Cost of Georgian property sold at auction increase

Business Materials 20 May 2021 15:00 (UTC +04:00)
Cost of Georgian property sold at auction increase

BAKU, Azerbaijan, May 20

Tamilla Mammadova – Trend:

At the electronic auctions held since the beginning of 2021, the Georgian government sold state facilities worth 160 million lari ($47.3 million), said the head of the Ministry of Economy Natia Turnava, Trend reports via Georgian media.

According to the minister, the privatization program is going well, especially after the announcement of an auction for 150 new objects.

“In just two days - on May 17 and 18, we brought to the auction 27 lots with an initial value of over 39 million lari ($11.5 million). As a result of great interest, competition and bidding, the state budget received more than 72 million lari ($21.3 million) - almost double the price,” Turnava noted.

The cost of the property sold at the auction has increased by 86 percent compared to the initial price, the minister stressed.

To encourage investment in the Georgian economy and the productive use of state resources, the authorities expanded the "100 Investment Proposals for Business" program, offering entrepreneurs a total initial cost of 400 million lari ($118.3 million).

The money received as a result of privatization will be distributed among the budgets of different levels.

The project "100 Investment Proposals for Business" has been operating in the country since November 2019. It provides for the simultaneous holding of one hundred parallel auctions and the privatization of state property according to a simplified procedure.


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