabani Region

LIBERTY BANKBRANCHES IN TBILISIVake-SaburtaloCentral Branch 74, I. Chavchavadze Ave.Central Branch’s s/c #1 2, Sanapiro St.Didi Dighomi s/c #1 9, I. Petritsi St.Pavilion #1 10-12, Vazha-Pshavla Ave.Pavilion #2 Kostava St. (Near Sports Palace)Pavilion #4 33-35, I. Tchavtchavadze St. (Near Hospital 9)Pavilion #9 48-66, Vazha-Pshavela Ave.Pavilion 13 13 Km. Aghmashenebeli HighwaySaburtalo s/c #1 34, Pekini St.Saburtalo s/c #2 7, Shartava St.Saburtalo s/c #7 2g, B. Zhgenti St. (Nutsubidze District)Saburtalo s/c #8 6, Budapeshti St.Saburtalo s/c #9 5, Kavtaradze St.Saburtalo s/c #11 10 Km. Aghmashenebeli HighwaySopeli Dighomi s/c #1 Village Dighomi, B. 7bSaburtalo s/c #15 2, Gamsakhurdia St.s/c #332 70, Tchavtchavadze Ave.Saburtalo s/c #13 3, Micro-District NutsubidzeSaburtalo s/c #14 46, Dolidze St. / 41, Balanchivadze St.Tskneti s/c #1 3a, Rustaveli St.Vake-Saburtalo Branch 2, Marijani St.Vake s/c #2 1, Mosashvili St.Vake s/c #3 84, Tchavtchavadze Ave. (National Agency Bureau)Vake s/c #4 38, Paliashvili St.Vake s/c #12 14, Kipshidze St.Mtatsminda-KrtsanisiKrtsanisi s/c #1 10, Kikodze St.Krtsanisi s/c #2 2a, Sanapiro St.Mtatsminda-Krtsanisi Branch 37, Gorgasali St.Mtatsminda s/c #1 24, Kostava St.Mtatsminda s/c #4 3, Kostava St. Turn 2Ponitchala s/c #1 19, Rustavi Road, B. 4Ponitchala s/c #2 3, Micro-District Ponichala, B. 2Didube-ChughuretiChughureti s/c #2 153, Aghmashenebeli Ave.Chughureti s/c #3 3, Abashidze St.Chughureti s/c #4 21, Chitaia St.Digomi s/c #2 7, Robakidze St.Didube Branch 126, Tsereteli Ave.Didube s/c #1 60, Tsereteli Ave.Pavilion #5 A. Tsereteli St. (near Tsereteli Underground) Pavilion #10 Dighomi (Near Mayakovsky Monument)Pavilion #15 Didube (near the railway square)Gldani-NadzaladeviAvtchala s/c #1 1, Libani St.Avtchala s/c #2 7, Libani St.Avtchala s/c #3 5, Sarajishvili Ave.Gldani Branch 3, Block GldaniGldani s/c #2 Mukhiani (Near Akhmeteli Subway Station)Gldani s/c #4 3, Block Gldani, B. 86Gldani s/c #5 7, Micro-District Gldani (Prison Gldani) Gldani s/c #6 2, Botchorishvili St. Gldani s/c #7 6, Micro-District Gldani, 11 Tiulenevi St. Gldani s/c #9 8, Micro-District Gldani, B. 23 Gldani s/c #10 2, Micro-District Gldani, B. 24b Gldanula s/c #1 Gldani Khevi (Ravine), Near B. 6a Gldani s/c #11 18, Gombori St. Lotkini s/c #1 164, Tseronisi St. Mukhiani s/c #2 2, Micro-District Mukhiani, B. 5 Mukhiani s/c #3 3, Micro-District Mukhiani, B. 5 Nadzaladevi Branch 36, Guramishvili Ave. Nadzaladevi s/c #1 34, Dadiani St. Nadzaladevi s/c #3 261, Dadiani St. Nadzaladevi s/c #4 12a, Guramishvili Ave. Nadzaladevi s/c #6 30, Guramishvili Ave. B. 1 Temka s/c #1 11, Micro-District Temka, Block 1 Temka s/c #2 3, Micro-District Temka, Block 3, Near B. 41 Zahesi s/c #1 1a, Tchitchinadze St.Isani-SamgoriAfrika s/c #1 27, Tchitchinadze St.Afrika s/c #2 17, Tchitchinadze St.Isani-Samgori Branch Kakheti Alley 2Isani s/c #1 51/2, Ketevan Tsamebuli Ave.Isani s/c #4 22, Metekhi St.Isani s/c #6 30 Km. Kakheti HighwayIsani s/c #7 Moscow Ave, Block 2, B. 1Isani s/c #9 90, Ketevan Tsamebuli Ave.Lilo s/c #1 Lilo Settlement, Block 2, B. 8Pavilion #6 4, Abzianidze St., Orkhevi Settlement (Near Customs Department)Pavilion #8 10 b, Airport SettlementPavilion #11 103, Kvareli St.(Metromsheni Settlement)Pavilion #12 10, Akhalubani St.Ponitchala s/c #3 Rustavi highway, KM 30Samgori s/c #1 37, Moskovi Ave.Samgori s/c #2 36a, Trialeti St.Samgori s/c #4 151, Bogdan Khmelnitski St.Varketili s/c #1 Javakheti St. Second Blind-Alley (Near Varketili Subway Station)Varketili s/c #2 3, Micro-District Varketili, B. 310Varketili s/c #3 Varketili Block 10, B. gVarketili s/c #5 Tbilisi International AirportVarketili s/c #6 3, Micro-District VarketiliVarketili s/c #7 12, Shuamta St.Varketili s/c #9 1, Micro-district varketili 3, Near B. 25Varketili s/c #10 Kaloubani St. 9Vazisubani s/c #1 4 Micro-District Vazisubani 1B,Shandor Petofi St.Vazisubani s/c #2 2, Micro-District Vazisubani (Super Market “Smart”)Vazisubani s/c #3 1, Shandor Petofi StDidgoriDidgori s/c #1 97, Block Tabakhmela, plot 516

ATM’S INTBILISI1, Aleksidze St.Agmashenebeli Alley, KM 11.

10a, Akhmeteli St.13, Bakhtrioni St.6, Budapeshti St.Zhvania Square2, Gamsakhurdia Avenue2/4, Godziashvili St.Block 3, Didi DighomiBuilding 11, Dolidze St.1, Vazha-Pshavela Avenue10-12, Vazha-Pshavela Avenue27, Vazha-Pshavela Avenue(near subway station “Sameditsino”)76b, Vazha-Pshavela AvenueBlock 2, Vazha-Pshavela Avenue(near Vazha-Pshavela monument)46-48, Vazha-Pshavela Avenue(near metro station “Delisi”)55, Vazha-Pshavela AvenueBlock 7, Vazha-Pshavela AvenueVashlijvari highway10a, Tamarashvili St.15a, Tamarashvili St.Kostava St. (near the Sports Palace)24, Kostava St.64, Kostava St.Marshal Gelovani Avenue10, Mitskevitchi St.Nodar Bokhua St.183, Nutsubidze St.(II-IV plateau turn)III m/d, Nutsubidze plateau14, Gamsakhurdia St.15, Gamsakhurdia Avenue34, G a m s a k h u r d i a ave.9, I. Petritsi St.28, Saburtalo St.2, University St.36, Phaliashvili St.5, Kavtaradze St.21, Kavtaradze St.2, Kazbegi Avenue15, Kazbegi Avenue.Kazbegi Avenue (near the school #60)26, Kazbegi Avenue(Vake-Saburtalo crossroads)7, Shartava St.Block 1, IV m/d, shandor Petofi St.10, Tchavtchavadze St.34, Tchavtchavadze St.74, Tchavtchavadze AvenueTchavtchavadze Avenue(near to Hospital No. 9)84, Tchavtchavadze Avenue (Legal expertise)Tchavtchavadze Avenue(near to school #55)Didube-Chugureti96, Aghmashenebeli Avenue153, Aghmashenebeli Avenue10th km, Aghmashenebeli Alley1, Beliashvili St.Dighomi, near to Mayakovsky monumentTevdore Mghvdeli St. (near to the RailwayStation)27, King Tamar Avenue7, Robakidze St.8, Tsabadze St.2, Tsereteli AvenueTsereteli Avenue (nearto subway station “Tsereteli”)126, Tsereteli Avenue143, Tsereteli Avenue 144, Tsereteli Avenue 69, Tsereteli Avenue (corner of Vani St.) 7-7a-7b, Tsereteli Avenue 60, Tsereteli Avenue5/12, Ketevan Tsamebuli Avenue39, Chitaia St.17, Tc hitchinadze St. Gldani-Nadzaladevi 2, Botchorishvili St. Gldani, M/D 3.Gldani, M/D 3, Building 86,Near to building 22, Gldani M/D 6Gldani, M/D 7 (Gldani prison # 8)12a, Guramishvili Avenue36, Guramishvili AvenueGuramishvili Avenue (near the subway station “Grmagele”)Guramishvili Avenue (near the subway station “Sarajishvili”)34, Dadiani St.34, Dadiani St.261, Dadiani St.Building 2, 2nd m/d, Dadiani St.22, Dumbadze St. (Mukhiani settlement)1a, Chichinadze St., ZAHESI, near the building 41, block 3, 3rd m/d,Temka near maternity house No. 5, block 1, 11thm/d, TemkaKakheti 2nd turn1, Liban St.Mukhiani turn near the subway station “Akhmeteli”1, Sarajishvili St.8, Kerchi St.146, Tseronisi St.4, Khetagurov St.6, Khizanishvili St.Isani-Samgori1, Abdushelishvili St.Airport settlement10, Akhalubani St.151, Bohdan Khmelnytsky St.6, Gulia St.Building C, block 10, 3rd massif, VarketiliBuilding 310, 3rd m/d, Varketili 3Tbilisi International AirportKakheti highway KM 38.112, Kakheti highway37, Moscow Avenue8, Navtlughi St.Orkhevi settlement (near to CustomsDepartment)Saknavti settlement (Kakheti highway)Building 8, block 2, Saksopmankana settlement103, Kvareli St. (Metromsheni settlement)22, Javakheti St.Javakheti St. Second turnMtatsminda-Krtsanisi23, A. Tchavtchavadze St.37, Vakhtang Gorgasali St.93, Vakhtang Gorgasali St.155, Vakhtang Gorgasali St.48, Zubalashvili St.1, Leonidze St.10, Leonidze St.22, Metekhi St.9, Pushkini St.3, Rustaveli Avenue2a, Sanapiro St.10, Kikodze St.5, Chachava St.37/4, Tsintsadze St.PonitchalaRustavi highway, KM 30Building 2, 3rd m/d, Ponichala settlementOld Tbilisi12, Kaloubani St.DidgoriPlot 516, block 97, village Shindisi, Didgori

ATM’S INREGIONSAbasha6, Jorjikia St.Adigeni24, Tornike Eristavi St.Ambrolauri18, Agmashenebeli St.Settlement AnakliaAspindza31, Vardzia St.Akhalkalaki82, King Tamar Avenue11, Charenta St.71, Tavisupleba St.Akhaltsikhe1, Tamarashvili St.98, Rustaveli St.11, King Tamar St.2, Shalva Akhaltsikheli St.1, Kharischirashvili St.

6, Iadze St.Akhmeta2, Kazgebi St.Batumi63, Gorgiladze St.2, Sulkhan-Saba St.46-48, Vazha-Pshavela AvenueKhimshiashvili St.11, Tbel Abuseridze St.80, Javakhishvili St.11, Pirosmani St.10-12, Chavchavadze St.20a, Agmashenebeli Avenue9, King Parnavaz St.62-64-66, King parnavaz St.36, Gorgiladze St.20, Khimshiashvili St.102, Melikishvili St.11/5, King Tamar settlement75, Chavchavadze St.16, Tavdadebuli St.23, Mayakovski St.Baghdati12, Tsereteli St.BolnisiSettlement Kazreti106, Sulkhan-Saba St.107, Sulkhan-Saba St.Borjomi7, Meskhishvili St.147, Rustaveli St.6, Tavisupleba St.Gardabani71, David Agmashenebeli St.89, David Agmashenebeli St.Gori16, Stalini St.40, Sukhiahsvili St.56, Chavchavadze St.26, Stalini St.5, Guramishvili St.43, Ertoba St.39, Stalini St.GudauriHotel “Marco Polo”Gurjaani10, Noneshvili St.King Tamar St.Village ShashianiDedoplistskaro1, Alazani St.23, Rustaveli St.Dmanisi41, St. Nino Street (Municipality)29, Street St. Nino blind alleyDusheti21, Dadiani St.27, Rustaveli St.Vani3, Solomon II St.Zestaponi61, Agmashenebeli Avenue11, Tsereteli St.Village ShorapaniZugdidi45, Gamsakhurdia St.90, Rustaveli St.73, Sokhumi St.7, Paris Commune St.32, Gamsakhurdia St.15, Tsotne Dadiani St.Tetritskaro12, King tamar AvenueTelavi43, Alazani Avenue95, Alazani Avenue16, Erekle the Second St.3, Erekle the Second Square12, Erekle the Second St.Terjola2, Chanturidze St.Tianeti11, Rustaveli St.Kaspi88, Stalini St.11, Rustaveli St.18, Kostava St.Koda, village houseLagodekhi23, Kiziki St.Lanchkhuti10, Ninoshvili St.24 King tamar St., Settlement LentekhiVillage house in settlement ManglisiVillage NigoetiMarneuli1, Rustaveli St.72, Rustaveli St.73, Rustaveli St.Martvili14, Tavisupleba St.Mestia52, King tamar St.1, Seti St.MtskhetaBuilding of regional governor’s offi ce17, Kostava St.(near to the Svetitskhoveli Cathedral)11a, Samkhedro St.Mtskheta highway73a, Agmashenebeli St.65, Mamulashvili St.Village TserovaniNinotsminda22, Tavisupleba squareOzurgeti5, Gabriel the episcope St.Village OzurgetiTavisupleba SquareOni16, Rustaveli St.Rustavi21, Kostava St., near to the Municipality14, Kostrava St.Megobroba Avenue3, Megobroba Avenue11, Megobroba Avenue21st km, Red Bridge Highway5, Tashkent St.Village SartichalaSagarejo2, Agmashenebeli AvenueSamtredia11, Stalini St.Sachkhere92, Kostava St.17, Gomarteli St.Senaki14, St. Nino St.20, Ninoshvili St.Signagi2, Rustaveli St.2, Dadiani St.18, Gelati St.Poti12, D. Agmashenebeli St.146, Chavchavadze St.57, Agmashenebeli St.Village PokaKareli3, Ninoshvili St.1, Mgaloblishvili St.Settlement RuisiKeda11, Tbel Abuseridze St.1, M. Kostava St.Kobuleti153, Agmashenebeli St.4, Memed Abashidze St.141, Agmashenebeli St.478, Agmashenebeli St.79, King tamar St., Village Chakvi

PASHA BANK +995 322 265 00015, Rustaveli Avenue, Tbilisi, 0108 , Georgiaoffi [email protected]

Data Source: National Statistics Offi ce of Georgia. The total volume of exported tangerines was about 35,000 tons in 2013, though only about 22,500 tons in 2014.




Leading market position: No. 1 bank in Georgia by assets (35.5%), loans (34.9%), client deposits (31.5%) and equity (35.9)1

Strong brand name recognition and retail banking franchise: Offers the broad-est range of fi nancial products to the retail market through a branch network of 219 branches, 523 ATMs and 2,239 Express Pay Terminals to c.1.5 million customers as of 31 December 2014

The only Georgian company with credit ratings from all three global rat-ing agencies: S&P: ‘BB-’, Moody’s: ‘B1/Ba3’ (foreign and local currency), Fitch Ratings: ‘BB-’; outlooks are ‘Stable’

High standards of transparency and governance: The only entity from Georgia to be listed on the premium segment of the Main Market of the London Stock Exchange (LSE:BGEO) since February 2012. LSE listed through GDRs since 2006

Only private entity to issue Eurobonds from the Caucasus: US$400 million Euro-bonds outstanding including US$150 raised through a tap issue in November 2013. The bonds are currently trading at a yield of c.8.2%

Sustainable growth combined with strong capital, liquidity and robust profi tability

Market data based on standalone accounts as published by the National Bank of Georgia (NBG) as of 31 December 2014 www.nbg.gov.ge (2014 BOG fi gures include Privatbank)

Bank of Georgia Group reported full-year profi t for 2014 of GEL 240.8 million (US$129.2 million/GBP 83.2 million) and record earnings per share of GEL 6.72 (US$3.61 per share/GBP 2.32 per share). The Group also reported Q4 2014 profi t of GEL 66.5 million (US$35.7 mil-lion/GBP 23.0 million), or GEL 1.82 per share (US$0.98 per share/GBP 0.63 per share). Un-less otherwise mentioned, comparisons are with full-year 2013. The 2014 results are based on IFRS, are unaudited and derived from man-agement accounts.

Strong 4th quarter 2014 performance Q4 2014 Net Interest Margin (NIM)

of 7.6%, compared to 7.4% in Q3 2014 and 8.0% in Q4 2013

Q4 2014 revenue of GEL 168.7 million, up 17.5% y-o-y and 8.6% q-o-q

Q4 2014 Cost of Client Deposits stood at 4.2% down from 4.8% in Q4 2013, fl at q-o-q

Q4 2014 Loan Yields stood at 14.1% in Q4 2014, down from 14.3% in Q3 2014 and down from 15.8% in Q4 2013

Q4 2014 Cost to Income ratio stood at 41.3% compared to 41.9% in Q4 2013 and 42.5% in Q3 2014

Positive q-o-q and y-o-y operating le-verage at 2.9 percentage points (ppts) and 1.6 ppts, respectively, in Q4 2014

Profi t increased to GEL 66.5 million in Q4 2014, up 19.5% y-o-y and up 6.7% q-o-q

Q4 2014 Earnings Per Share (EPS)1 in-creased 18.4% y-o-y and 7.5% q-o-q to GEL 1.87

Net loan book increased 13.9% q-o-q; client deposits increased 8.3% q-o-q

Return on Average Assets (ROAA), of 3.7% in Q4 2014 (Q3 2014: 3.7%; Q4 2013:3.6%)

Return on Average Equity (ROAE)1, of 19.5% in Q4 2014 (Q3 2014: 19.2%; Q4 2013: 18.6%)

Excellent customer lending growth sup-ports record annual profi ts Net Interest Margin (NIM) of 7.4%,

compared to 7.8% in 2013 Revenue increased 11.3% y-o-y to GEL

605.6 million in 2014 Cost to Income ratio stood at 42.8% in

2014 compared to 41.2% in 2013 Profi t for 2014 increased to GEL 240.8

million, up 15.0% y-o-y EPS1,2 increased 15.5% to GEL 6.85 in

2014 compared to GEL 5.93 in 2013 ROAA2 of 3.6% in 2014, fl at y-o-y ROAE1,2 of 19.0% in 2014, up from

18.6% in 2013

Balance sheet strength supported by solid capital and liquidity positions and declining Cost of Funding

o Net loan book increased 23.8% y-o-y, while client deposits increased 6.6% y-o-y

o Cost of Client Deposits decreased to a record low of 4.3% in 2014 from 5.6% in 2013. Loan Yields also declined to 14.4% from 16.3% in 2013

o Cost of credit risk reduced in 2014 to GEL 59.0 million from GEL 61.8 million in 2013. This translated into a Cost of Risk ratio of 1.2% in 2014 compared to 1.4% in 2013

o NPLs to Gross Loans to Clients ratio as a result declined from 4.0% as of 31 Decem-ber 2013 to 3.4% as of 31 December 2014. High liquidity continues to be maintained. Liquidity ratio, per National Bank of Geor-gia (NBG) requirements, stood at 35.0%, compared to the regulatory minimum re-quirement of 30.0%. 25.0% of total assets made up of cash and cash equivalents, amounts due from credit institutions, the NBG CDs, Georgian government treasury bills and bonds and other high quality liq-uid assets as of 31 December 2014

Adjusted for results of placing of ordinary shares on 4 December 2014 2 Before one-off impairment of BG Bank in Ukraine in Q2 2014

As of 31 December 2014, Net Loans to Customer Funds and DFI ratio stood at 110.6% (30 September 2014: 103.9%; 31 December 2013: 96.2%)

o BIS Tier I capital adequacy ratio1 stood at 22.1% (2013: 23.0%)

o NBG (Basel 2/3)1 Tier I Capital Adequacy ratio stood at 11.1% as of 31 December 2014, (30 September 2014: 11.2%)

o Book value per share increased 18.9% y-o-y to GEL 41.45 (US$22.24/GBP 14.33)

o Balance sheet leverage stood at 3.7 times as of 31 December 2014 (31 December 2013: 4.3 times)

Resilient growth momentum main-tained across all major business lines: o Retail Banking continues to deliver

strong franchise growth, supported by the Express Banking strategy, adding 2,239 Express Pay Terminals and 721,909 Express Cards since the launch of the Express Banking service in 2012. Retail Banking’s net loan book grew 28.1% y-o-y and stood at GEL 2,067.0 million, while client deposits increased 24.2% y-o-y to GEL 1,349.6 million

o The Bank’s acquisition of JSC Privatbank has enhanced its posi-tion in the signifi cantly more profi t-able retail franchise. The acquisition was fi nalised in January 2015 and in-creased the Bank’s market share in retail loans by 4.9% and in retail deposits by 2.6% (market shares as of 31 December 2014)

o Corporate Banking’s net loan book growth rate picked up in the second half of the year, with the net loan book increasing by 18.8% y-o-y to GEL 2,160.8 million as of 31 December 2014. Corpo-rate Banking Cost of Deposits decreased signifi cantly from 4.6% in 2013 to a record low 2.9% in 2014. Pressure on Corporate Banking NIM continued, driving it down by 50 bps y-o-y to 4.5%

o Investment Management’s Assets Under Management (AUM2) in-creased 21.4% y-o-y to GEL 1,027.1 million. Since the launch of the Certifi cate of Deposit (CD) programme in January 2013, the volume of CDs issued reached GEL 460.6 million, as of 31 December 2014. Net fee and commission income for Investment Management increased sub-stantially to GEL 8.8 million in 2014 up from GEL 1.2 million in 2013

Capital Adequacy ratios (neither Basel 1, nor Old NBG, nor New Basel 2/3), in their Capital part, do not include proceeds from the recently raised new equity of US$ 111.9 mil-lion on the free market by BGH. Capital ad-equacy ratios are calculated for the banking group, at JSC Bank of Georgia level and the recently raised new equity has not been in-vested in JSC Bank of Georgia.

2 Wealth Management client deposits, Galt &Taggart client assets, Aldagi Pension Fund and Wealth Management client assets at Bank of Georgia Custody

BANK OF GEORGIA PASHA BANK GEORGIAJanuary, 2015

Gross Loan Portfolio (GEL Mln.)

4.8 5.5 7.8 8.9

7.2

32.5 34.3

38.9 40.3

46.1 49.4

55.3

10.0

20.0

30.0

40.0

50.0

60.0

0

Interest Income (GEL)

52,004 49,163 63,799 82,436 88,100

262,840

350,763 352,855 377,863

418,673 456,219

522,432

100,000

200,000

300,000

400,000

500,000

600,000

0

Number of Borrowers

6 67

8 8

13 13 1314

16 1617

0

2

4

6

8

10

12

14

16

18

Number of Borrowers per Industry

1

2

3

4

5

6

7

8

9

10

Trade and Service

Financial Institution

Oil and Gas

Telecommunication

Other Sectors

0



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The fi rst Georgian Financial Innovation Forum will take place on the 15th & 16th of April 2015 in the magnifi cent Marriott Tbilisi.

The Forum is organized by Hansa Fincon, an international consulting company. Co-organizer is the Georgian Society of Investment Professionals.

http://georgia.fi -forum.com/index.html

Registration for Georgian Professionals is available through Georgian Society of In-vestment Professionals at +995 (598) 686 444 or by email to: [email protected]

Thanks to extensive reforms of Georgia’s fi nancial system in the last years, Tbilisi has become the major fi nancial center of the Caucasus. It is now more effi cient and progres-sive than those in other neighboring post-Soviet states.

Forum participants: GSIP, Regional Development Agency, Georgian Society of In-vestment Professionals, CFS Investment Bank,BLC Law Firm, Georgian National In-vestment Agency eMoney Georgia, Peritus Group LLC, Georgian-Ukraine Business Club,Grant Thornton Akhvlediani, Poti FREE INDUSTRIAL ZONE, BDO, Farmer’s House, JSC Liberty Bank, MFO “Swiss-Credit”,EuroCredit,Bank of Georgia,TBC Bro-ker LLC,PKF Georgia, GEC Corp.ICR, Petrocas Energy Group,LEPL National Agency of State Property, JSC Partnership Fund, Young Entrepreneurs Association, Julius Baer Bank Switzerland ,GN Treuhand Lichtenstein, GN Finance Lichtenstein, Altuscitadel Cyprus, Henley & Partners Switzerland AG, Fidux UK, Morgan Capital Advisors UK, CIM Banque Switzerland

Delegates are executives representing banks, investment and asset management fi rms, family offi ces, and international companies operating in Georgia, HNWIs, law and audit fi rms, advisers and consultants.

FORUM TOPICS Structuring investments into and from GeorgiaGeorgian Regulatory frameworkInternational Integration of the Georgian fi nancial marketBrokerage Services and White label solutionsInternational tax planning and Tax Solutions for HNWI’sAsset management for the Georgian marketPrivate Equity Investments and Structuring TrustsTbilisi International Financial CenterIT integration in banks and Asset Management companiesAnd many more

More information is available from Georgian Society of Investment Professionals +995 (598) 686 444 and Hansa Fincon +3727121916

Information requests: aksana@hansafi ncon.com

TBC BANK

TBC BANK

CONSOLIDATED STATEMENT OF FINANCIAL POSITION(Thousands of Georgian Lari)

CONSOLIDATED STATEMENT OF FINANCIAL POSITIONAs of 31 December 2014

(Thousands of Georgian Lari)



Advertiser: The FINANCIAL. Contact FINANCIAL Ad Dep at marketing@fi nchannel.com



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La Brioche

Addr: Batumi, Georgia, Parnavaz

Mepe №25

Tel.: 293 14 04, Fax: 299 93 [email protected]

Betsy’s Hotel

32-34 Makashvili Street, 0108, Tbilisi, Georgia

Tel: 251 00 01Fax: 253 00 44

[email protected]

15 Lubliana Str.

37 Chavchavadze Ave.Tel.: 291 30 26; 291 30 76

1 BrotherKakabadze Str.

Tel: 292 29 45;Fax: 292 29 46;

[email protected]

13, Rustaveli Avenue.; Tel.: 2 779 200

[email protected]

4, Freedom Square,Tel: 2 779 100

[email protected]

Hotel“O. Galogre”

8, Vakhtang Gorgasali Str. Batumi, Georgia Tel: +995 422 27 48 [email protected]

Tel: +995 422 229000E-maill: info.batumi@ sheraton.com

www.sheraton.com/batumi

The tickets are available at tbilisi international airport freedom square 4

courtyard marriott hotel, 1st fl oorTel: 2400 400; 2400 040

Address: 1/3 Melashvili Street 6000 Batumi,Georgia | +995 422 [email protected]

13 Shavteli Str.Tel: 2439494

[email protected]

5 Chavchavadze Ave.

Tel.: 222 44 17577 22 99 22

plasticsurgerygeo.com

Tel: +995 322 [email protected]

LucaPolareOriginal

Radisson Blu Iveria Hotel Rose Revolution Square 1

Tel.: 240 22 00; Fax: 240 22 01 [email protected] radissonblu.com/hotel-tbilisi

6 Kavsadze Str.Tel: 2 25 15 45

2 55 44 55www.lottravel.ge

275 Agmashenebeli Ave.,

Kobuleti, GeorgiaTel: 2242400Fax: 2242403GEORGIA PALACE

HOTEL

E-mail: [email protected], www.gph.ge

4 Freedom SquareTel: 2988 988, Fax: 2988 910

E-mail:[email protected], www.gmt.ge

Georgian Real Estate Management

The Green Building,6 Marjanishvili Street,

0102 Tbilisi

Tel: 243 30 77, Fax: 243 30 79www.fi rstbrokerage.ge

E-mail: info@fi rstbrokerage.ge

BUSINESSTRAVELCOMHOTEL AND AIRTICKET BOOKING: 2 999 662 | SKY.GE

26 May SquareTel: 2300099

E-mail: [email protected]

4 Freedom Square,Tel: +995 32 254 70 30Fax: +995 32 254 70 [email protected]

Because life is about living

№ 1 Kheivani street 12/13; Tbilisi, GeorgiaPhone: (+995 32) 2 24 23 21;Phone: (+995 32) 2 24 23 22


3 Tabidze Str.2 Kazbegi Ave.

Tel: 570 10 33 19

[email protected]

Fragola

Tel: 31 99 99hotel@tifi lis.ge

addr:#9 Grishashvili

Str.

LE MARAIS

32 Abashidze Str. Tel: 222 40 83

Tel.: 260 15 [email protected], www.piazza.ge

Divan Suites Batumi

Address: Jordania/Z.

Gamsakhurdia Str. 8/15

(422)255 522

[email protected]

Addr: 11, Apakidze str.Tel.: 2 300 777

Best Western

Tbilisi

Radisson Blu Hotel Batumi1, Ninoshvili str., BatumiTel/Fax: 422255555

[email protected] radissonblu.com/hotel-batumi

45a M.Kostava St.,0179 Tbilisi,

Georgia;

Tel.:(+995 32) 219 11 11www.hotelcoste.ge

16 Meskheti str.Borjomi Tel:(+995 32) 2 292292




13 APRIL, 2015 | FINCHANNEL.COMBest Georgian BanksBest Georgian BanksKSB BANK

VTB BANK





Notes 2013 2012Assets Cash and cash equivalents 5 47,167 64,784Mandatory reserve deposit with the National Bank of Georgia 28,673 24,542Loans to customers 6 252,888 204,007 Investment securities held to maturity 7 40,191 18,017 Premises and equipment 8 13,695 10,516 Goodwill 9 20,374 20,374 Other intangible assets 10 6,462 7,284 Investment property 8 – 3,135 Current income tax asset 209 209Deferred Tax Assets 11 – 361 Other fi nancial assets 12 6,716 1,624 Other assets 13 5,765 5,765 Total assets 422,140 360,618Liabilities Amounts due to credit institutions 14 20,683 84 Amounts due to customers 15 296,478 264,956 Deferred tax liability 11 605 − Other fi nancial liabilities 12 2,837 1,168 Other liabilities 13 80 729 Subordinated debts 16 8,737 8,336 Total liabilities 329,420 275,273Equity 17Share capital 99,516 99,516 Accumulated losses (6,796) (14,171) Total equity 92,720 85,345 Total liabilities and equity 422,140 360,618

Consolidated Statement of Financial Position - Unaudited

in ‘000 GEL31 December

201431 December

2013

Assets Cash and cash equivalents 174,975 198,711Financial assets at fair value through profi t or loss - 14Investment securities available-for-sale 10,063 234Due from banks 57,993 44,988Loans and advances to customers 740,270 692,888Current tax asset - 1,743Investment properties 1,255 1,264Intangible assets 1,996 2,868Property and equipment 77,844 84,681Other assets 13,728 15,404

Total assets 1,078,124 1,042,795

LiabilitiesDue to banks 2,005 23Financial liabilities at fair value through profi t or loss 156 -Customer accounts 598,277 569,166Other borrowed funds 264,974 256,709Subordinated debt 52,938 66,308Current tax liability 889 -Other liabilities 3,436 2,031Other provisions 462 731Deferred tax liability 2,882 2,445

Total liabilities 926,019 897,413

EquityShare capital 83,000 83,000Share premium 30,803 30,803Retained earnings 38,302 31,579

Total equity 152,105 145,382

Total equity and liabilities 1,078,124 1,042,795

Consolidated Statement of Profi t or Loss and Other Comprehensive Income - Unaudited

in ‘000 GEL2014 2013

Interest income 109,013 114,197Interest expense (36,629) (44,305)

Net interest income 72,384 69,892

Provision for loan impairment (9,815) (6,057)

Net interest income after provision for loan impair-ment 62,569 63,835

Fee and commission income 11,512 11,850Fee and commission expenses (3,941) (4,308)Net gain from trading in foreign currency 1,263 7,655Net foreign exchange translation gain/ (loss) 4,759 (1,510)Personnel expenses (24,112) (28,412)Other administrative expenses (26,030) (27,188)Other operating income 2,888 1,243Other operating expenses (908) (354)

Profi t before income tax 28,000 22,811

Income tax expense (4,277) (3,257)

Profi t and other comprehensive income for the year 23,723 19,554

INTERNATIONAL FINANCIAL REPORTING STANDARDS C ONSOLIDATED FINANCIAL STATEMENTS

31 December 2014

PROCREDIT BANK



APRIL 13 2015

1Clubs, Pubs…Amsterdam7 Akhvlediani Str. Mob: 557 34 76 5120:30 - Band “Weekend”SkyyBar 22 Metekhi Str. Mob: 592 32-32-32 21:00 - Band “Wheels”, DJ DatunaPub Nali4/1 Kiacheli St. Tel: 243 04 2021:00-00:30 - Band ZarebiRestaurant “Dzveli Sakhli” 3, Sanapiro Str. Tel: 2 365-365 20:00-23:00 - Georgian songs with live performanceCity TimeLeonidze/Machabeli Str. 1/6; Tel: 292 02 1220:00-24:00 -Live BandRestaurant “Bermukha”Agmashenebeli lane 13th km. Tel: 259 69 69; Mob: 598 59 69 69Everyday from 17:00 restaurant Bermukha is awaiting you with renovated hall and colorful show program.Music program starts from 19:00:Dato Archvadze’s quartet “Taoba”: Georgian folk and city songs. Estrada singers: Giorgi Tsiklauri, Nina Okroashvili, Giorgi KakutiaCafé “Kala” 8/10 Erekle II Str. Mob: 599 79-97-37 21:00 - Rezo Kiknadze - saxophonistPub «Dublin» 8 Akhvlediani Str, Tel: 298-44-67 21:00-24:00 - Band «Goblins» (Covers)

2Cinema«Rustaveli» Cinema 5 Rustaveli Ave. Tel: 293-22-53, 2 555-000 «Furious 7» 3D;«Last Knights»;«Line of Credit»;«B/W»;«Hot Tub Time Machine 2»;«Insurgent» 3D;«Home» 3D;«3+3»;«Cinderella»;«Naughty Kids 2»(Ticket Price: 7,50 - 12,50 GEL)«Amirani» Cinema 36 Kostava Str. Tel: 299-99-55 «Furious 7» 3D;«Last Knights»;«Line of Credit»;«B/W»;«Home» 3D;«Cinderella»(Ticket Price: 7,50 - 12,50 GEL)

APRIL 14, 2015

1Clubs, Pubs…Amsterdam7 Akhvlediani Str. Mob: 557 34 76 5120:30 - Band «Blues Factor»SkyyBar 22 Metekhi Str. Mob: 592 32-32-32 21:00 - Band «Wheels», DJ DatunaPub Nali4/1 Kiacheli St. Tel: 243 04 2021:00-00:30 - Nali BandCity TimeLeonidze/Machabeli Str. 1/6; Tel: 292 02 1220:00-24:00 -Live BandRestaurant «Bermukha»Agmashenebeli lane 13th km. Tel: 259 69 69; Mob: 598 59 69 69Everyday from 17:00 restaurant Bermukha is awaiting you with renovated hall and colorful show program.Music program starts from 19:00:Dato Archvadze’s quartet «Taoba»: Georgian folk and city songs. Estrada singers: Giorgi Tsiklauri, Nina Okroashvili, Giorgi KakutiaRestaurant «Dzveli Sakhli» 3, Sanapiro Str. Tel: 2 365-365 20:00-23:00 - Georgian songs with live performanceCafé «Kala» 8/10 Erekle II Str. Mob: 599 79-97-37 21:00 -Maia KankavaPub «Dublin» 8 Akhvlediani Str, Tel: 298-44-67 21:00-24:00 - Band «Goblins» (Covers)


TheatreMarjanishvili Theatre8 Marjanishvili Str. Tel: 2 955-966As You Like It Director: Levan TsuladzeCast: Manana Kozakova, Nato Kakhidze, Ketevan Shatirishvili, Ketevan Tskhakaia, Nata Murvanidze, Tamar Bukhnikashvili, Nikoloz Tavadze, Malkhaz Abuladze, Beso Baratashvili, Davit Khurtsilava, Nika Kuchava, Zurab Berikashvili, Roland Okropiridze, Onise OnianiDuration: 120 minutes Date: April 14 Hall: Big Stage Time: 20:00 Price: 6 - 16 GELMarjanishvili Theatre8 Marjanishvili Str. Tel: 2 955-966Exit the King Tbilisi Municipal Theatre «Globe» Directed by Sandro MrevlishviliCast: Tornike Beltadze, Keti Luarsabishvili, Nato Pilia, Sopo Medzmariashvili, Beka Kamkhadze, Mariam Arghutashvili, Elene Kasradze, Guga Berekashvili Date: April 14 Hall: Small Stage Time: 20:00 Price: 10 GELLiberty Theatre2 Rustaveli Ave. Tel: 298-58-21So what if wet lilac is wet Director: Gogi TodadzeCast: Giorgi Bakhutashvili, Otar Lortkipanidze, Nikoloz Paikridze, Medea Jibladze, Tamar Tavkhelidze, Tamar Aznarashvili, Mariam Karkashadze, David Kolelishvili Date: April 14 Time: 19:00 Price: 6, 9, 11 GELGeorgian State Pantomime Theatre37 Rustaveli Ave. Tel: 299-63-14Terenti Graneli - The Coriander Thrown to the Moon Director: Amiran ShalikashviliDuration: 60 minutes Date: April 14 Time: 19:00 Price: 10 GEL

4GalleryThe exhibition «Tbilisi Self-Government in 1875-1917».Tbilisi Museum of History (Karvasla)8 Sioni Str. Tel: 292-32-27 (Museum is working every day except Monday. From 11:00 till 17:00)till - April 15The exhibition «Old Tbilisi. Paintings of City Life. MARGINALIA» by tree painter: Karpet Grigoryants, Vano Khojabekov and Vagarshak Elibekian.Tbilisi Museum of History (Karvasla)8 Sioni Str. Tel: 292-32-27 (Museum is working every day except Monday. From 11:00 till 17:00)till - April 27The exhibition Synthetical Art - Artist’s Book «Vepkhistqaosani»Simon Janashia State Museum3, Rustaveli Ave. Tel: 299-80-22Museum is working every day except Monday. From 10:00 till 18:00till - April 15Exhibition of Lado GudiashviliLado Gudiashvili Exhibition Hall11 L. Gudiashvili Str. Tel: 293 23 05Exhibition Hall is working every day, 11:00 - 18:30 except Mondays and offi cial holidays.Entry: Adults - 5 GEL / People from 6-18 - 3 GEL / Students and pensioners (with ID) - 3 GEL / Admission is free for orphan groups (with proof of status) and for children under 6till - April 15

APRIL 15, 2015

1Clubs, Pubs…Amsterdam7 Akhvlediani Str. Mob: 557 34 76 5120:30 - «Uncle Nodar’s Band»SkyyBar 22 Metekhi Str. Mob: 592 32-32-32 21:00 - Band «Wheels», DJ DatunaPub Nali4/1 Kiacheli St. Tel: 243 04 2021:00-00:30 - Band ZarebiCity TimeLeonidze/Machabeli Str. 1/6; Tel: 292 02 1220:00-24:00 - Live BandMacLaren’s Irish Pub5 Rkinis Rigi (Chardin)Mob: 599 57 85 4921:30 - Enjoy a unique ambiance of 60s-70s hits and improvisations by David Gabidzashvili and David Barnabishvili. Great mood is guaranteed! Spend evening at the warmest pub in the city!Restaurant «Dzveli Sakhli» 3, Sanapiro Str. Tel: 2 365-365 20:00-23:00 - Georgian DancesRestaurant «Bermukha»Agmashenebeli lane 13th km. Tel: 259 69 69; Mob: 598 59 69 69Everyday from 17:00 restaurant Bermukha is awaiting you with renovated hall and colorful show program.Music program starts from 19:00:Dato Archvadze’s quartet «Taoba»: Georgian folk and city songs. Estrada singers: Giorgi Tsiklauri, Nina Okroashvili, Giorgi KakutiaCafé «Kala» 8/10 Erekle II Str. Mob: 599 79-97-37 21:00 - Live BandPub «Dublin» 8 Akhvlediani Str, Tel: 298-44-67 21:00-24:00 - Band «The Jumping General»


TheatreMarjanishvili Theatre8 Marjanishvili Str. Tel: 2 955-966The ART Director: Temur ChkheidzeCast: Zura Kipshidze, Mikheil Gomiashvili, Aleko MakharoblishviliDuration: 105 minutes Date: April 15 Hall: Big Stage Time: 20:00 Price: 4 - 10.50 GELMarjanishvili Theatre8 Marjanishvili Str. Tel: 2 955-966Love-letters Director: Temur ChkheidzeCast: Nani Chikvinidze, Gia BurjanadzeDuration: 120 minutes Date: April 15 Hall: Theatre in Attic Time: 20:00 Price: 11 GELMarjanishvili Theatre (New Stage)5 Marjanishvili Str. Tel: 2 955-966Drunk Cherry Autor and Director: Levan Tsuladze, Alexander EloshviliCast: Eka Chkheidze, Malkhaz Abuladze, Manana Kozakova, Barbare Dvalishvili, Dato Khurtsilava, Keti Tskhakaia, Onise Oniani Date: April 15 Time: 20:00 Price: 14 GELLiberty Theatre2 Rustaveli Ave. Tel: 298-58-21Jeans Generation Director: Davit DoiashviliCast: Marina Janashia, Nana Darchiashvili, Goga Chkheidze, Dima Merabishvili, Merab Kolbaia, Lela Metreveli, Jaba Kiladze, Mariam Nadiradze, Apolon Kublashvili, Sandro MargalitashviliDuration: 165 minutes Date: April 15 Time: 19:00 Price: 6, 12, 14 GELTumanishvili Film Actors Theatre164 Agmashenebeli Ave. Tel: 234-28-99A Midsummer Night’s Dream Director: Rusudan BolkvadzeTbilisi Academy of Arts playDuration: 90 minutes Date: April 15 Time: 20:00 Price: 10 GELNodar Dumbadze Professional State Youth Theatre99/1, D. Agmashenebeli Ave. Tel: 295-78-74, 295-39-27Emily’s Adventures Director: Levan KoblianidzeCast: Khatia Melkadze, Nino Shushiashvili, Shalva Antelava, Maka Bardavelidze, Tsotne Saghinadze, Vasil Amurvelashvili, Sophia Achuashvili, Irine KukuladzeDuration: 60 minutes Date: April 15 Hall: Big Stage Time: 12:00 Price: 7, 10 GELRequiem Directed by Lili BurbutashviliCast: Nino Archaia, Vano Dugladze, Giorgi Katchakhidze, Ioseb Molodinashvili, Paata Kikvadze, Lasha Grdzelidze, Tsotne Saghinadze, Nugzar Kurashvili, Vasil AmurvelashviliDuration: 120 minutes Date: April 15 Hall: Small Stage Time: 15:00 Price: 7, 10 GEL1945 Director: Nikoloz SabashviliCast: Levan Katsiashvili, Giorgi Jikuridze, Luka Kachibaia, Ana SanaiaDuration: 45 minutes Date: April 15 Hall: Experimental Stage Time: 20:00 Price: 10 GEL

4GalleryThe exhibition «Tbilisi Self-Government in 1875-1917».Tbilisi Museum of History (Karvasla)8 Sioni Str. Tel: 292-32-27 (Museum is working every day except Monday. From 11:00 till 17:00)till - April 15The exhibition «Old Tbilisi. Paintings of City Life. MARGINALIA» by tree painter: Karpet Grigoryants, Vano Khojabekov and Vagarshak Elibekian.Tbilisi Museum of History (Karvasla)8 Sioni Str. Tel: 292-32-27 (Museum is working every day except Monday. From 11:00 till 17:00)till - April 27The exhibition Synthetical Art - Artist’s Book «Vepkhistqaosani»Simon Janashia State Museum3, Rustaveli Ave. Tel: 299-80-22Museum is working every day except Monday. From 10:00 till 18:00till - April 15Exhibition of Lado GudiashviliLado Gudiashvili Exhibition Hall11 L. Gudiashvili Str. Tel: 293 23 05Exhibition Hall is working every day, 11:00 - 18:30 except Mondays and offi cial holidays.Entry: Adults - 5 GEL / People from 6-18 - 3 GEL / Students and pensioners (with ID) - 3 GEL / Admission is free for orphan groups (with proof of status) and for children under 6till - April 15

APRIL 16, 2015

1Clubs, Pubs…Amsterdam7 Akhvlediani Str. Mob: 557 34 76 5120:30 - Band «Pix»SkyyBar 22 Metekhi Str. Mob: 592 32-32-32 21:00 - Band «Band’a’roll», DJ DatunaPub Nali4/1 Kiacheli St. Tel: 243 04 2021:00-00:30 - Nali BandCity TimeLeonidze/Machabeli Str. 1/6; Tel: 292 02 1220:00-24:00 - Live BandMacLaren’s Irish Pub5 Rkinis Rigi (Chardin)Mob: 599 57 85 4921:30 - Enjoy a unique ambiance of 60s-70s hits and improvisations by David Gabidzashvili and David Barnabishvili. Great mood is guaranteed! Spend evening at the warmest pub in the city!Restaurant «Bermukha»Agmashenebeli lane 13th km. Tel: 259 69 69; Mob: 598 59 69 69Everyday from 17:00 restaurant Bermukha is awaiting you with renovated hall and colorful show program.Music program starts from 19:00:Dato Archvadze’s quartet «Taoba»: Georgian folk and city songs. Estrada singers: Giorgi Tsiklauri, Nina Okroashvili, Giorgi KakutiaRestaurant «Dzveli Sakhli» 3, Sanapiro Str. Tel: 2 365-365 20:00-23:00 - Georgian songs with live performanceCafé «Kala» 8/10 Erekle II Str. Mob: 599 79-97-37 21:00 - Guliko ChanturiaPub «Dublin» 8 Akhvlediani Str, Tel: 298-44-67 21:00-24:00 - Band «Good Company»


TheatreRustaveli Theatre17, Rustaveli Ave. Tel: 272-68-68Host and Guest Director: Valerian GorgoshadzeCast: Bacho Chachibaia, Manana Abramishvili, Ia Sukhitashvili, Levan Khurtsia, Gela LezhavaDuration: 135 minutes Date: April 16 Hall: Small Stage Time: 19:00 Price: 8, 10 GELMarjanishvili Theatre 8 Marjanishvili Str. Tel: 2 955-966Il Decameron Director: Levan TsuladzeCast: Malkhaz Abuladze, Beso Baratashvili, Irma Berianidze, Zura Berikashvili, Tamar Bukhnikashvili, Nino Gachechiladze, Baia Dvalishvili, Manana Kozakova, Nika Kuchava, Marlen EgutiaDuration: 140 minutes Date: April 16 Hall: Big Stage Time: 20:00 Price: 4 - 10.50 GELMarjanishvili Theatre 8 Marjanishvili Str. Tel: 2 955-966Exit the King Tbilisi Municipal Theatre «Globe» Directed by Sandro MrevlishviliCast: Tornike Beltadze, Keti Luarsabishvili, Nato Pilia, Sopo Medzmariashvili, Beka Kamkhadze, Mariam Arghutashvili, Elene Kasradze, Guga Berekashvili Date: April 16 Hall: Small Stage Time: 20:00 Price: 10 GELLiberty Theatre2 Rustaveli Ave. Tel: 298-58-21It’s not the time of Shakespeare - Premiere Director: Ioane KhutsishviliCast: Tamuna Nikoladze, Giorgi Zanguri, Tinatin Kordzadze, Giorgi Kajaia, Maiko Khornauli Date: April 16 Time: 19:00 Price: 6, 10, 12 GELTumanishvili Film Actors Theatre164 Agmashenebeli Ave. Tel: 234-28-99Hellados Youth Art Centre «Art Hall»Director: Goga PipinashviliCast: Nana Shonia, Temur Gvalia Date: April 16 Time: 20:00 Price: 10 GELV. Abashidze State Music and Drama Theatre182 Agmashenebeli Ave. Tel: 234-80-90This is Menagerie! - Premiere Directed by Beka KavtaradzeCast: Aleksandre Begalishvili, Giorgi KvelashviliDuration: 120 minutes Date: April 16 Time: 19:00 Price: 8, 10 GELAkhmeteli Theatre8 Vekua Str. Tel: 262-54-37, 262-59-73, 262-61-97Mother Director: Giorgi SavaneliCast: Mzia Taliashvili, Mamuka Mazavrishvili, Beknu Kapianidze, Sophia Sebiskveradze, Giorgi Tskhadadze, Gigi MigriauliDuration: 70 minutes Date: April 16 Time: 19:00 Price: 7, 10 GELNodar Dumbadze Professional State Youth Theatre99/1, D. Agmashenebeli Ave. Tel: 295-78-74, 295-39-27The Royal Cow Director: Guram BregadzeCast: Nino Kikatheishvili, Edmond Gabedava, Nikoloz Doni, Aleksandre Lobov, Nino Mumladze, Sergo Shvedkov, Tamar Tskvitinidze, Den Khlibov, Ana LezhavaDuration: 90 minutes Date: April 16 Hall: Small Stage Time: 12:00 15:00 Price: 7, 10 GEL1945 Director: Nikoloz SabashviliCast: Levan Katsiashvili, Giorgi Jikuridze, Luka Kachibaia, Ana SanaiaDuration: 45 minutes Date: April 16 Hall: Experimental Stage Time: 20:00 Price: 10 GEL

4GalleryThe exhibition «Old Tbilisi. Paintings of City Life. MARGINALIA» by tree painter: Karpet Grigoryants, Vano Khojabekov and Vagarshak Elibekian.Tbilisi Museum of History (Karvasla)8 Sioni Str. Tel: 292-32-27 (Museum is working every day except Monday. From 11:00 till 17:00)till - April 27

APRIL 17, 2015

1Clubs, Pubs…Amsterdam7 Akhvlediani Str. Mob: 557 34 76 5120:30 - «Uncle Nodar’s Band»Pub Nali4/1 Kiacheli St. Tel: 243 04 2021:00-00:30 - Nali BandSkyyBar 22 Metekhi Str. Mob: 592 32-32-3221:00 - Agora Live Band, DJ DatunaCity TimeLeonidze/Machabeli Str. 1/6; Tel: 292 02 1220:00-24:00 - Live Band & Maka Durglishvili; DJ PaataMacLaren’s Irish Pub5 Rkinis Rigi (Chardin)Mob: 599 57 85 4921:30 - Enjoy a unique ambiance of 60s-70s hits and improvisations by David Gabidzashvili and David Barnabishvili. Great mood is guaranteed! Spend evening at the warmest pub in the city!Restaurant «Bermukha»Agmashenebeli lane 13th km. Tel: 259 69 69; Mob: 598 59 69 69Every day from 17:00 restaurant Bermukha is awaiting you with renovated hall and colorful show program. Music program starts from 19:00:Dato Archvadze’s quartet «Taoba»: Georgian folk and city songs. Estrada singers: Giorgi Tsiklauri, Nina Okroashvili, Giorgi KakutiaRestaurant «Dzveli Sakhli» 3, Sanapiro Str. Tel: 2 365-36520:00-23:00 - Georgian DancesCafé «Kala» 8/10 Erekle II Str. Mob: 599 79-97-3721:00 - Maia BaratashviliPub «Dublin» 8 Akhvlediani Str, Tel: 298-44-6721:00-24:00 - Band «Rustavi 2» (Covers)


TheatreRustaveli Theatre17, Rustaveli Ave. Tel: 272-68-68Old Jokers Director: Gocha KapanadzeCast: Kakhi Kavsadze, Darejan Kharshiladze, Zaza Lebanidze, Jemal Ghaghanidze, Manana Gamcemlidze, Marina Janashia, Marina KakhianiDuration: 140 minutes Date: April 17 Hall: Small Stage Time: 19:00 Price: 10, 15, 20 GELMarjanishvili Theatre8 Marjanishvili Str. Tel: 2 955-966The Gronholm Method Director: Temur ChkheidzeCast: Eka Chkheidze, Nika Tavadze, Apolon Kublashvili, Aleko MakharoblishviliDuration: 150 minutes Date: April 17 Hall: Big Stage Time: 20:00 Price: 6 - 16 GELMarjanishvili Theatre8 Marjanishvili Str. Tel: 2 955-966House in Clouds Director: Mamuka TkemaladzeCast: Vano Iantbelidze, Gia Abesalashvili Date: April 17 Hall: Theatre in Attic Time: 20:00 Price: 11 GELMarjanishvili Theatre (New Stage)5 Marjanishvili Str. Tel: 2 955-966Doubt Director: Guram VashakidzeCast: Nani Chikvinidze, Zviad Skhirtladze, Nino Tsuladze,

Nino Dumbadze Date: April 17 Time: 20:00 Price: 14 GELLiberty Theatre2 Rustaveli Ave. Tel: 298-58-21It’s not the time of Shakespeare - Premiere Director: Ioane KhutsishviliCast: Tamuna Nikoladze, Giorgi Zanguri, Tinatin Kordzadze, Giorgi Kajaia, Maiko Khornauli Date: April 17 Time: 19:00 Price: 6, 10, 12 GELTumanishvili Film Actors Theatre164 Agmashenebeli Ave. Tel: 234-28-99The Man and the Woman Director: Nana KvaskhvadzeCast: Guram Laliashvili, Ilia Cheishvili, Tamri Bziava, Gagi Shengelia, Nutsa Mchedlishvili, Nini KvaskhvadzeDuration: 60 minutes Date: April 17 Hall: Small Stage Time: 20:00 Price: 7 GELV. Abashidze State Music and Drama Theatre182 Agmashenebeli Ave. Tel: 234-80-90This is Menagerie! - Premiere Directed by Beka KavtaradzeCast: Aleksandre Begalishvili, Giorgi KvelashviliDuration: 120 minutes Date: April 17 Time: 19:00 Price: 8, 10 GELKakha Bakuradzes Movement Theatre182, Aghmashenebeli Ave. Tel: 599 01 55 67INTRO Directed by Kakha BakuradzeCast: Eka Tsilosani, Anna Tsintsadse, Jacob Gogotishvili, Alexander Jagashvili, Lasha Robakidze, Kakha Arevadze, Salome Kavtaradze, Ucha Mjavia, George Gogava, Amiran Qachibaia, Shalva Gogoladze, George GongadzeDuration: 80 minutes Date: April 17 Time: 20:00 Price: 7 - 15 GELGeorgian State Pantomime Theatre37 Rustaveli Ave. Tel: 299-63-14Saint George Director: Amiran ShalikashviliDuration: 70 minutes Date: April 17 Time: 19:00 Price: 10 GELNodar Dumbadze Professional State Youth Theatre99/1, D. Agmashenebeli Ave. Tel: 295-78-74, 295-39-27Snow White and the Seven Dwarfs Director: Dimitri KhvtisiashviliCast: Nino Lezhava, Tamar Lortkipanidze, Nino Shushiashvili, Tamara Chanuyvadze, Kakha Gabelaia, Mariam Chukhrukidze, Nikoloz Kvantaliani, Nikoloz Nanitashvili, Gaga ShishinashviliDuration: 120 minutes Date: April 17 Hall: Big Stage Time: 12:00 Price: 7, 10 GELThe Royal Cow Director: Guram BregadzeCast: Nino Kikatheishvili, Edmond Gabedava, Nikoloz Doni, Aleksandre Lobov, Nino Mumladze, Sergo Shvedkov, Tamar Tskvitinidze, Den Khlibov, Ana LezhavaDuration: 90 minutes Date: April 17 Hall: Small Stage Time: 12:00 15:00 Price: 7, 10 GELRomeo & Juliet Director: Levan TsuladzeCast: Vameh Jangidze, David Khakhidze, Kote Tolordava, Nino Papiashvili, Kakha Gabelaia, Vano Dugladze, Beso Megrelishvili, Mariam Chukhrukidze, Kakha Tcholadze, Nikoloz NanitashviliDuration: 160 minutes Date: April 17 Hall: Big Stage Time: 19:00 Price: 7, 10 GEL


APRIL 18, 2015

1Clubs, Pubs…Amsterdam7 Akhvlediani Str. Mob: 557 34 76 5120:30 - Band «Good Company»Pub Nali4/1 Kiacheli St. Tel: 243 04 2021:00-00:30 - Nali ZarebiSkyyBar 22 Metekhi Str. Mob: 592 32-32-3221:00 - Veriko Turashvili & Live Band, DJ DatunaCity TimeLeonidze/Machabeli Str. 1/6; Tel: 292 02 1220:00-24:00 - Live Band & Nata Kurdovanidze; DJ VakoMacLaren’s Irish Pub5 Rkinis Rigi (Chardin)Mob: 599 57 85 4921:30 - Enjoy a unique ambiance of 60s-70s hits and improvisations by David Gabidzashvili and David Barnabishvili. Great mood is guaranteed! Spend evening at the warmest pub in the city!Restaurant «Bermukha»Agmashenebeli lane 13th km. Tel: 259 69 69; Mob: 598 59 69 69Every day from 17:00 restaurant Bermukha is awaiting you with renovated hall and colorful show program. Music program starts from 19:00:Dato Archvadze’s quartet «Taoba»: Georgian folk and city songs. Estrada singers: Giorgi Tsiklauri, Nina Okroashvili, Giorgi KakutiaRestaurant «Dzveli Sakhli» 3, Sanapiro Str. Tel: 2 365-365 20:00-23:00 - Georgian DancesCafé «Kala» 8/10 Erekle II Str. Mob: 599 79-97-3721:00 - Keti ParesashviliPub «Dublin» 8 Akhvlediani Str, Tel: 298-44-6721:00-24:00 - Band «Rustavi 2» (Covers)


CircusTbilisi Circus1, The Heroes Square Tel: 298 30 3513:00, 17:00 - New Circus show «On the Risk Edge»(Ticket Price - 10, 15, 20, 25 GEL)

TheatreRustaveli Theatre17, Rustaveli Ave. Tel: 272-68-68What a wonderful day... (Shadow Theatre) Writer, director: Gela KandelakiCast: Vadim Shubitidze, Elene Murjikneli, Paata Shengelia, Anzhela Abshilava, Giorgi Chanturia, Elene ZurabashviliDuration: 80 minutes Date: April 18 Hall: Small Stage Time: 19:00 Price: 6, 8 GELRustaveli Theatre17, Rustaveli Ave. Tel: 272-68-68Maria Callas - Master Class Director: Robert SturuaCast: Lela Alibegashvili, David Darchia, Lela Akhalaia, Archil Gogitidze, Kate Svanidze, David UplisashviliDuration: 75 minutes Date: April 18 Hall: Big Stage Time: 19:00 Price: 10, 12, 15, 20 GELMarjanishvili Theatre8 Marjanishvili Str. Tel: 2 955-966Blind Visible (Molly Sweeney) Director: Temur ChkheidzeCast: Nani Chikvinadze, Goga Pipinashvili, Aleko MakharoblishviliDuration: 130 minutes Date: April 18 Hall: Theatre in Attic Time: 20:00 Price: 11 GELMarjanishvili Theatre8 Marjanishvili Str. Tel: 2 955-966Women Director: Tsitsino KobiashviliCast: Nino Zautashvili, Nino Dumbadze, Keti Chkheidze, Keti Gegeshidze, Irma Berianidze, Eka Mjavanadze, Zaza Goguadze, Temo KiladzeDuration: 130 minutes Date: April 18 Hall: Big Stage Time: 20:00 Price: 4 - 10.50 GELMarjanishvili Theatre (New Stage)5 Marjanishvili Str. Tel: 2 955-966Meet You in Paradise Director: Sandro EloshviliCast: Zurab Berikashvili, Nino Gachechiladze, Guram Jashi, David Khurtsilava, Nodar DoghonadzeDuration: 90 minutes Date: April 18 Time: 20:00 Price: 14 GELLiberty Theatre2 Rustaveli Ave. Tel: 298-58-21Father Director: Kadri OzjanCast: Kakha Mikiashvili, Jaba Kiladze, Mamuka Mumladze, Vano Kurasbediani, Keta Lortkipanidze Date: April 18 Time: 19:00 Price: 6, 9 GELTumanishvili Film Actors Theatre164 Agmashenebeli Ave. Tel: 234-28-99Our Small City Director: Mikheil TumanishviliCast: Gia Abesalashvili, Mzia Arabuli, Koko Roiniishvili, Zurab Kipshidze, Natalia Shengelaia, Nino Chkheidze, Nika Tserediani, Nineli Chankvetadze, Darejan KhachidzeDuration: 170 minutes Date: April 18 Time: 20:00 Price: 10 GELV. Abashidze State Music and Drama Theatre182 Agmashenebeli Ave. Tel: 234-80-90This is Menagerie! - Premiere Directed by Beka KavtaradzeCast: Aleksandre Begalishvili, Giorgi KvelashviliDuration: 120 minutes Date: April 18 Time: 19:00 Price: 8, 10 GELKakha Bakuradzes Movement Theatre

182, Aghmashenebeli Ave. Tel: 599 01 55 67Abracadabra Director: Ioseb BakuradzeCast: Irakli Saralidze, Salome Kavtaradze, Ucha Mjavia, Ioseb BakuradzeDuration: 60 minutes Date: April 18 Time: 20:00 Price: 7 - 15 GELIliauni Theatre32, I. Chavchavadze Ave. Tel: 229-47-15God of Carnage Director: David ChabashviliCast: Giorgi Bakhutashvili, Nata Berezhiani, Giorgi Bochorishvili, Maya KhornauliDuration: Black Comedy in 1 Act Date: April 18 Time: 20:00 Price: 10 GELGriboedov Theatre2 Rustaveli Ave. Tel: 293-11-06The wolves and sheep Director: Ma Chjen KhunCast: K. Badalov, M. Jibrailova, A. Kazakov, G. Kashkovskaya, A. Kolubkov, P. KutepovaDuration: 210 minutes Date: April 18 Time: 19:00 Price: 10 - 30 GELAkhmeteli Theatre8 Vekua Str. Tel: 262-54-37, 262-59-73, 262-61-972+2=2 Director: Rodrigo Fisher (Brazil)Cast: Andria Gvelesiani, Sofi a Sebiskveradze, Gigi Migriauli, Giorgi TskhadadzeDuration: 60 minutes Date: April 18 Time: 19:00 Price: 7, 10 GELNodar Dumbadze Professional State Youth Theatre99/1, D. Agmashenebeli Ave. Tel: 295-78-74, 295-39-27The Royal Cow Director: Guram BregadzeCast: Nino Kikatheishvili, Edmond Gabedava, Nikoloz Doni, Aleksandre Lobov, Nino Mumladze, Sergo Shvedkov, Tamar Tskvitinidze, Den Khlibov, Ana LezhavaDuration: 90 minutes Date: April 18 Hall: Small Stage Time: 12:00 Price: 7, 10 GELKhutkunchula Director: Dimitri KhvtisiashviliCast: Tamar Mamulashvili, David Khakhidze, Mariam Chukhrukidze, Nikoloz Kvantaliani, Nikoloz Nanitashvili, Maia Khornauli, Nino Andriadze, Zurab Avsajanishvili, Mamuka BogveradzeDuration: 100 minutes Date: April 18 Hall: Big Stage Time: 13:00 Price: 7, 10 GELThe Princess, Frog, Hansel and Gretel Director: Dimitri KhvtisiashviliCast: Edmond Gabedava, Tatiana Aloshkina, Nino Managadze, Nino Mumladze, Sergo Shvedkov, Tamar Tskvitinidze Date: April 18 Hall: Big Stage Time: 16:00 Price: 7, 10 GELKukaracha Director: Shalva GatsereliaCast: Tamar Mamulashvili, Nino Lezhava, Kote Tolordava, Nino Archaia, Berta Khapava, Badri Gvazava, Nino Lortkifanidze, Nikoloz Kvantaliani, Vahtang ChachanidzeDuration: 110 minutes Date: April 18 Hall: Big Stage Time: 19:00 Price: 7, 10 GEL


APRIL 19, 2015

1Clubs, Pubs…Amsterdam7 Akhvlediani Str. Mob: 557 34 76 5120:30 - Band «Good Company»Pub Nali4/1 Kiacheli St. Tel: 243 04 2021:00-00:30 - Nali BandSkyyBar 22 Metekhi Str. Mob: 592 32-32-3221:00 - Agora Live Band, DJ DatunaCity TimeLeonidze/Machabeli Str. 1/6; Tel: 292 02 1220:00-24:00 - Live Band & Maka Durglishvili; Karaoke, DJ Vako Restaurant «Bermukha»Agmashenebeli lane 13th km. Tel: 259 69 69; Mob: 598 59 69 69Every day from 17:00 restaurant Bermukha is awaiting you with renovated hall and colorful show program. Music program starts from 19:00:Dato Archvadze’s quartet «Taoba»: Georgian folk and city songs. Estrada singers: Giorgi Tsiklauri, Nina Okroashvili, Giorgi KakutiaRestaurant «Dzveli Sakhli» 3, Sanapiro Str. Tel: 2 365-36520:00-23:00 - Georgian songs with live performanceCafé «Kala» 8/10 Erekle II Str. Mob: 599 79-97-3721:00 - Live BandPub «Dublin» 8 Akhvlediani Str, Tel: 298-44-6721:00-24:00 - Band «Rustavi 2» (Covers)


CircusTbilisi Circus1, The Heroes Square Tel: 298 30 3513:00 - New Circus show «On the Risk Edge»(Ticket Price - 10, 15, 20, 25 GEL)

TheatreRustaveli Theatre17, Rustaveli Ave. Tel: 272-68-68Maria Callas - Master Class Director: Robert SturuaCast: Lela Alibegashvili, David Darchia, Lela Akhalaia, Archil Gogitidze, Kate Svanidze, David UplisashviliDuration: 75 minutes Date: April 19 Hall: Big Stage Time: 19:00 Price: 10, 12, 15, 20 GELMarjanishvili Theatre 8 Marjanishvili Str. Tel: 2 955-966The Men Director: Tsitsino KobiashviliCast: Dimitri Tatishvili, Temo Kiladze, Zaza Goguadze, Zura Berikashvili, Onise Oniani, Vasiko Odishvili, Lela Meburishvili, Ana Sanaia Date: April 19 Hall: Big Stage Time: 20:00 Price: 6 - 16 GELMarjanishvili Theatre 8 Marjanishvili Str. Tel: 2 955-966Tamed Falcon Director: Peter ChargeishviliCast: Valeri Korshia, Zaza Iakashvili, Giorgi Korganashvili, Lile Pilpani, Natia Nikolaishvili, Giorgi Tatishvili, Tengiz Papidze Date: April 19 Hall: Theatre in Attic Time: 20:00 Price: 11 GELMarjanishvili Theatre (New Stage)5 Marjanishvili Str. Tel: 2 955-966Borders Director and Choreographer: Giorgi OsepashviliCast: Ketevan Kitiashvili, Beka Goderdzishvili, Giorgi OsepashviliDuration: 140 minutes Date: April 19 Time: 20:00 Price: 14 GELLiberty Theatre2 Rustaveli Ave. Tel: 298-58-21Richard III Director: Avto VarsimashviliCast: Sandro Margalitashvili, Jaba Kiladze, Giorgi Jikia, Tamuna Nikoladze, Mariam Jologua, Tiko Kordzadze, Apolon Kublashvili, Goga Barbakadze Date: April 19 Time: 19:00 Price: 6, 13, 15 GELTumanishvili Film Actors Theatre164 Agmashenebeli Ave. Tel: 234-28-99Our Small City Director: Mikheil TumanishviliCast: Gia Abesalashvili, Mzia Arabuli, Koko Roiniishvili, Zurab Kipshidze, Natalia Shengelaia, Nino Chkheidze, Nika Tserediani, Nineli Chankvetadze, Darejan Khachidze, Darejan Jojua, Beka JumutiaDuration: 170 minutes Date: April 19 Time: 20:00 Price: 10 GELV. Abashidze State Music and Drama Theatre182 Agmashenebeli Ave. Tel: 234-80-90This is Menagerie! - Premiere Directed by Beka KavtaradzeCast: Aleksandre Begalishvili, Giorgi KvelashviliDuration: 120 minutes Date: April 19 Time: 19:00 Price: 8, 10 GELAkhmeteli Theatre8 Vekua Str. Tel: 262-54-37, 262-59-73, 262-61-97Imeretian Requiem Director: Irakli GogiaCast: Tatuli Edisherashvili, Tamar Bezhuashvili, Mzia Taliashvili, Mamuka Mazavrishvili, Vazha Tsitsiloshvili, Giorgi Gasviani, Neli Badalashvili, Lika Kutateladze, Vasil ShakhashviliDuration: 85 minutes Date: April 19 Time: 19:00 Price: 7, 10 GELGriboedov Theatre2 Rustaveli Ave. Tel: 293-11-06The wolves and sheep Director: Ma Chjen KhunCast: K. Badalov, M. Jibrailova, A. Kazakov, G. Kashkovskaya, A. Kolubkov, P. KutepovaDuration: 210 minutes Date: April 19 Time: 19:00 Price: 10 - 30 GELIliauni Theatre32, I. Chavchavadze Ave. Tel: 229-47-15Antigone Director: Gaga GoshadzeCast: Tamta Navrozashvili, Gia Roinishvili, Giorgi Chumburidze, Maka Dzagania, Tamar Makashvili, David Velijanashvili, Andria VachridzeDuration: Tragedy in 1 Act Date: April 19 Time: 20:00 Price: 10 GELG. Mikeladze State Professional Puppet Theatre2 Turtle Lake Str.; Culture Centre Muza; Phone: 568145199The Three Little Pigs Director: Shota Tsutskiridze, Maia LortkipanidzeCast: Tamta Bakradze, Malkhaz Gabunia, Irine Kukuladze, Rati Nivadze, Maia Malkhazishvili, Manana Tsiklauri, Giorgi Medzmariashvili, Natia KhmiadashviliDuration: 60 minutes Date: April 19 Time: 12:00 Price: 5 GELNodar Dumbadze Professional State Youth Theatre99/1, D. Agmashenebeli Ave. Tel: 295-78-74, 295-39-27The Princess, Frog, Hansel and Gretel Director: Dimitri KhvtisiashviliCast: Edmond Gabedava, Tatiana Aloshkina, Nino Managadze, Nino Mumladze, Sergo Shvedkov, Tamar Tskvitinidze Date: April 19 Hall: Big Stage Time: 12:00 Price: 7, 10 GELThe Little Red Riding Hood Director: Otar BagaturiaCast: Nino Archaia, Khatia Melkadze, Ana Mghebrishvili, Zurab Avsajanishvili, Ana Zambakhidze, Lika Shukakidze, Sophia Akhuashvili, Dimitri Tarbaia, Tekla Javakhadze, Ketevan Shervashidze, Keso MaisashviliDuration: 90 minutes Date: April 19 Hall: Big Stage Time: 13:00 Price: 7, 10 GELNatsarkekia Director: Dimitri KhvtisiashviliCast: Khatia Melkadze, Badri Gvazava, Levan Katsiashvili, Giorgi Katchakhidze, Paata Mkheidze, Vakhtang Nozadze, Nino Lortkifanidze, Paata Kikvadze, Kakha TcholadzeDuration: 90 minutes Date: April 19 Hall: Small Stage Time: 16:00 Price: 7, 10 GELIrine’s Happiness Director: Dimitri KhvtisiashviliCast: Vameh Jangidze, David Khakhidze, Kote Tolordava, Levan Katsiashvili, Vakhtang Nozadze, Ioseb Molodinashvili, Nino Lortkifanidze, Pavle Nozadze, Paata KikvadzeDuration: 90 minutes Date: April 19 Hall: Big Stage Time: 19:00 Price: 7, 10 GEL


For more information, please, visit the following website: www.info-tbilisi.com

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To Tbilisi From Day Depart Arrive Flight#

Almaty 1.2.4.6.7 01:05;13:25;22:20 06:40,19:00;03:50+1 4L303

Amsterdam 1.3.6 05;10,07:00 07:55;09:40 A9 651

Athens 1,4 05:15, 07:15 A9 693

Baku DAILY 02:20,11:10;13:40 04:30;13:20;15:50 J2 224/226

Batumi DAILY 09:30 10:05 A9 505

Dubai 2.5.6.7 05:30; 07:30 08:55; 10:55 4L301

Doha DAILY 20:00;14:30 14:30;18:30 QR 254/252

Frankfurt 2.6 15:50 18:10 A9 621

Istanbul DAILY 04:15;08:25; 11:20 05:45; 09:25;12:50 TK 1387/1383

Istanbul DAILY 04:40; 05:30 06:00; 06:50 PC 463/451

Istanbul X7 05:45 07:10 KK 381

Kiev DAILY 06:50,16:40,19:20 08:20,18:05,20:45 PS 728

Kharkov 7 11:25 12:40 Z6 708

Minsk DAILY 03:50 06:00 B2 1736

Munich DAILY 04:01 06:00 LH 3215

Paris 2.5 16:15 19:15 A9 627

Prague 2.6 04:30 06:20 OK 935

Rome 2,4,5,7 05:00 07:15 AZ 551

Riga 1.3.4.6 05:45 08:25 BT 725

Tel-Aviv DAILY 07:25,18:30 09:10,20:15 A9 695

Tel-Aviv 1.4.5 01:05,02:35;07:10 02:55,04:25,09:00 IZ418

Vienna 4.7 08:15 09:45 A9 681

Urumqi 2.4.6 22:40 07:30+1 CZ 6040

Warsaw DAILY 04:45 06:25 LO 724

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DISCOVERY

40, Chavchavadze Ave. Tel: 229 42 30

24/24

Red Café - Bistro & Cafe

# 71 Vazha-phavela Ave.Tel: 2201 211

[email protected]

VERA STEAKHOUSE

37, Kostava Str.Tel: 298 37 67

TSISKVILI

Beliashvili Str. Tel: 253 07 97

PREGO84, Barnovi Str.Tel: 225 22 58

15, Erekle II.Tel: 293 14 11

25, Tarkhnishvili Str.Tel: 225 25 16

2, MarjaniSvili Str. Tel: 2 999 723

41, Gamsakhurdia Str.Tel: 237 96 88

SIANG-GAN

Prospero’s Books34, Rustaveli Ave. Tel: (+995 32) 2923 592

ENGLISH TEE HOUSE

5, Marjanishvili Str. Tel: 294 16 20

32, Paliashvili Str.Tel: 222 11 09

Belle Ville

French - European bar-restaurant Pleasant and cozy atmosphere High quality service, live music every day

26, l.Kiacheli Str. Tel: 293 65 53

Entree

13 Taktakishvili Str.20 Rustaveli Ave.19 Petriashvili Str.

7 Pekini Str.78 Chavchavadze Ave.

(Bagebi)86 Aghmashenebeli ave.

Tel.: 599 21 53 83

LITERATURULI CAFÉ

22, Abashidze Str.Tel: 222 02 76

4, Besiki Str.

Tel: 2 519 966

Book Corner

13b, Tarkhnishvili Str.Tel: 223 24 30

[email protected]

www.facebook.com/RespublikaEspressoBar

16, Marjanishvili Str.Tel: 555 003151

Espresso Bar “RESPUBLIKA”

Addr: 3 Vekua Street.(Trade Center GTC)

Tel.: 2 93 61 38

CAFE CINEMA

4, Vashlovani Str.Tel: 298 90 86

PICASSO

Literary cafe “MONSIEUR JORDAN”V. Gorgasali st.,17Tel.: 275-02-07


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