Financial Source Classified by Government
05 May, 2011
Financial Source Classified by Government

‘Only the companies with bad reputation try to cover up their identities’


After lengthy contemplation Georgian Authorities decided to seek money for the development of Georgian agricultural sector. For a long time no one has talked about it. Still, it appears that the Government succeeded and found required financial means. It is 150 million US Dollars attracted from six international financial institutions. Oddly enough, names of all those institutions are classified by the Ministry.
State budget will allocate 9 million

Lari for the project co-funding and may add more in the future, if required. However, it remains unclear which international organizations are chunking out money and what are terms and conditions, such as annual rates and alike.
Zurab Tkemaladze, one of the leaders of political organization ‘Industry Saves Georgia’, points out that till today no financial institution has gone as far as to conceal its identity. Experts are also flabbergasted. The only thing most of them know is that the money has been raised through International Financial Institutions. No one knows conditions attached to the expected funding and whether the State gives its guarantee.
“As this corporation has no property of its own, it receives it under the State guarantee. It is unacceptable to conceal the funder’s identity. This is beyond logic. Only the companies with bad reputation try to cover up their identities,” laments expert Davit Narmania.
The budget of Georgian Agricultural Ministry is no more than 69 million Lari. The news about 150 million funding was told to the public by Georgian President Mikheil Saakashvili in his Parliamentary speech.
“The wish to participate in the project came from foreign companies mostly. It will be done via co-funding. All the companies involved will receive stakes in the projects proportionate to their investments and get access to the Georgian market. We are trying to reduce State participation in this 150 million and attract as much money as possible,” said Agricultural Minister Bakur Kvezereli.
“These projects will be launched and most of them will end this year. The other projects will be completed at the beginning of the next year depending on their scales,” says Kvezereli.
Judging by these declarations, experts say the Government has not devised any agricultural development plan since the Rose Revolution.

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