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Georgia holds auction for privatization of state property

Georgia Materials 17 April 2021 12:33 (UTC +04:00)
Georgia holds auction for privatization of state property

BAKU, Azerbaijan, April 17

Tamilla Mammadova - Trend:

During electronic auctions announced in March 2021, the Georgian government sold state properties worth over 60 million lari ($17.5 million), Trend reports via the National Agency of State Property.

To encourage investment in the Georgian economy and the productive use of state resources, the authorities expanded the "100 Investment Proposals for the Business program", offering entrepreneurs facilities with a total initial cost of 400 million lari ($116.6 million).

According to the agency, the price fixed as a result of the sale exceeds the original value of the property by about 50 percent.

"In total, more than 150 objects were offered for the amount of up to 300 million lari ($87.5 million). The final result, as a result of tenders in 109 lots with an initial value of 40 million lari ($11.7 million), exceeded 60 million lari ($17.5 million)," the agency said in a statement.

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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