the financial epaper

By OLGA AZHGIBETSEVA and FLORIAN BIERMANN

ISET

In the end of the 19th century, American economist Thorstein Veblen (1857-1929) offered a curious theory why people drink and smoke in public. In

Chapter 4 of his opus magnum The Theory of the Leisure Class (1899), he speculates that those who are struck by poverty want to pretend to be affl uent by drinking and smoking, as somebody who was poor would not have the means to buy such luxu-rious goods as liqueurs and tobacco.

While today drinking and smok-ing in public does not impress other people, Veblen’s ideas on conspicu-ous consumption inspired what one might call the “economic analysis of boasting”. Veblen Goods have the paradoxical property that demand for them increases when their prices go up. The reason is that Veblen Goods are primarily consumed to show off, and as one can boast more with ex-pensive commodities, it follows that demand should increase with price.

The FINANCIAL

The total profi t of Geor-gian TV companies re-duced by USD 13, 989, 387, or more than 18%, during the fi rst four

months of 2015 compared with the same period of last year. TV com-pany Rustavi 2 attracts the largest share of advertisers, according to TV MR GE, Nielsen Television Au-dience Measurement.

TV’s profi t amounted to USD 61,210,366 in January-April 2015, down from USD 75,199,753 in the

same period of 2014. The fi gures are counted according to offi cial price lists and do not take into con-sideration any discounts between TV companies and advertisers.

In 2015, the Georgian Parlia-ment has approved a bill of amend-ments to the law on advertisement. The bill had been proposed by the Georgian National Communica-tions Commission (GNCC). The main issue that caused most of the controversy – 20% limit per hour and date of its enforcement.

http://www.fi nancial.geNews Making Money18 May, 2015

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

See on p. 10

May 16 May 9

1 USD 2.3637 2.33381 EUR 2.6840 2.6178100 RUB 4.7182 4.58951 TRY 0.9136 0.8671

CURRENCIES

Continued on p.8

Continued on p. 2

Continued on p. 6

Weekly Market Watch

GREENBUSINESS ON 25 MAYSPONSORED BY

EBRD’s Trust in Georgia Increases its Reliability for Investors

The FINANCIAL

Holding the EBRD An-nual Meeting and Busi-ness Forum 2015 in Georgia has increased the reliability of Geor-

gia for foreign investors. The coun-try hosted over 1,500 delegates from 60 countries. EBRD President Suma Chakrabarti positively estimated the Georgian business climate, stat-ing that in this environment inves-tors are not afraid to invest capital. EBRD has been investing in Georgia for a long time. “Currently it is time for Georgia to deliver results,” inves-

tors believe.On 14-15 May, Georgia hosted the

largest business delegation ever, in line with the EBRD Annual Meet-ing and Business Forum 2015. The Meeting brought together over 1,500 representatives from more than 60 countries. The Government of Geor-gia and the EBRD have united to promote investments in the country. EBRD President Suma Chakrabarti and Georgia’s Prime Minister Irakli Garibashvili signed a Memorandum of Understanding (MoU) about the establishment of an Investors Coun-cil.

Continued on p. 4

TV Ad Sales Drop by USD 14 Million in 2015

TBC Bank Receives Two Awards from EBRD

The FINANCIALBy MADONA GASANOVA

The European Bank for he European Bank for Reconstruction and De-Reconstruction and De-velopment (EBRD) has velopment (EBRD) has awarded Georgian TBC awarded Georgian TBC Bank two prizes for its Bank two prizes for its

outstanding performance in 2014 outstanding performance in 2014 under the EBRD Trade Facilitation under the EBRD Trade Facilitation Programme (TFP). Georgia was Programme (TFP). Georgia was a host country of EBRD’s Annual a host country of EBRD’s Annual Meeting and Business Forum 2015. Meeting and Business Forum 2015. As one of the largest supporter of As one of the largest supporter of Georgian traders, TBC Bank spon-Georgian traders, TBC Bank spon-sored the TFP conference. sored the TFP conference.

TBC Bank won EBRD awards for TBC Bank won EBRD awards for

being the most active issuing bank being the most active issuing bank in Georgia, and for Deal of the Year in Georgia, and for Deal of the Year 2014.2014.

TBC Bank was one of the fi rst TBC Bank was one of the fi rst Georgian banks to join the EBRD Georgian banks to join the EBRD TFP in 1999. “We are very proud TFP in 1999. “We are very proud and happy to recognize the achieve-and happy to recognize the achieve-ments of TBC Bank with these ments of TBC Bank with these awards. TBC Bank has been quite awards. TBC Bank has been quite active in fi nancing trade during active in fi nancing trade during 2014. In cooperation with EBRD we 2014. In cooperation with EBRD we issued quite an important volume in issued quite an important volume in this direction. That was the reason this direction. That was the reason why EBRD decided to award us,” why EBRD decided to award us,” said Vakhtang Butskhrikidze, CEO said Vakhtang Butskhrikidze, CEO at TBC Bank.at TBC Bank.

Continued on p. 8

THE ECONOMICS OF BOASTING

THE POWER OF “CLOWNING AROUND”

The FINANCIAL

Medical clowns can reduce anxiety and length of hospital stay for children undergo-ing urologic surgery,

according to a new study featured at the 110th Annual Scientifi c Meeting of the American Urological Associa-tion (AUA).

Medical research has found hu-mor can have a positive effect on pa-tients and implementation of medi-cal clowns, particularly in pediatric settings, has become an integral and therapeutic component of care in many hospitals throughout the world.

2 HEADLINE NEWS & ANALYSIS FINANCIALC M Y K

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fi nancial fi nancial newsnews

By OLGA AZHGIBETSEVA and FLORIAN BIERMANN

ISET

In the end of the 19th century, American economist Thor-stein Veblen (1857-1929) of-fered a curious theory why people drink and smoke in

public. In Chapter 4 of his opus magnum The Theory of the Lei-sure Class (1899), he speculates that those who are struck by pov-erty want to pretend to be affl u-ent by drinking and smoking, as somebody who was poor would not have the means to buy such luxurious goods as liqueurs and tobacco.

While today drinking and smoking in public does not im-press other people, Veblen’s ideas on conspicuous consumption in-spired what one might call the “economic analysis of boasting”. Veblen Goods have the paradoxi-cal property that demand for them increases when their prices go up. The reason is that Veblen Goods are primarily consumed to show off, and as one can boast more with expensive commodities, it follows that demand should in-crease with price. Rolex watches, expensive mobile phones, brand name clothing, and even fancy cars may be Veblen goods: the more overpriced they are, the more people buy them for im-pressing others.

WHO BOASTS, AND WHY?

As argued by Omer Moav and Zvika Neeman in a 2012 paper (Moav taught at ISET in the past), boasting is a way to pretend that one has hidden income (“Saving Rates and Poverty: The Role of Conspicuous Consumption and Human Capital”, Economic Jour-nal 122, pp. 933-956). While peo-ple may have a rough idea of the incomes of their neighbors, col-leagues, friends, and other people they interact with, they usually do not know exactly. Hence, there is some wiggle room for specula-tion, and if one sees a colleague coming to work with a Bentley, people will update their beliefs about his or her fi nancial potency.

But why do humans want to ap-pear richer than they actually are? Evidence points at an evolution-ary advantage, as command over resources seems to contribute to the sexual attractiveness of a per-son (in particular of males, who, for evolutionary reasons not to be discussed here, compete more fi ercely for mating partners than females). It has been shown, for example, that the relationship status is a reliable predictor for the amount of a men’s conspicu-ous consumption – single men buy more expensive smartphones and cars than those who are mar-ried (e.g. Hennighausen and Schwab (2014): “Relationship Status Moderates Men’s Con-spicuous Consumption of Smart-phones”, Letters on Evolutionary

Behavioral Science 5, pp. 13-16). Like male peacocks, whose lav-ish plumage indicates to females that their reproductive resources are so abundant that they can af-ford to have highly visible (and therefore risky), resource-inten-sive, and even obstructive feather coats, a human male who buys a Rolex shows to human females that he is so rich that he can af-ford to buy a watch for several thousand dollars which essen-tially yields the same utility as a $20 watch.

Paradoxically, conspicuous consumption seems to be more frequent in poorer societies. Moav and Neeman accumulate lots of evidence for this (detailed sources can be found in their paper): me-dian spending on festivals com-prises about 10-15% of annual income in rural India, while Black households in South Africa spend on average a year’s income on an adult’s funeral. At the same time, they typically spend less than 1% of their income on less trans-parent forms of entertainment like movie theatres. A New York Times article describes the case of a poor Indian farmer who sold his land for $109,000 and then rented a helicopter for $8,327 to fl y his son two miles to his wed-ding party.

The explanation given by Charles, Hurst, and Roussanov (2009) is that conspicuous con-sumption is more effective in a society of poor people (“Conspic-uous Consumption and Race”, Quarterly Journal of Economics 124, pp. 425-67). Their argument is threefold. Firstly, by the law of supply and demand, an attractive trait is more precious on the mat-ing market the scarcer it is. “Hid-den income” is therefore more attractive when most people are poor. Secondly, revealing that one is rich is more of a surprise in a poor society, and hence the im-pact on one’s reputation is more signifi cant (if everybody already assumed that one was rich, buy-ing a Porsche does not really make a difference). Thirdly, in a rich society it is much more ex-

pensive to impress others. When upper class cars are ubiquitous, as it is the case in some European countries like Luxembourg and Switzerland, then one needs to go for a Rolls Royce or Bentley to really impress. In a low-income country like Georgia, on the other hand, a plain Toyota Land Cruiser or a BMW X6 will do the job.

IS IT ECONOMICALLY DETRIMENTAL?

On the surface, one might think that a society of posers is ben-efi cial for the economy. Doesn’t it boost the demand for expensive smartphones, watches, and cars?

Moav and Neeman show that the issue is more complicated, and that a veritable poverty trap can arise from conspicuous con-sumption. The fi rst problem is that conspicuous consumption competes with more useful ex-penditures, say, for saving for one’s retirement or the education of children: “The very poor spend only 2-3% of their income on their children’s education, do not eat well, experience ill health, and report that they are worried and anxious to an extent that inter-feres with their sleep and work. In many cases, they fail to make triv-ial investments in their business and save so little that they cannot avoid cutting back on meals when they suffer a temporary decline in income.”

The second problem, according to Moav and Neeman, is that con-spicuous consumption becomes more important the less human capital a person has acquired. Having a degree or a title is a strong signal about one’s income and reduces the necessity to buy, say, a Mercedes Cabrio.

A vicious cycle may be the re-sult: when people or societies get poorer, they expend more for con-spicuous consumption and less for the education of their children. The reduction in human capital in the next generation leads to lower

income and increases the neces-sity for conspicuous consump-tion, both through the higher payoff from boasting and because human capital cannot serve as a substitute for showing off. There-fore, people consume even more conspicuously, leading to even less investment in human capital, and so on.

AND GEORGIA?There is casual evidence for

conspicuous consumption in Georgia, like a high density of Toyota Land Rovers and BMW X6’s in the streets of Tbilisi. For poorer Georgians, having a car at all instead of going around with public transport may already be conspicuously motivated. From a bank employee we heard that during the fi nancial hardship in 2008, many people would rather sell their apartments than their cars. The density of iPhones may also be higher than what one would expect in a country with $300 nominal monthly average income, and a low savings rate and a big trade defi cit also fi t to the story. While we do not have numbers to substantiate our claim, it is likely that the same patterns observed in other low-income countries also apply in Georgia.

One diffi culty about conspicu-ous consumption is that one can-not tax it away – by increasing the prices of Veblen Goods, one will make them even more attractive. And in democratic, individualis-tic societies, one cannot act like Emomalii Rahmon, the president of Tajikistan, who banned gold teeth, the use of cell phones in universities, and large birthday parties. He criticized wealthy citi-zens “for showing off their wealth by throwing elaborate parties and thereby setting a standard for others who try to appear wealthy by holding a large party despite having only modest incomes.” The President restricted the num-ber of people and amount of food served at weddings to prevent Ta-jiks, 60% of whom live below the poverty line, from “using their life savings just to compete with their neighbors.”

The only way to escape the vi-cious cycle of conspicuous con-sumption is to turn it into a virtuous cycle. If one incentiv-izes people to accumulate more (relevant) human capital and invest more in the education of their children, they will become wealthier, and conspicuous con-sumption will lose importance. It may indeed be the case, however, that such positive dynamics have already set in, given the attention the educational system receives by the government, the general appreciation for literacy within the Georgian population, and the high growth rates that were achieved in the last years.

If things go well, driving big cars, using expensive cellphones, and other immature behavior will become less and less prepotent in the years to come.

The Economics of Boasting

“In one of the short fi lms of the ‘Real Georgian man’ series (ქართველი ვაჟკაცი), a Georgian with an expensive car has a gas system installed,

which saves money but reduces the car’s engine performance. A clear case of conspicuous consumption.”

3HEADLINE NEWS & ANALYSISFINANCIALC M Y K

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Holding the EBRD Annual Meet-ing and Business Forum 2015 in Georgia has in-

creased the reliability of Geor-gia for foreign investors. The country hosted over 1,500 delegates from 60 coun-tries. EBRD President Suma Chakrabarti positively esti-mated the Georgian business climate, stating that in this environment investors are not afraid to invest capital. EBRD has been investing in Georgia for a long time. “Currently it is time for Georgia to deliver results,” investors believe.

On 14-15 May, Georgia hosted the largest business delegation ever, in line with the EBRD Annual Meeting and Business Forum 2015. The Meeting brought together over 1,500 representatives from more than 60 countries. The Government of Georgia and the EBRD have united to promote investments in the country. EBRD President Suma Chakrabarti and Geor-gia’s Prime Minister Irakli Garibashvili signed a Memo-randum of Understanding (MoU) about the establish-ment of an Investors Council.

The total investment of the EBRD in Georgia now stands at EUR 2.6 billion. Last year saw a record investment of

EUR 214 million across many sectors of the Georgian econo-my - from energy to small and medium-sized businesses. During the event the EBRD agreed to issue fi nances for various private Georgian companies.

The EBRD launched its Small Business Impact Fund. The Fund will provide the main vehicle to channel do-nor resources to small and medium-sized enterprises. Two Georgian banks joined the EBRD’s Women in Busi-ness programme, the fi rst product to be launched under the Small Business Initiative.

“At a time of geopolitical

tensions and economic un-certainty, the Bank can be a bridge-builder and integra-tor. The EBRD can help en-sure that transition stays its course, be a major investor when others hesitate, and support common goals both locally and globally. It must also remain fi nancially sound and sustainable, well capital-ised and, above all, build on the solid support of its share-holders,” said Suma Chakrab-arti, President of the EBRD.

“In general the economic situation in Georgia is cur-rently hard but it is not in-surmountable. The region’s economic growth has slowed

due to the condition of the Russian economy. I think that fundamentally, Georgia has a strong basis for economic growth and that is why the EBRD has carried out most investments in the region in your country,” Chakrabarti said.

“Georgia has demonstrated that it is a part of Western Europe, that it wanted to be a part of the market economy. That is why the country is an example of achievements. De-spite all the diffi culties since you became independent, the country has done tremendous straights to be part of the free world. The country is already

a part of the machinery of the free market economy, private initiative, banking system. The country has tremendous potential,” G. B. Cagninelli, Adviser to the Chairman and CEO at SIAD, former Execu-tive Director at American Ex-press Bank, told The FINAN-CIAL.

SIAD Group is one of the largest companies operating in Europe. It has a diversi-fi ed range of activities and it is present in industrial gases, engineering, healthcare, in-dustrial goods and services.

“There is a lot of interest in Georgia. Georgia has tried tremendously to modern-ize and catch up to a market economy. I used to visit Geor-gia 10-15 years ago, so I see the difference. Besides meet-ing with the people who at-tended the meeting, one of the reasons for my visit to Geor-gia was to update myself on the country,” said Cagninelli.

Shashank Mehta is a Man-aging Director at Amigos DWC LLC. It is a logistics, media and event company. The company helps people to arrange events in Dubai. The company has branches in London, the UK, and Delhi, India.

“We consider this region, in particular Georgia, Azer-baijan and Kazakhstan, to be emerging. So, I am looking for opportunities in all these three countries. I am looking for local partners here. We are

in talks with a couple of com-panies in Georgia. I met them during this conference. Hope-fully we will sign some part-nership agreement,” Mehta said.

According to Mehta, Geor-gia is just opening to the out-side world. “I am looking for deals between Delhi, Dubai and Georgia. Right now is the right time to enter the Georgian market. The time will come when it will play a big part in the local geopoliti-cal dynamics. Georgia has a great future. It is easy to come here from Dubai, as there are direct fl ights. I see a big po-tential for bringing tourists from Dubai to Georgia. UAE citizens are interested in na-ture and this is what Georgia can offer, together with its cultural heritage. I would like to promote Georgia in Dubai and in Delhi, in my home country.”

“EBRD has been investing to Georgia for a long time. Currently it is time for Geor-gia to deliver results,” Mehta added.

From an organizational point of view of the EBRD meeting, the number of guests that visited Georgia and during discussions with ordinary people, Nurlan Al-dayarov, Deputy Chairman at Bank of Asia, sees that Georgia is a country of lots of

EBRD’s Trust in Georgia Increases its Reliability for Investors

Continued on p. 12



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The total profi t of Georgian TV com-panies reduced by USD 13, 989, 387, or more than 18%,

during the fi rst four months of 2015 compared with the same period of last year. TV company Rustavi 2 attracts the largest share of advertis-ers, according to TV MR GE, Nielsen Television Audience Measurement.

TV’s profi t amounted to USD 61,210,366 in January-April 2015, down from USD 75,199,753 in the same pe-riod of 2014. The fi gures are counted according to offi cial price lists and do not take into consideration any dis-counts between TV compa-nies and advertisers.

In 2015, the Georgian Par-liament has approved a bill of amendments to the law on advertisement. The bill had been proposed by the Geor-gian National Communica-tions Commission (GNCC). The main issue that caused most of the controversy – 20% limit per hour and date of its enforcement.

Previously television sta-tions could allocate 20% of total broadcasting time per day to advertisement; as no hourly limit existed, broad-casters put more ad spots in primetime to maximize rev-enues, resulting in lengthy,

well over 12-minute ad spots in primetime.

The Georgian National Communications Commis-sion, which drafted the bill, and the Georgian Dream par-liamentary majority, cite the need to put these regulations in line with the European standards as the reason be-hind the proposal.

Under the Association Agreement with the EU, Georgia undertook commit-ment to introduce 20% hour-ly limit within fi ve years.

Rustavi 2 TV, which gen-erates largest ad revenues

among Georgian television stations, has been in the forefront of opposition to the proposal, calling on the authorities to delay its en-forcement and not to move to a new system immediately, which, the broadcaster said, would hit its ad revenues.

Meanwhile, considering the overall economic condi-tions in the country it does not seem that the new bill was the only contributor to this reduction. Recently, repre-sentatives of outdoor adver-tising also complained about the drop of sales by over 10%.

With USD 6,185,635, Mon-delez (Barni, Alpen Gold, Jacobs and other products) leads the list of the top ten companies with the larg-est ad expenditures on TV companies during the fi rst four months of 2015. The amounts of the top ten ex-penditures exceeded USD 1 million.

Mondelez is followed by Mobitel (Beeline), which spent USD 2, 771, 515; Co-ca-Cola – USD 1, 916, 321; Berlin-Khemi (a pharmaceu-tical company) – 1, 772, 071; Geocell – USD 1, 713, 672;

Unilever (Rexona, Sunsilk, Domestos) – 1, 547, 788; Ludsakharshi Natakhtari - USD 1,278, 585; Novar-tis Consumer Health Care – USD 1, 235, 509; PSP – 1, 200, 529 and Procter and Gamble – USD 1, 158, 907.

There were only two com-panies that spent more than USD 2 million on TV ads during January-April 2015, out of the top ten expendi-tures. The number of compa-nies was six during the same period of the prior-year. Mondelez and Mobitel were the only companies that in-creased its TV ad budget this year. The expenditure of the current year’s leader, Mon-delez, has been increased from USD 6, 185, 635 to USD 5, 076, 798 from January-April 2014. Mobitel, operat-ing under brand name Bee-line, spent USD 2, 771, 515 during the fi rst four months of 2015, up from USD 2, 199, 581 from the previous year.

Procter and Gamble spent USD 4, 812, 985 during January-April 2014. Geo-cell – USD 3, 382, 061; Lud-sakharshi Natakhtari – USD 2, 872, 087; Berlin-Khemi – USD 1, 834, 488; and Unile-ver – USD 1, 731, 767.

In terms of the revenues of broadcasters from TV ads, two TV stations currently ac-count the major share of all revenues in the broadcasting sector. During January-April 2015, Rustavi 2 reported rev-enues of GEL 22, 792, 100,

Imedi TV reported income of GEL 17, 338, 846. Meastro gained USD 5, 960, 109. It is followed by New Channel/Comedi – with USD 5, 059, 228; GDS – USD 4, 218, 695; Maestro 24/TV 11 – USD 2, 722, 620 and Marao – USD 1, 463, 197. Channel one, Kavkasya, Channel 2, Palitra TV, Tabula TV and Music Box attracted less than USD 1 million.

Ad sales profi t of TV com-panies in 2015, has brought reduction to all TV compa-nies operating in Georgia. There was only one exclu-sion. TV companies Rustavi 2 and Imedi were both lead-ers on advertising market in 2014. Meanwhile their profi t in 2014 has shown larger scales than in 2015. Ad sales profi t of Rustavi 2 was GEL 28, 974, 558 during January-April 2014. It was followed by Imedi – USD 23,626, 167; New Channel/Comedi – USD 8, 011, 507; Meastro – USD 7, 073, 457; and TV 3 – USD 1, 012, 169. Channel 1, Tabula TV and Music Box were the only companies, attracting less than USD 1 million in 2014.

Maestro 24/TV 11 was the only company in 2015, that has seen increase in ad sales in comparison with the pre-vious year. The company received USD 2, 722, 620 in January-April 2015, up from USD 1, 625, 738 from the same period of the previous year.

TV Ad Sales Drop by USD 14 Million in 2015

The FINANCIAL

In spite of high-visi-bility data breaches, 44% of millennials in the United States believe that their per-

sonal information is kept private “all” or “most of the time” by the businesses or companies they do business with. This is the highest of all major U.S. generational groups.

Just over a quarter of mil-lennials (26%) believe that their personal information is kept private “little” or “none of the time,” while the remaining 30% believe it is kept private “some of the time.”

On the other end of the age spectrum, the most skeptical generation is tra-ditionalists, Americans aged 70 and older. Twenty-nine percent of traditionalists believe that their personal information is kept private all or most of the time, while just over a third (35%) be-lieve it is kept private a little or none of the time, making this the only generation to have a higher rate of dis-trust than trust. Thirty-six percent say it is kept pri-vate some of the time. Gen-eration X and baby boomers fall in between these two groups, suggesting that ex-pectations of personal pri-vacy are age-related.

Overall, 36% of Ameri-

cans believe their personal information is kept private all or most of the time, with 31% saying it is kept private little or none of the time. A third (34%) say it is kept pri-vate some of the time.

MILLENNIALS DEFY EXPECTATIONS FOR THEIR GENERATION

There is a school of thought about millenni-als and privacy suggesting that because millennials have never known a world

without smartphones, apps, the Internet or computers -- and the inherent risks to privacy these things pose -- they should have lower expectations about the se-curity of their personal

information than other generations do. This is be-cause, the thinking goes, everything is available on-line these days, and even information that is not eas-ily accessible is increasingly

vulnerable to hackers. But another perspective argues just the opposite. To its ad-herents, millennials should actually have higher expec-tations about the security of their personal information

than other generations be-cause they understand how technology works and are fully aware of the inherent risks, but believe technol-ogy will keep their personal information safe.

Finally, there is a slightly different version of the lat-ter hypothesis. According to this perspective, millennials should actually have higher expectations than other generations about the secu-rity of their personal infor-mation simply because they are naïve in the ways of the world -- they have no expe-rience to make them think otherwise. In other words, millennials have the least life experience of all gen-erations. A corollary of this view is that members of the oldest generation -- tradi-tionalists -- should not only have the greatest life experi-ence (and be more jaded or cynical as a result) but the lowest expectations of per-sonal privacy.

Millennials Most Trusting on Safety of Personal Information



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The European Bank he European Bank for Reconstruction for Reconstruction and Development and Development (EBRD) has award-(EBRD) has award-ed Georgian TBC ed Georgian TBC

Bank two prizes for its out-Bank two prizes for its out-standing performance in 2014 standing performance in 2014 under the EBRD Trade Fa-under the EBRD Trade Fa-cilitation Programme (TFP). cilitation Programme (TFP). Georgia was a host country Georgia was a host country of EBRD’s Annual Meeting of EBRD’s Annual Meeting and Business Forum 2015. As and Business Forum 2015. As one of the largest supporter of one of the largest supporter of Georgian traders, TBC Bank Georgian traders, TBC Bank sponsored the TFP confer-sponsored the TFP confer-ence. ence.

TBC Bank won EBRD TBC Bank won EBRD awards for being the most ac-awards for being the most ac-tive issuing bank in Georgia, tive issuing bank in Georgia, and for Deal of the Year 2014.and for Deal of the Year 2014.

TBC Bank was one of the TBC Bank was one of the fi rst Georgian banks to join fi rst Georgian banks to join the EBRD TFP in 1999. “We the EBRD TFP in 1999. “We are very proud and happy are very proud and happy to recognize the achieve-to recognize the achieve-ments of TBC Bank with ments of TBC Bank with these awards. TBC Bank has these awards. TBC Bank has been quite active in fi nancing been quite active in fi nancing trade during 2014. In coop-trade during 2014. In coop-eration with EBRD we issued eration with EBRD we issued quite an important volume in quite an important volume in this direction. That was the this direction. That was the reason why EBRD decided reason why EBRD decided to award us,” said Vakhtang to award us,” said Vakhtang Butskhrikidze, CEO at TBC Butskhrikidze, CEO at TBC Bank.Bank.

TBC Bank received the TBC Bank received the second award for financing second award for financing an artificial snowmaking an artificial snowmaking project in Georgia’s winter project in Georgia’s winter resorts, Bakuriani and Gud-resorts, Bakuriani and Gud-

auri. As Butskhrikidze said, auri. As Butskhrikidze said, the winter season was fully the winter season was fully dependent on snow and the dependent on snow and the Bank is proud to have man-Bank is proud to have man-aged to deal with this issue aged to deal with this issue in just a short time. “This in just a short time. “This is a good example of how a is a good example of how a bank can support companies bank can support companies and bring benefits to the and bring benefits to the whole sector. This is a win-whole sector. This is a win-win deal for TBC Bank, for win deal for TBC Bank, for the companies involved and the companies involved and for the country. This proj-for the country. This proj-ect supported the develop-ect supported the develop-ment of tourism in Georgia,” ment of tourism in Georgia,”

Butskhrikidze said.Butskhrikidze said.“In terms of trade fi-“In terms of trade fi-

nance Georgian banks are nance Georgian banks are the top; the level of ser-the top; the level of ser-vice, the variety of products vice, the variety of products and, most importantly, the and, most importantly, the competence of their staff. competence of their staff. EBRD has played a big role EBRD has played a big role in providing technical as-in providing technical as-sistance to Georgian banks sistance to Georgian banks over the years. In terms of over the years. In terms of retail banking, when I visit a retail banking, when I visit a branch here in Georgia, I see branch here in Georgia, I see the service is on a really high the service is on a really high level. Georgia is aspiring level. Georgia is aspiring

to join Europe. The service to join Europe. The service for customers at branches for customers at branches in Georgia is superior to in in Georgia is superior to in Western Europe. Even the Western Europe. Even the use of technology, mobile use of technology, mobile banking, internet banking banking, internet banking - you do not expect it to be - you do not expect it to be so good,” Vincent O’Brien, so good,” Vincent O’Brien, Chair of the Market Intel-Chair of the Market Intel-ligence Group, ICC Banking ligence Group, ICC Banking Commission, told The FI-Commission, told The FI-NANCIAL.NANCIAL.

Like O’Brien, Rudolf Putz, Like O’Brien, Rudolf Putz, Head of the Trade Facilita-Head of the Trade Facilita-tion Programme, EBRD, tion Programme, EBRD,

considers banks in Georgia considers banks in Georgia to be very experienced in to be very experienced in trade finance. As he said, trade finance. As he said, they provide excellent ser-they provide excellent ser-vices to their clients.vices to their clients.

“All of the banks that have “All of the banks that have been working with EBRD been working with EBRD have been very professional, have been very professional, they made very good ad-they made very good ad-vances. The current chal-vances. The current chal-lenges for Georgian banks lenges for Georgian banks are to explain to importers are to explain to importers and exporters how to use and exporters how to use trade finance facilities. We trade finance facilities. We are helping Georgian banks are helping Georgian banks to develop marketing mate-to develop marketing mate-rial to train client relation-rial to train client relation-ship managers so they can ship managers so they can facilitate trade finance so-facilitate trade finance so-lutions for importers and lutions for importers and exporters. In general, banks exporters. In general, banks are already very educated. are already very educated. Now we have to educate our Now we have to educate our importers and exporters,” importers and exporters,” said Putz.said Putz.

TBC Bank offers customers TBC Bank offers customers one of the most diverse trade one of the most diverse trade fi nance product ranges in the fi nance product ranges in the Georgian banking sector.Georgian banking sector.

TBC Bank was one of the TBC Bank was one of the fi rst Georgian banks to join fi rst Georgian banks to join the EBRD Trade Facilita-the EBRD Trade Facilita-tion Programme (TFP) in tion Programme (TFP) in 1999. TBC Bank is also part 1999. TBC Bank is also part of IFC and ADB trade pro-of IFC and ADB trade pro-grams. The bank has a long-grams. The bank has a long-standing partnership with standing partnership with another large IFI, the Black another large IFI, the Black Sea Trade and Development Sea Trade and Development bank with a revolving trade bank with a revolving trade line. The bank has received line. The bank has received recognition for the high-level recognition for the high-level and successful business re-and successful business re-lationship from its various lationship from its various partner banks previously. partner banks previously.

TBC Bank Receives Two Awards from EBRD

NEW STUDY HIGHLIGHTS ROLE MEDICAL CLOWNS PLAY IN REDUCING ANXIETY, PAIN AND MEDICAL COSTS OF CHILDREN UNDERGOING SURGERY

The FINANCIAL

Medical clowns can reduce anxiety and length of hos-pital stay for

children undergoing urologic surgery, according to a new study featured at the 110th Annual Scientifi c Meeting of the American Urological As-sociation (AUA).

Medical research has found humor can have a positive effect on patients and imple-mentation of medical clowns, particularly in pediatric set-tings, has become an integral and therapeutic component of care in many hospitals throughout the world. Dozens of hospital clown guilds have formed in the U.S., Canada and Europe over the last few decades, drawing inspiration from a 1998 movie hit star-ring Robin Williams as real-life hospital clown Dr. Hunter “Patch” Adams, as well as from New York’s Big Apple

Circus, which pioneered the fi rst professional hospital clowning program.

Appreciating this, research-ers from Shaare Zedek Medi-cal Center in Jerusalem, Is-rael, sought to evaluate the infl uence medical clowns have on reducing preoperative anxiety, postoperative pain and medical costs for children ages 2-16 undergoing outpa-tient urologic surgery.

Children undergoing out-

patient urologic surgery were divided into two groups. Both utilized an identical clinical setup. In the fi rst group, the medical clown was an inte-gral part of the medical team; however in the second group, the treatment was given with-out participation of the medi-cal clown. The study found the majority (96 percent) of healthcare professionals, agreed with the presence of clowns in the operating room,

considering them useful for children (96 percent), for parents (89 percent) and for themselves (78 percent). Ad-ditionally, the overall operat-ing room time and postop-erative unit care savings led to the cost savings of more than $461.

Children with medical clown infl uence demonstrated less anxiety prior to and after surgery, compared to those without;

Use of medical clowns re-sulted in less induction time for anesthesia, less overall time in the operating room, and less time to recover from surgery and to be discharged; and

Pain scores, pain rescue fol-lowing surgery and the time needed to return to normal activities were only slightly lower for children with medi-cal clown infl uence, and not statistically signifi cant.

The Power of “Clowning Around”

RFE/RL

The U.S.-based on-he U.S.-based on-line payment ser-line payment ser-vice PayPal has vice PayPal has blocked an account blocked an account set up by Russian set up by Russian

opposition activists to raise opposition activists to raise funds for a report alleging funds for a report alleging Russian military involvement Russian military involvement in the Ukraine war, citing the in the Ukraine war, citing the political nature of the dona-political nature of the dona-tion campaign.tion campaign.

Vsevolod Chagayev told Vsevolod Chagayev told RFE/RL that PayPal informed RFE/RL that PayPal informed him on May 14 that it decided him on May 14 that it decided to block the account because to block the account because of the political nature of the of the political nature of the report, started by Kremlin report, started by Kremlin critic Boris Nemtsov before critic Boris Nemtsov before his slaying, which asserts his slaying, which asserts that more than 200 Russian that more than 200 Russian military personnel have been military personnel have been killed in fi ghting in eastern killed in fi ghting in eastern Ukraine.Ukraine.

“I talked with employees of “I talked with employees of the Russian offi ce, they said the Russian offi ce, they said that this is the offi cial position that this is the offi cial position of the company,” Chagayev of the company,” Chagayev said in e-mailed comments.said in e-mailed comments.

The Nemtsov report fo-The Nemtsov report fo-cuses on Russia’s involve-cuses on Russia’s involve-ment in the armed confl ict ment in the armed confl ict between Ukrainian forces and between Ukrainian forces and Moscow-backed separatists in Moscow-backed separatists in eastern Ukraine. It has been eastern Ukraine. It has been posted online its entirety and posted online its entirety and published in an initial print published in an initial print run of 2,000 copies.run of 2,000 copies.

The PayPal account was set The PayPal account was set up by the activists promoting up by the activists promoting the report to collect online do-the report to collect online do-nations to pay for an eventual nations to pay for an eventual mass printing and free distri-mass printing and free distri-bution.bution.

Chagayev says he opened Chagayev says he opened the account on May 12, the the account on May 12, the same day that the report -- same day that the report -- titled Putin. War -- was pre-titled Putin. War -- was pre-sented at the Moscow head-sented at the Moscow head-quarters of RPR-Parnas, the quarters of RPR-Parnas, the opposition political party that opposition political party that Nemtsov co-founded.Nemtsov co-founded.

Chagayev said the account Chagayev said the account attracted around 100,000 attracted around 100,000 rubles ($2,000) in donations rubles ($2,000) in donations before PayPal informed him before PayPal informed him in the early afternoon on May in the early afternoon on May 14 that it would be blocked.14 that it would be blocked.

“PayPal proposed to with-“PayPal proposed to with-draw [the funds] as soon as draw [the funds] as soon as possible,” he told RFE/RL.possible,” he told RFE/RL.

A PayPal spokesperson told A PayPal spokesperson told RFE/RL that the California-RFE/RL that the California-based company “does not based company “does not provide the option of using its provide the option of using its system to receive donations to system to receive donations to political parties or causes in political parties or causes in Russia.”Russia.”

Chagayev told RFE/RL that Chagayev told RFE/RL that organizers of the Netmsov re-organizers of the Netmsov re-port on the Ukraine war have port on the Ukraine war have raised around 300,000 rubles raised around 300,000 rubles ($6,000) via an account with ($6,000) via an account with that service, called Yandex.that service, called Yandex.Money.Money.

The report was completed The report was completed by allies of Nemtsov after he by allies of Nemtsov after he was shot dead near the Krem-was shot dead near the Krem-lin in a contract-style killing lin in a contract-style killing on February 27.on February 27.

Among other assertions, Among other assertions, the report alleges that at the report alleges that at least 150 Russian military least 150 Russian military personnel were killed during personnel were killed during a Ukrainian offensive in Au-a Ukrainian offensive in Au-gust 2014, and that a further gust 2014, and that a further 70 were killed during fi ghting 70 were killed during fi ghting near the bitterly contested near the bitterly contested town of Debaltseve in January town of Debaltseve in January and February.and February.

President Vladimir Putin President Vladimir Putin and Russian offi cials deny and Russian offi cials deny that Russian forces are in-that Russian forces are in-volved in the fi ghting in volved in the fi ghting in Ukraine, saying that any Rus-Ukraine, saying that any Rus-sians participating are there sians participating are there of their own accord.of their own accord.

Kyiv and NATO say there Kyiv and NATO say there is incontrovertible evidence is incontrovertible evidence of direct Russian military of direct Russian military involvement in the confl ict, involvement in the confl ict, which the United Nations which the United Nations says has killed more than says has killed more than 6,100 civilians and combat-6,100 civilians and combat-ants since April 2014.ants since April 2014.

PayPal Blocks Russian Account For Nemtsov Report On Ukraine War



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18 MAY, 2015 | FINCHANNEL.COMmarketmarket

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

ECONOMYProducer price index up 2.3% m/m and 8.7% y/y in April 2015

PPI for industrial prod-ucts increased 2.3% m/m in April 2015, according to GeoStat. Monthly index was mainly impacted by a 2.7% increase in manufacturing prices (mostly for chemical products, while food, bever-ages and tobacco manufactur-ing prices increased slightly), contributing 2.21ppts to the overall index change.

Annual PPI increased 8.7% in April 2015, with manufac-turing prices increasing 11.1% y/y (mostly for manufacture of foods, beverages and to-bacco, basic metals, fabricat-ed metal products, and paper and publishing), contributing 9.04ppts to the overall index change. Prices decreased 4.1%

y/y (-0.54ppts) in the electric-ity, gas and water supply cat-egory.

Trade defi cit decreased 18.2% y/y in April 2015

According to GeoStat’s pre-liminary fi gures, the trade defi cit decreased 18.2% y/y to US$ 365mn as exports fell 21.4% y/y to US$ 186mn, while imports were down 19.3% y/y to US$ 551mn in April 2015. Detailed statistics will be published on May 21.

Money transfers down 24.4% y/y in April 2015

Money transfers decreased 24.4% y/y to US$ 91.1mn in April 2015, according to NBG. The 40.1% y/y drop in trans-fers from Russia, accounting for 40.6% of total transfers, was the major contributor. As in previous months, re-mittances continue robust growth from USA +26.6%

y/y (8.9% of total), Turkey +13.4% y/y (6.3%), and Israel +29.9% y/y (2.7%).

Georgia hosted the 2015 EBRD annual meeting and business forum

Tbilisi hosted the EBRD an-nual meeting and business fo-rum on May 14-15, 2015. The event attracted around 2000 international delegates, in-cluding government offi cials and business representatives, and helped raise awareness of the investment climate and opportunities in Georgia. Up-coming sports and business events for the remainder of the year - UEFA Super Cup, European Youth Olympic Festival, BSTDB annual meet-ing and business forum, and Silk Road forum – will further raise the country’s profi le and contribute positively to the service sector.

FIXED INCOME

Corporate Eurobonds: Bank of Georgia Eurobonds (GEBGG) closed at 5.3% yield, trading at 104.9 (up 0.5% w/w). GOGC Eurobonds (GEOROG) were trading at 101.9 (up 0.1% w/w), yielding 5.9%. Georgian Railway Euro-bonds (GRAIL) also traded at a premium at 111.0 (unchanged w/w), yielding 5.8%.

Georgian Sovereign Eu-robonds (GEORG) went up to 111.4 (up 0.2% w/w), closing at 4.7% yield to maturity. Source: Bloomberg

Source: Bloomberg

EQUITIESBank of Georgia Holdings

(BGEO LN) shares closed at GBP 17.50/share (-4.06% w/w and -8.38% m/m). More than 390k shares traded in the range of GBP 17.34 – 18.58/share. Average daily traded volume was 103k in the last 4 weeks, less than in the previous month. FTSE 250 Index, of which BOGH is a constituent, has gained 0.47% w/w and 0.81% m/m. The volume of BOGH shares traded was at 1.09% of its capitalization.

TBC Bank (TBCB LI) closed the week at US$ 11.00 (-3.51% w/w

and -10.20% m/m). More than 40k GDRs changed hands in the range of US$ 10.90 – 11.50/GDR. Average daily traded volume was 12k in the

last 4 weeks, less than in the previ-ous month. The price has decreased 15.38% since the start of trading on June 5, 2014.

MONEY MARKETRefinancing loans: National

Bank of Georgia (NBG) issued 7-day refinancing loans of GEL 700mn (US$ 296mn) with an av-erage yield of 5.0% (unchanged w/w).

Certifi cates of deposit: NBG sold 182-day, GEL 20mn (US$ 8.47mn) certifi cates of deposit, with an average yield of 6.30% (up by 78bps from previous issue).

Ministry of Finance Treasury Notes: 5-year, GEL 15mn (US$

6.40mn) T-Notes of the Ministry of Finance were sold at the auction held at NBG. The weighted aver-age yield was fi xed at 12.105%. The nearest treasury securities auction is scheduled for May 20, 2015, where GEL 40mn nominal value 364-day T-Bills will be sold.

Source: NBG 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: GeoStat, preliminary data for 1Q15 Source: Rating agencies

Source: Bloomberg

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 Forum

Source: Offi cial data* As of 4M15**Preliminary results of census, previous data is subject to recalculation

Source: GeoStat

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



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MOSTLY FALSE

Mostly False

Zviad Dzidziguri:

CONCLUSIONThe statistics show that more disputes were resolved in favour of individuals than the state The statistics show that more disputes were resolved in favour of individuals than the state in 2014. The same situation persisted in 2012 and 2011. A large part of the appeals were not in 2014. The same situation persisted in 2012 and 2011. A large part of the appeals were not granted in 2009 and 2010; however, businesses have never lost 100% of the cases.granted in 2009 and 2010; however, businesses have never lost 100% of the cases.FactCheckFactCheck concludes that Zviad Dzidziguri’s statement is concludes that Zviad Dzidziguri’s statement is MOSTLY FALSE.MOSTLY FALSE.

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

Rati BAKHTADZEFactCheck

On air on Rustavi 2, the Parliamen-tary Majority MP, Zviad Dzidziguri, talked about a

favourable business environ-ment created in Georgia after the government change. He stated: “During the offi ce of the previous government, businesses used to lose 100% of the disputes in the Coun-cil of Tax Appeals. According to the data of the past two years, 44% of the disputes were won by the businesses, 40% by the state and 16% have been fi nished with a settlement procedure.”

FactCheck took interest in the accuracy of this state-ment.

The Council of Tax Appeals is a tax dispute resolution

body under the Ministry of Finance of Georgia. The Min-ister of Finance of Georgia is the Chairman of the Council whilst its members represent the executive branch of the government and non-gov-ernmental organisations.

According to the Tax Code of Georgia, the Council of Tax Appeals bases its consid-erations upon the principles of justice, impartiality and equality of the parties. Tax disputes contain two stages and start by the presentation of the appeal to the Revenue Service of Georgia. Should the decision of the Revenue Service be unacceptable to the appealer, the individual can make an appeal at the Council of Tax Appeals. In addition, the appealer has the right to address the court system at any stage of the dispute.

Both individuals and le-

gal entities can make an ap-peal at the Council of Tax Appeals. The chart below depicts the statistics of the appeals made at the Council from 2009 to 2014.

According to the data, from 2009 to 2012, the high-est number of appeals that were not granted was regis-tered in 2009 (57%) whilst the lowest was observed in 2011 (19%).

As for 2013 and 2014, a total of 51% of the disputes were resolved in favour of the appealer and 30% in fa-vour of the state in 2013. About 1,062 (42%) of busi-ness appeals were granted or partially granted in 2014 and 1,052 (41%) appealers were denied whilst 436 (17%) of the appeals were not con-sidered (due to various pro-cedural demands from the appealers or the termination of the dispute).

“Businesses used to lose 100% of the disputes in the Council of Tax Appeals. This has changed for the past two years.”

FactCheckFactCheck

Parliamentary Majority MP

On May 10, winners n May 10, winners of Mathematical of Mathematical Olympiad “Ever-Olympiad “Ever-est” were iden-est” were iden-tifi ed. School-tifi ed. School-

children of 2-6 classes were children of 2-6 classes were participating in the Olym-participating in the Olym-piad. Holders of fi rst, second piad. Holders of fi rst, second and third places, in all class-and third places, in all class-es, were gifted with deposits es, were gifted with deposits from the VTB Bank (Georgia). from the VTB Bank (Georgia). First place winners received First place winners received 500 GEL, runner-ups were 500 GEL, runner-ups were granted 300 GEL and bronze granted 300 GEL and bronze

winners were awarded with winners were awarded with 200 GEL deposits. In total, 200 GEL deposits. In total, 15 students were awarded 15 students were awarded with the VTB Bank (Geor-with the VTB Bank (Geor-gia) deposits. Main trium-gia) deposits. Main trium-phants were: 2 grade – Alika phants were: 2 grade – Alika Kurtanidze, Akhaltsikhe; 3 Kurtanidze, Akhaltsikhe; 3 grade – Giorgi Kalandadze, grade – Giorgi Kalandadze, Rustavi; 4 grade – Giorgi Rustavi; 4 grade – Giorgi Khurtsidze, Kutaisi; 5 grade Khurtsidze, Kutaisi; 5 grade – Giorgi Vashalomidze, Ba-– Giorgi Vashalomidze, Ba-tumi; 6 grade – Lekso Kvelas-tumi; 6 grade – Lekso Kvelas-hvili, Gori.hvili, Gori.

Winners were awarded Winners were awarded

their prizes by the Chief Retail their prizes by the Chief Retail Business Offi cer of the VTB Business Offi cer of the VTB Bank (Georgia), Mr. Vale-Bank (Georgia), Mr. Vale-rian Gabunia. “Support of the rian Gabunia. “Support of the projects, promoting increase projects, promoting increase of education and motivation of education and motivation levels of future generations, levels of future generations, is of high importance for the is of high importance for the VTB Bank (Georgia).” – noted VTB Bank (Georgia).” – noted Mr. Valerian GabuniaMr. Valerian Gabunia

Total of 14,500 students Total of 14,500 students participated in Mathematical participated in Mathematical Olympiad “Everest”, all over Olympiad “Everest”, all over the Georgia. the Georgia.

VTB Bank (Georgia) Awarded Winners VTB Bank (Georgia) Awarded Winners of the Mathematical Olympiadof the Mathematical Olympiad

possibilities. As he said, the perspectives for businesses are very good.

“The fact that EBRD has chosen Georgia as a platform for the meeting of so many companies and so many pro-fessionals around the world, is an indicator that Tbilisi and Georgia can be reliable from an investment point of view. In general, EBRD is a sensitive partner. For me as a foreigner it is an indicator of trust in Georgia. As a representative

of the banking sector I am always looking for potential partners from this area, in-vestment fund and possibili-ties to check the resources and to share the experience, what kind of privileges the country has and how can it be used in my country,” said Aldayarov.

In Aldayarov’s words, cur-rently the devaluation of the country has been a big chal-lenge for all the post-Soviet states. “Increasing possibili-ties to drive-up economy re-mains the main challenge for the region.”

“Georgia has to stay on

course. You should keep rein-venting yourself all the time. You should learn from the Western world from a posi-tive side. Georgia should be inspired by the good side of the Western world. The coun-try has to fi nd its own way, with its own principles, own values, history and traditions. But at the same time you should learn from everybody. Georgia should be intelligent enough to catch the good side of each nation, each economy and each political establish-ment,” Cagninelli, SIAD, told The FINANCIAL.

EBRD’s Trust in Georgia Increases its Reliability for InvestorsContinued from p. 4

Chart 1: Number of Appeals by Year (%)

Volume of money transfers in April 2015 Million US dollars

Structure of money transfers by the biggest donor countries %

April 2014 April 2015

Total 91.1 100.0 100.0

Russia 37.0 51.2 40.6

Greece 13.3 14.5 14.7

Italy 8.2 8.1 9.0

United States 8.1 5.3 8.9

Turkey 5.7 4.2 6.3

Israel 2.4 1.6 2.7

Spain 2.0 1.9 2.2

Germany 1.9 1.6 2.1

Ukraine 1.7 2.1 1.9

Azerbaijan 1.3 1.1 1.4

Kazakhstan 1.3 1.0 1.4

United Kingdom 1.1 0.9 1.2

In April 2015, the vol-ume of money transfers from abroad consti-tuted 91.1 million USD (205.7 million GEL),

which is 29.4 million USD (66.4 million GEL), or 24.4 percent less than the amount in April 2014.

92.2 percent of the to-tal money transfers from abroad came from 12 big donor countries, with the volume of transfers from of these countries each ex-ceeding 1 million USD in April 2015. In April 2014 the share of these 12 countries

constituted 93.4 percent of the total volume of money transfers.

In April 2015, 14.5 million USD (or 32.8 million GEL) was transferred from Georgia, as compared to 13.2 million USD (or 23.2 million GEL) in April 2014.

Money Transfers to Georgia Declined by 25 %


FINCHANNEL.COM | 18 MAY, 2015

Rati BAKHTADZEFactCheck

On 12 March 2015, Minister of Fi-nance of Georgia, Nodar Khaduri, declared: “Our

government pays a great deal of attention to tax relief. We have cut a lot of taxes which has a positive impact upon both the investment and the business environments of the country.”

FactCheck took interest in the accuracy of the statement.

According to the Tax Code of Georgia, there are pres-ently fi ve national taxes in Georgia: a) personal income tax, b) corporate income tax, c) value added tax (VAT), d) excise tax and e) import tax. In the last two years, none of the aforementioned taxes was cut. However, the Govern-ment of Georgia introduced the concept of tax deductible income with regard to per-sonal income tax.

It needs to be mentioned that the previous government used to have a plan which en-visaged personal income tax being cut to 15% and the aboli-tion of taxes on dividends and interest incomes. However, the incumbent government rejected that plan, scrapped the relevant clause and in-troduced the concept of tax deductible income instead. Moreover, some of the taxes were raised. For instance, ex-cise tax on tobacco and beer increased signifi cantly.

Even though the national taxes have not been cut, the Tax Code of Georgia intro-duced some tax relief to encourage various fi elds. Until 1 January 2017, every individual who is employed in agriculture and produces

agricultural goods on the ter-ritory of Georgia is exempt from paying personal and corporate income taxes if the taxable income received from the initial delivery of agricultural products does not exceed GEL 200,000 per year. Since 1 January, every disabled person (since child-hood) together with individu-als of visible disability have been exempted from income taxes if their income does not exceed GEL 6,000 per year (previously it was GEL 3,000 per year). All individuals who pursue agricultural or medi-cal activities are exempt from corporate income tax if their profi ts at the end of a tax year are reinvested in the course of the following three years.

Further, the amount of the fi ne for individuals who vio-late the rules of the proper use of cash registers was reduced from GEL 500 to GEL 200. If an individual conducts busi-ness without a waybill and is detected of so doing for the fi rst time, the amount of the fi ne will be GEL 500 instead of GEL 1,000. Also further, a delay in submitting a tax dec-laration will be penalised by a fi ne of GEL 50 instead of GEL 500. Tax sanctions were also lessened. This includes the fi ne for the delay in paying taxes which was reduced from

0.07% to 0.06%. According to the decision of

the Government of Georgia, the income generated from the rent of an apartment will be subject to 5% tax instead of 20%.

Apart from the aforemen-tioned tax relief, certain tax-payer debts were cancelled, such as:

Tax debts accumulated be-fore 1 January 2005 and still not paid, provided that the debtor has not had any fur-ther activities since that date.

The surcharge on tax debt accumulated before 1 Janu-ary 2009 and acknowledged by the debtor and the fi ne imposed on unpaid debts, ac-cumulated before 1 January 2009 and acknowledged by the debtor with the latter’s promise to pay the debts.

The fi ne imposed on an in-dividual for the violation of cash register rules before 1 January 2013 and which was not paid before this clause went into force.

As illustrated by the graph, the tax burden was reduced in the years 2013-2014. Howev-er, the estimated tax burden for 2015 is 25.2%. Of men-tion herein is the Socio-Eco-nomic Development Strategy for Georgia (Georgia 2020) where the planned tax burden for 2020 is 25%.

Mostl

y False

MOSTLY FALSE

Nodar Khaduri:

“We have cut plenty of taxes.”

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

CONCLUSIONAs illustrated by the research, several amendments have been introduced into the Tax Code As illustrated by the research, several amendments have been introduced into the Tax Code of Georgia since 2012. Among them are tax deductible income, tax relief for agriculture of Georgia since 2012. Among them are tax deductible income, tax relief for agriculture production, the cancellation of tax debts and reduced service fees.production, the cancellation of tax debts and reduced service fees.Additionally, the tax burden in the period of 2013-2014 was reduced. However, not a single Additionally, the tax burden in the period of 2013-2014 was reduced. However, not a single national tax (personal income tax, corporate income tax, value added tax [VAT], excise tax and national tax (personal income tax, corporate income tax, value added tax [VAT], excise tax and import tax) given in the Tax Code of Georgia was reduced. On the contrary, some of the taxes import tax) given in the Tax Code of Georgia was reduced. On the contrary, some of the taxes were increased. Further additionally, it must be noted that according to the Socio-Economic were increased. Further additionally, it must be noted that according to the Socio-Economic Development Strategy for Georgia, plans are to increase the tax burden up to 25% for the year Development Strategy for Georgia, plans are to increase the tax burden up to 25% for the year 2020.2020.FactCheckFactCheck concludes that Nodar Khaduri’s statement: “We have cut plenty of taxes,” is concludes that Nodar Khaduri’s statement: “We have cut plenty of taxes,” is MOSTLY FALSE.MOSTLY FALSE.

FactCheckFactCheck

Minister of Finance of Georgia

The FINANCIAL

Fifty-seven percent ifty-seven percent of global fi nancial of global fi nancial services executives services executives believe regulation believe regulation has enabled growth has enabled growth

of their business, according to of their business, according to the results of Deloitte Touche the results of Deloitte Touche Tohmatsu Limited’s (Deloitte Tohmatsu Limited’s (Deloitte Global) Staying Ahead of the Global) Staying Ahead of the Pack survey. In addition, half Pack survey. In addition, half of executives expect much of executives expect much more regulation in the near more regulation in the near future, with 69 percent feel-future, with 69 percent feel-ing prepared for it.ing prepared for it.

The survey of 200 executives The survey of 200 executives at banking, securities, insur-at banking, securities, insur-ance, and investment manage-ance, and investment manage-ment fi rms around the world ment fi rms around the world was conducted to identify the was conducted to identify the

most important issues impact-most important issues impact-ing the industry in the next ing the industry in the next three to fi ve years. A quarter of three to fi ve years. A quarter of respondents worked for fi rms respondents worked for fi rms with more than US$30 billion with more than US$30 billion in revenue.in revenue.

Disruption is becoming the Disruption is becoming the norm - Nearly two-thirds of norm - Nearly two-thirds of executives are seeing new en-executives are seeing new en-trants impact their industry trants impact their industry segment.segment.

Banking sector seeing more Banking sector seeing more disruption - Compared with disruption - Compared with the insurance sector, respon-the insurance sector, respon-dents in banking are 50 per-dents in banking are 50 per-cent more likely to expect a cent more likely to expect a major impact on their busi-major impact on their busi-ness from new entrants and ness from new entrants and disruptive trends.disruptive trends.

Innovation is key - Eighty-Innovation is key - Eighty-two percent of executives two percent of executives believe innovation is very or believe innovation is very or

most important in their cur-most important in their cur-rent environments.rent environments.

Regulation varies by re-Regulation varies by re-gion - Respondents in Asia gion - Respondents in Asia and Europe were two times and Europe were two times more likely than those in the more likely than those in the Americas to expect a lot more Americas to expect a lot more regulation.regulation.

Areas deemed important Areas deemed important for market success - Ranked for market success - Ranked in order of priority, innova-in order of priority, innova-tion and new offerings; digital tion and new offerings; digital transformation; regulations transformation; regulations and talent needs are most im-and talent needs are most im-portant.portant.

Human capital strategy Human capital strategy key to success -Talent reten-key to success -Talent reten-tion (90 percent), right skills tion (90 percent), right skills in the right location (85 per-in the right location (85 per-cent), and talent governance cent), and talent governance (85 percent) are key strate-(85 percent) are key strate-gies.gies.

Increased Financial Services Increased Financial Services Regulation has not Hindered Growth, Regulation has not Hindered Growth, According to Global Deloitte SurveyAccording to Global Deloitte Survey

The FINANCIAL

A new survey by Accenture found that most Norwegian doc-tors are more

proficient using electronic medical records (EMR) than they were two years ago, but most believe that technology has decreased time spent with patients.

The Norway findings, part of a six-country survey of more than 2,600 physi-cians, including roughly 300 in Norway, found the percentage of doctors us-ing IT has increased by double-digits since Accen-ture conducted a similar survey in 2012. However, despite doctors’ increased use of technology, some physicians believe that EMR has had negative or no impact on improved treatment decisions (20 per cent), medical errors (21 per cent) and improved health outcomes for pa-tients (29 per cent).

Despite the rapid up-take of electronic medi-cal records, the industry is facing the reality that digital records alone are not sufficient to driv-ing better, more-efficient care in the long-term,” said Geir Prestegård, who leads Accenture’s Nor-way health business. “The findings underscore the importance of adopting both technology and new care processes, as some leading health systems have already done, while ensuring that existing shortcomings in patient care are not further mag-nified by digitalization. The healthcare market has made remarkable progress in EMR adoption, and we believe that as the technol-ogy evolves, so too will the benefits to physicians and patient care.”

INCREASE PHYSICIAN ADOPTION OF HEALTHCARE IT

The survey found that the vast majority – 79 per cent – of doctors are more profi -cient using EMR than they were two years ago. The fi ve IT capabilities that Norway doctors use the most are: Entering patient notes elec-tronically (97 per cent); us-ing electronic referrals to/from health professionals in other organizations (72 per cent); sending e-order requests to laboratories (68 per cent); accessing clini-cal data about a patient who has been seen by a different health organization (64 per cent); and receiving clinical results directly into a pa-tient’s EMR (58 per cent).

However, despite doctors’ increased use of technology, roughly half (46 per cent) said that the electronic health record system in their orga-nization is hard to use. More than half ([56] per cent) of them believe that healthcare IT has decreased the amount of time they spend with pa-tients. Although nearly all doctors in Norway said that better functionality (92 per cent) and easy-to-use data-entry systems (96 per cent)

are important for improving the quality of patient care through healthcare IT.

INCREASE IN ONLINE SERVICES FOR PATIENTS

Driven by growing de-mand for patient engage-ment, many of the doctors surveyed in Norway report-ed an increase in the services they now provide patients online. Many doctors in Nor-way now provide patients with access to medical infor-mation (39 per cent), enable them to book appointments online (36 per cent) and re-ceive reminders for preven-tative or follow-up care (28 per cent).

The survey also showed that doctors in Norway be-lieve that allowing patients to update their own medi-cal records increases their engagement in their own health (cited by 69 per cent of respondents), improves patient satisfaction (83 per cent), boosts understanding of their health conditions (62 per cent), increases pa-tient and physician com-munication (63 per cent), and increases the accuracy of their medical records (48 per cent).

Despite Increased Use of Electronic Medical Records, Norway Doctors Believe it Decreases Time Spent with Patients, Accenture Survey Shows



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January 5, 2013 Unleaded (Superbleifrei, Euro sans plomb, Euro95) Diesel (Gazole, Gasóleo)Country Crude Margin Excise duties VAT Retail price Crude Margin Excise duties VAT Retail price

Austria € 0.512 € 0.164 € 0.482 € 0.232 € 1.390 € 0.512 € 0.224 € 0.397 € 0.227 € 1.359

Belgium € 0.512 € 0.226 € 0.614 € 0.284 € 1.636 € 0.512 € 0.293 € 0.428 € 0.259 € 1.492

Bulgaria € 0.512 € 0.179 € 0.363 € 0.211 € 1.265 € 0.512 € 0.253 € 0.322 € 0.217 € 1.304

Cyprus € 0.512 € 0.281 € 0.359 € 0.196 € 1.348 € 0.512 € 0.361 € 0.330 € 0.204 € 1.407

Czech Republic € 0.512 € 0.123 € 0.516 € 0.242 € 1.393 € 0.512 € 0.232 € 0.440 € 0.249 € 1.433

Denmark € 0.512 € 0.187 € 0.587 € 0.321 € 1.607 € 0.512 € 0.212 € 0.444 € 0.292 € 1.460

Estonia € 0.512 € 0.098 € 0.423 € 0.207 € 1.239 € 0.512 € 0.173 € 0.393 € 0.216 € 1.293

Finland € 0.512 € 0.131 € 0.650 € 0.310 € 1.603 € 0.512 € 0.245 € 0.470 € 0.294 € 1.521

France € 0.512 € 0.261 € 0.607 € 0.270 € 1.650 € 0.512 € 0.308 € 0.428 € 0.245 € 1.493

Germany € 0.512 € 0.159 € 0.654 € 0.252 € 1.577 € 0.512 € 0.239 € 0.470 € 0.232 € 1.453

Greece € 0.512 € 0.185 € 0.670 € 0.314 € 1.681 € 0.512 € 0.223 € 0.412 € 0.264 € 1.411

Hungary € 0.512 € 0.161 € 0.419 € 0.295 € 1.387 € 0.512 € 0.223 € 0.386 € 0.303 € 1.424

Ireland € 0.512 € 0.193 € 0.588 € 0.297 € 1.590 € 0.512 € 0.254 € 0.479 € 0.286 € 1.531

Italy € 0.512 € 0.232 € 0.704 € 0.304 € 1.752 € 0.512 € 0.298 € 0.593 € 0.295 € 1.697

Latvia € 0.512 € 0.170 € 0.408 € 0.229 € 1.319 € 0.512 € 0.250 € 0.330 € 0.229 € 1.321

Lithuania € 0.512 € 0.178 € 0.434 € 0.236 € 1.360 € 0.512 € 0.260 € 0.302 € 0.225 € 1.299

Luxembourg € 0.512 € 0.171 € 0.462 € 0.172 € 1.317 € 0.512 € 0.217 € 0.330 € 0.159 € 1.218

Malta € 0.512 € 0.290 € 0.469 € 0.229 € 1.500 € 0.512 € 0.276 € 0.382 € 0.211 € 1.380

Netherlands € 0.512 € 0.231 € 0.730 € 0.309 € 1.782 € 0.512 € 0.289 € 0.431 € 0.259 € 1.491

Poland € 0.512 € 0.203 € 0.380 € 0.252 € 1.347 € 0.512 € 0.267 € 0.330 € 0.255 € 1.364

Portugal € 0.512 € 0.326 € 0.584 € 0.327 € 1.749 € 0.512 € 0.333 € 0.366 € 0.278 € 1.489

Romania € 0.512 € 0.153 € 0.360 € 0.246 € 1.271 € 0.512 € 0.228 € 0.316 € 0.253 € 1.309

Slovakia € 0.512 € 0.227 € 0.515 € 0.251 € 1.504 € 0.512 € 0.295 € 0.386 € 0.239 € 1.431

Slovenia € 0.512 € 0.235 € 0.491 € 0.248 € 1.486 € 0.512 € 0.281 € 0.361 € 0.231 € 1.385

Spain € 0.512 € 0.197 € 0.425 € 0.238 € 1.372 € 0.512 € 0.267 € 0.331 € 0.233 € 1.343

Sweden € 0.512 € 0.185 € 0.620 € 0.329 € 1.646 € 0.512 € 0.248 € 0.554 € 0.328 € 1.642

United Kingdom € 0.512 € 0.167 € 0.674 € 0.271 € 1.624 € 0.512 € 0.242 € 0.674 € 0.286 € 1.714

FUEL PRICES

FUEL TAXES

ELECTRICITY HOUSEHOLDS

FUEL PRICESELECTRICITY HOUSEHOLDS

FUEL TAXES

January 5, 2013 Unleaded (Superbleifrei, Euro sans plomb, Euro95) Diesel (Gazole, Gasóleo)Country Retail Price Price (Excluding VAT) Retail Price Price (Excluding VAT)

Austria € 1.390 € 1.158 € 1.359 € 1.133

Belgium € 1.636 € 1.352 € 1.492 € 1.233

Bulgaria € 1.265 2.49 лв. € 1.054 2.08 лв. € 1.304 2.55 лв. € 1.087 2.13 лв.

Cyprus € 1.348 € 1.152 € 1.407 € 1.203

Czech Republic € 1.393 35.00 Kč € 1.151 28.93 Kč € 1.433 36.00 Kč € 1.184 29.75 Kč

Denmark € 1.607 11.99 kr € 1.286 9.59 kr € 1.460 10.89 kr € 1.168 8.71 kr

Estonia € 1.239 € 1.033 € 1.293 € 1.078

Finland € 1.603 € 1.293 € 1.521 € 1.227

France € 1.650 € 1.380 € 1.493 € 1.248

Germany € 1.577 € 1.325 € 1.453 € 1.221

Greece € 1.681 € 1.367 € 1.411 € 1.147

Hungary € 1.387 407 Ft € 1.092 320 Ft € 1.424 418 Ft € 1.121 329 Ft

Ireland € 1.590 € 1.293 € 1.531 € 1.245

Italy € 1.752 € 1.448 € 1.697 € 1.402

Latvia € 1.319 Ls 0.922 € 1.090 Ls 0.762 € 1.321 Ls 0.923 € 1.092 Ls 0.763

Lithuania € 1.360 Lt 4.70 € 1.124 Lt 3.88 € 1.299 Lt 4.49 € 1.074 Lt 3.71

Luxembourg € 1.317 € 1.145 € 1.218 € 1.059

Malta € 1.500 € 1.271 € 1.380 € 1.169

Netherlands € 1.782 € 1.473 € 1.491 € 1.232

Poland € 1.347 5.49 zł € 1.095 4.46 zł € 1.364 5.56 zł € 1.109 4.52 zł

Portugal € 1.749 € 1.422 € 1.489 € 1.211

Romania € 1.271 5.66 lei € 1.025 4.56 lei € 1.309 5.83 lei € 1.056 4.70 lei

Slovakia € 1.504 € 1.253 € 1.431 € 1.193

Slovenia € 1.486 € 1.238 € 1.385 € 1.154

Spain € 1.372 € 1.134 € 1.343 € 1.110

Sweden € 1.646 14.18 kr € 1.317 11.34 kr € 1.642 14.14 kr € 1.314 11.31 kr

United Kingdom € 1.624 £ 1.321 € 1.353 £ 1.101 € 1.714 £ 1.394 € 1.428 £ 1.162

EU AVERAGE € 1.496 € 1.234 € 1.432 € 1.181

Consumption: 3,500 kWh/year (± 25%) Consumption: 7,500 kWh/year (± 30%)

Country € per kWh Electricity Country € per kWh ElectricityAustria € 0.1988 Austria € 0.1798

Belgium € 0.2134 Belgium € 0.1940

Bulgaria € 0.0829 Bulgaria € 0.0823

Cyprus € 0.2850 Cyprus € 0.2800

Czech Republic € 0.1480 Czech Republic € 0.1276

Denmark € 0.2982 Denmark € 0.2562

Estonia € 0.0989 Estonia € 0.0948

Finland € 0.1566 Finland € 0.1369

France € 0.1412 France € 0.1279

Germany € 0.2541 Germany € 0.2406

Greece € 0.1265 Greece € 0.1553

Hungary € 0.1708 Hungary € 0.1616

Ireland € 0.1920 Ireland € 0.1604

Italy € 0.2031 Italy € 0.2485

Latvia € 0.1187 Latvia € 0.1193

Lithuania € 0.1200 Lithuania € 0.1201

Luxembourg € 0.1707 Luxembourg € 0.1587

Malta € 0.1695 Malta € 0.1829

Netherlands € 0.2208 Netherlands € 0.2439

Poland € 0.1488 Poland € 0.1419

Portugal € 0.1689 Portugal € 0.1547

Romania € 0.1095 Romania € 0.1074

Slovakia € 0.1677 Slovakia € 0.1501

Slovenia € 0.1447 Slovenia € 0.1335

Spain € 0.1959 Spain € 0.1777

Sweden € 0.2098 Sweden € 0.1821

United Kingdom € 0.1419 United Kingdom € 0.1265

Notes:- Amount is in euro (€) per kiloWatthour (kWh).- Price data for non-eurozone countries are in euro. The average exchange rate valid for the referenced month is applied.- Prices include: market price, transmission through main and local networks, administrative charges and all taxes.

Retail (end-user) energy prices for households.Two consumption levels are identified. Research methodology.

energy energy prices in europeprices in europe

The FINANCIAL -- The EU Com-The FINANCIAL -- The EU Com-mission has said neither Georgia mission has said neither Georgia nor Ukraine would obtain visa-nor Ukraine would obtain visa-free travel to the EU’s Schengen free travel to the EU’s Schengen zone at the Riga Eastern Partner-zone at the Riga Eastern Partner-ship Summit later this month.ship Summit later this month.

Speaking in Brussels on May Speaking in Brussels on May 8 after the EU Commission pub-8 after the EU Commission pub-lished its annual visa report on lished its annual visa report on both countries, the spokeswoman both countries, the spokeswoman for home affairs, Natasha Bertaud, for home affairs, Natasha Bertaud, said the commission was “aware” said the commission was “aware” Georgia and Ukraine had ex-Georgia and Ukraine had ex-

pressed a desire for visa-free status pressed a desire for visa-free status at the summit, but this was “very at the summit, but this was “very ambitious in terms of timing.”ambitious in terms of timing.”

She said the commission was She said the commission was willing to move forward the next willing to move forward the next report to the end of 2015 provid-report to the end of 2015 provid-ed progress is made.ed progress is made.

The report stated both Ukraine The report stated both Ukraine and Georgia need to do more to and Georgia need to do more to implement legislation in areas implement legislation in areas like anticorruption and human-like anticorruption and human-traffi cking. traffi cking.

Georgia was urged to do more Georgia was urged to do more

to tackle the traffi cking of drugs, to tackle the traffi cking of drugs, whereas Brussels urged Ukraine whereas Brussels urged Ukraine to step up laws concerning orga-to step up laws concerning orga-nized crime and antidiscrimina-nized crime and antidiscrimina-tion. tion.

Moldova received visa liberal-Moldova received visa liberal-ization in 2014 and remains the ization in 2014 and remains the only one of the six Eastern Part-only one of the six Eastern Part-nership countries to achieve this nership countries to achieve this status.status.

Based on reporting by Rikard Based on reporting by Rikard Jozwiak in Brussels.Jozwiak in Brussels.

EU Says No Visa Liberalization EU Says No Visa Liberalization For Ukraine And GeorgiaFor Ukraine And Georgia

By RIKARD JOZWIAKRFE/RL

BRUSSELS -- The lat-est draft of the Eastern Partnership declara-tion prepared for the bloc’s Riga summit

next month contains little good news for EU hopefuls Georgia, Moldova, and Ukraine, and high-lights the shrinking ambitions of the European Union in its eastern neighborhood.

The document seen by RFE/RL has been debated for over a month in Brussels among diplo-mats from the bloc’s members, and several additions to the text have been made to the document fi rst drafted by the European Ex-ternal Action Service (EEAS).

The text, which will be en-dorsed by heads of government at the Riga summit on May 21-22, has been sent to the six Eastern Partnership countries -- Arme-nia, Azerbaijan, Belarus, Geor-gia, Moldova, and Ukraine -- for input and the reading is likely to be a frustrating exercise in Tbilisi, Chisinau, and Kyiv.

The three countries, which have all recently signed Asso-ciation Agreements with the EU, were hoping that the Riga sum-mit would clearly acknowledge their aspiration to one day join the bloc, but there is little indi-cation at this point that that will happen.

The text is simply stating that “in the framework of the Europe-an Neighborhood Policy and the Eastern Partnership, the summit participants reaffi rm the sover-eign right of each partner freely to choose the level of ambition and the goals to which it aspires in its relations with the European Union. It is for the EU and its sov-ereign to decide on how they want to proceed in their relations.”

EU sources told RFE/RL that the idea of the Riga declaration was that it would be neither more

nor less ambitious than the dec-laration agreed at the Eastern Partnership summit in Vilnius in 2013.

The language agreed in the Lithuanian capital regarding the path to EU membership was, however, more clearly expressed.

It stated: “The participants of the Vilnius Summit reaffi rm their acknowledgement of the Euro-pean aspirations and the Euro-pean choice of some partners and their commitment to build deep and sustainable democracy. In this context, they take note of the commitment of those partners to pursue these objectives. The par-ticipants reaffi rm the particular role for the Partnership to sup-port those who seek an ever clos-er relationship with the EU.”

The current draft represents a considerable blow to EU mem-bers Poland and Lithuania, who are keen to bring the three coun-tries closer to the bloc. Diplomats sympathetic to Ukraine also la-mented their failure to include a line in the current draft that was agreed by EU foreign ministers last year stating that the Ukraini-an Association Agreement signed on March 21, 2014, “does not constitute the fi nal goal in EU-Ukraine cooperation.”

UKRAINE CONFLICT

At the time, this was seen as the clearest offi cial indication yet that Kyiv one day could join the EU. Diplomats told RFE/RL that they still hope to improve the text after the input from the eastern partners.

The draft declaration language is also weak when it comes to the confl ict in eastern Ukraine. It states that “events in Ukraine have shown that the fundamental principles of sovereignty and ter-ritorial integrity cannot be taken for granted in the 21st century on the European continent.”

But the following paragraph from the original draft has been omitted from the current one: “the summit participants express their readiness to help overcome the worst political rift in Europe since the end of the Cold War. Our citizens expect us to prevent further negative repercussions for the stability of our continent and we are committed to do so.”

Instead the document states that “the summit participants strongly support all efforts aimed at de-escalation and a political solution based on the respect for Ukraine’s independence, sover-eignty, and territorial integrity. They call on all parties to swiftly and fully implement the Minsk agreement of September 2014 and the package of measures for their implementation of February 2015,” and adds that they “expect all parties to honor their commit-ment in this framework.”

Russia is only mentioned in the context of its illegal annexation of Crimea, which the text describes as “a violation of international law and a direct challenge to in-ternational security.”

Ukraine is also likely to be worried about the additional lan-guage of the entering into force of its Deep and Comprehensive Free Trade Area (DCFTA) with the EU.

Kyiv and Brussels agreed in September 2014 to postpone its provisional application to January 1, 2016. This date is stated in the text but what is new is an additional paragraph noting that the participants in the summit “also note the im-portance of continuing the tri-lateral process on EU-Ukraine DCFTA implementation, in a constructive manner, using the existing flexibilities available to the contracting parties within the DCFTA.”

Russia has been eager to delay the implementation of the mea-sure by at least a year and some EU member states have reported-ly considered this option as well.

Riga Summit Likely To Disappoint Georgia, Moldova, Ukraine



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Mergers and ergers and a c q u i s i t i o n s a c q u i s i t i o n s (M&A) trans-(M&A) trans-actions involv-actions involv-ing high growth ing high growth

markets (HGMs) rose for the markets (HGMs) rose for the second consecutive semester second consecutive semester between December 2013 and between December 2013 and December 2014, suggesting a December 2014, suggesting a sustained return to growth in sustained return to growth in global HGM M&A transactions, global HGM M&A transactions, KPMG International’s latest KPMG International’s latest High Growth Markets Interna-High Growth Markets Interna-tional Acquisition Tracker re-tional Acquisition Tracker re-vealed.vealed.

In particular, the number of In particular, the number of deals between developed mar-deals between developed mar-ket acquirers and high growth ket acquirers and high growth market targets (D2H) rose by market targets (D2H) rose by 11 percent. This continues the 11 percent. This continues the steady rise in D2H deal vol-steady rise in D2H deal vol-umes since 2013 and suggests umes since 2013 and suggests the long decline in D2H M&A the long decline in D2H M&A transactions may fi nally be transactions may fi nally be over.over.

The 11 percent increase in The 11 percent increase in D2H deals over the latter half D2H deals over the latter half of 2014 is the highest since of 2014 is the highest since 2010/2011, with certain HGMs 2010/2011, with certain HGMs performing particularly well. performing particularly well. D2H deals involving Chinese D2H deals involving Chinese targets, for example, rose by 26 targets, for example, rose by 26 percent, acquisitions in Central percent, acquisitions in Central America and the Caribbean in-America and the Caribbean in-creased 30 percent, and ASEAN creased 30 percent, and ASEAN (Association of Southeast Asian (Association of Southeast Asian Nation) as deals shot up by 46 Nation) as deals shot up by 46 percent.percent.

The most impressive resur-The most impressive resur-gence was Sub-Saharan Africa gence was Sub-Saharan Africa (excluding South Africa). With (excluding South Africa). With incoming D2H transactions incoming D2H transactions rising by 200 percent to 51, rising by 200 percent to 51, the region was the fourth high-the region was the fourth high-est recipient of D2H invest-est recipient of D2H invest-ment during 2014, behind only ment during 2014, behind only

ASEAN, China and Central and ASEAN, China and Central and Eastern Europe (CEE).Eastern Europe (CEE).

The United States was the The United States was the biggest acquirer of HGM tar-biggest acquirer of HGM tar-gets in terms of volume, but its gets in terms of volume, but its growth between semesters dur-growth between semesters dur-ing 2014 (10 percent) was actu-ing 2014 (10 percent) was actu-ally below average. The fastest ally below average. The fastest growth in HGM acquisitions growth in HGM acquisitions during 2014 was Singapore, at during 2014 was Singapore, at 51 percent, and Germany and 51 percent, and Germany and Hong Kong, both at 47 percent.Hong Kong, both at 47 percent.

HIGH GROWTH HIGH GROWTH ACQUISITIONS ACQUISITIONS MARK 2 YEARS MARK 2 YEARS OF GROWTHOF GROWTH

It is a similarly positive story It is a similarly positive story for high growth to developed for high growth to developed market (H2D) deals, which market (H2D) deals, which have risen 23 percent overall have risen 23 percent overall during three consecutive se-during three consecutive se-mesters of growth since 2013, mesters of growth since 2013, signalling an undeniably robust signalling an undeniably robust resurgence. The most popular resurgence. The most popular target markets for H2D ac-target markets for H2D ac-quirers were Singapore, which quirers were Singapore, which recorded an 80 percent rise in recorded an 80 percent rise in H2D acquisitions, Canada, with H2D acquisitions, Canada, with 57 percent growth, and Europe 57 percent growth, and Europe (other) at 41 percent, according (other) at 41 percent, according to KPMG International.to KPMG International.

Europe, in particular, proved Europe, in particular, proved an increasingly popular hunt-an increasingly popular hunt-ing ground for HGM acquirers. ing ground for HGM acquirers. Germany, for example, regis-Germany, for example, regis-tered its second highest annual tered its second highest annual total of H2D transactions since total of H2D transactions since 2008. Italy saw a record 213 2008. Italy saw a record 213 percent increase in acquisitions percent increase in acquisitions involving local targets, and involving local targets, and Spain also attracted a record Spain also attracted a record level of H2D acquisitions, with level of H2D acquisitions, with 35 deals. Looking at those mar-35 deals. Looking at those mar-kets doing the acquiring, China kets doing the acquiring, China

saw the strongest growth, with saw the strongest growth, with H2D deals involving Chinese H2D deals involving Chinese acquirers rising from 39 to 51 acquirers rising from 39 to 51 over the latter half of 2014, an over the latter half of 2014, an increase of 31 percent.increase of 31 percent.

Despite the generally positive Despite the generally positive picture, some key HGM mar-picture, some key HGM mar-kets are still struggling. Brazil, kets are still struggling. Brazil, for example, only saw two H2D for example, only saw two H2D deal completions during the deal completions during the whole of 2014, while the volume whole of 2014, while the volume of D2H transactions involving of D2H transactions involving Brazilian targets has been on Brazilian targets has been on a downward trend since early a downward trend since early 2012.2012.

Notwithstanding the weak Notwithstanding the weak cross-border transactional con-cross-border transactional con-text for the country in 2014, text for the country in 2014, an M&A study conducted by an M&A study conducted by KPMG in Brazil showed a mod-KPMG in Brazil showed a mod-est 3 percent year-on-year in-est 3 percent year-on-year in-crease in local M&A transac-crease in local M&A transac-tions during 2014, according to tions during 2014, according to KPMG International.KPMG International.

Transactions involving both Transactions involving both HGM acquirers and targets are HGM acquirers and targets are perhaps the only note of cau-perhaps the only note of cau-tion, showing only a marginal tion, showing only a marginal 4 percent increase over the 4 percent increase over the course of 2014. Nevertheless, course of 2014. Nevertheless, this relative stability, coming this relative stability, coming after 4 years of relentless de-after 4 years of relentless de-cline, could suggest that the cline, could suggest that the worst is over and the volume of worst is over and the volume of cross-border H2H deals is level-cross-border H2H deals is level-ling off.ling off.

The total number of 1,020 The total number of 1,020 high growth market deals com-high growth market deals com-pleted in H2 2014 was almost pleted in H2 2014 was almost 100 more than during the fi rst 100 more than during the fi rst half of the year, which saw half of the year, which saw 934 deals. The proportion of 934 deals. The proportion of deals between the three group-deals between the three group-ings (D2H, H2D and H2H) re-ings (D2H, H2D and H2H) re-mained virtually unchanged, mained virtually unchanged, with H2D deals accounting for with H2D deals accounting for 25 percent of the total number 25 percent of the total number HGM deals, D2H 61 percent HGM deals, D2H 61 percent and H2H 14 percent.and H2H 14 percent.

M&A on the Up as High M&A on the Up as High Growth Market Deal Growth Market Deal Volumes Continue to RiseVolumes Continue to Rise

The FINANCIAL - The Euro-pean Bank for Reconstruction and Development (EBRD) and the Government of Geor-gia have signed a mandate let-ter setting out their readiness to cooperate on the fi rst wind farm project in the country.

A mandate letter is an initial agreement which will be fol-

lowed by work on the project by all parties. The EBRD’s Board of Directors is expected to vote on the project later this year.

The EBRD is considering providing up to a US$ 25 mil-lion senior loan to a special purpose vehicle established in Georgia for the sole purpose of constructing and operating

a wind power plant (WPP) in Gori. Part of the loan is ex-pected to be syndicated under an A/B loan structure.

The total installed capac-ity of the power plant will be 20 MW and expected annual generation 85 GWh. The total estimated cost of the project is US$ 35 million.

EBRD and Georgia sign initial agreement to work on fi rst wind park

The FINANCIAL

The Asian Develop-ment Bank (ADB) and Government of Azerbaijan have signed a Memo-

randum of Understanding for a $1 billion investment program to rehabilitate and expand the country’s power distribution network. ADB is supporting the program through a $750 million mul-titranche fi nancing facility with a $250 million loan ear-marked for the fi rst phase. The Government of Azerbai-jan will provide counterpart funds of $250 million.

The funds will be used to upgrade and expand the power distribution lines,

substations, and customer service lines, and to replace the existing electric meter devices with digital electric meters. Capacity building support will also be given to Azerishig Open Joint Stock Company to enhance its op-erational and fi nancial per-formance.

ADB has been supporting Azerbaijan since 1999, with total approved assistance of nearly $2.1 billion (public and private sector), much of which has been earmarked for infrastructure to help the country diversify and expand economic opportunities.

In the energy sector, cumu-lative approved assistance, including cofi nance, equal to about 9% of ADB’s total country operations. ADB’s

support for power improve-ments includes a $160 mil-lion loan completed in 2014 to strengthen the country’s main power transmission net-work, a private sector energy effi ciency project, and a bio-mass renewable energy proj-ect. Domestic electricity sales in Azerbaijan are projected to rise 3% annually between 2015 and 2020.

ADB, based in Manila, is dedicated to reducing pov-erty in Asia and the Pacifi c through inclusive economic growth, environmentally sus-tainable growth, and regional integration. Established in 1966, it is owned by 67 mem-bers – 48 from the region. In 2014, ADB assistance totaled $22.9 billion, including cofi -nancing of $9.2 billion.

ADB, Azerbaijan Sign A $1 Billion MOU to Upgrade Power Distribution Network


FINCHANNEL.COM | 18 MAY, 2015 banking banking servicesservicesTBC 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 AveVera Branch 0179, 31, Melikishvili St.Parliament Service Center 0118, 8, Rustaveli AveMtatsminda Branch 0105, 1, Rustaveli Ave.Rustaveli Service-Center 0108, Marriot hotelRustaveli Branch #1 0108, 44, Rustaveli Ave.Mtatsminda Branch #2 0105, 22, Leselidze St.Rustaveli Branch #2 0105, 52, Rustaveli Ave.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 AveSaakadze Branch 0160, 6, Shartava St. (Saakadze Sq.)Saburtalo Branch 0160, 12, Al. Kazbegi Ave.Tbilisi Central Service Center 0112, Vagzali Sq. 2Agmashenebeli 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 1/6Tbilisi 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 Branch137, Tsinamdzgvrishvili StreetVarketili Branch20, Vazisubani turnIsani Branch84/86, Ketevan Tsamebuli AvenueGldani BranchThe right side of the Akhmeteli SubwayDidube Branch117, Tsereteli AveLilo Branch2, Chirankhuli Str.Saburtalo branch28, Vaja-Pshavela Str.Baratashvili Branch2, Baratashvili Str.

BANK OF GEORGIATBILISIMtatsminda-Krtsanisi3 Pushkin Str.4 Leselidze Str. 38 Tabukashvili Str.7 Pushkin Str. 1 Vekua Str. 3 Pushkin Str.Vake-Saburtalo24 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 Palace10 Melikishvili Ave.62 Chavchavadze Ave.Mtatsminda-Krtsanisi8 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. OrtachalaRadisson SAS Iveria HotelIsani-Samgori10 Ketevan Tsamebuli Ave.80 Ketevan Tsamebuli Ave.7 Kalaubani Str.AirportMetro Station “Avlabari”Metro Station “300 Aragveli”Metro Station “Samgori 1”Metro Station “Samgori 2”Metro Station “Varketili”Metro Station “Isani” Temqa Block 10, Bulding 2544 Moskovi Ave.Vazis ubani block 4 (“Populi”)Vake-Saburtalo41 Vazha-Pshavela Ave.23 Chavchavadze Ave.70 Kostava Str.16 Gamsakhurdia Ave.7 Petritsi Str.Melikishvili Str. 10Gldani-Nadzaladevi39 Tsotne Dadiani Str.5 Tornike Eristavi Str. (“Electroplast”)Shopping Mall “Mariami”, GldaniMetro Station “Akhmeteli” Metro Station “Grmagele”Metro Station “Nadzaladevi” Metro Station “Sarajishvili” Metro Station “Guramishvili” Mukhiani, Block 4, Bulding 434 Tsotne Dadiani Str., Bulding 8Metro Station “Elektrodepo”Vake-Saburtalo1a 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-Chugureti99 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-NadzaladeviGladni 1 Vekua Str., Block “a” 38 Guramishvili Ave.

ATM’STBILISIVake8 Mtskheta Street12 eristavi street72/12 Abashidze Street48 Chavchavadze Avenue22/23 Chavchavadze Avenue22/23 Chavchavadze Avenue62 Chavchavadze Avenue50 Chavchavadze Avenue52 Chavchavadze Avenue

22 Chavchavadze Avenue78 Chavchavadze Avenue7 Kipshidze Street9a nafareuli street13 Kipshidze Street2 Berdzenishvili Street41 abashidze street81/9 Abashidze Street3 Tamarashvili StreetTamarashvili Street16 Phaliashvili StreetTskneti 3 Rustaveli Street2 Rustaveli StreetSaburtalo67 Vazha-Pshavela Avenue41 Vazha-Pshavela Avenue41 Vazha-Pshavela Avenue2 Vazha-Pshavela Avenue27b Vazha-pshavela avenue27a Vazha-Pshavela Avenue17 Vazha-Pshavela Avenue27 Vazha-Pshavela Avenue72 Vazha-Pshavela AvenueVazha-Pshavela Avenue, II Block35/37 Shartava Street7 Shartava Street21 Dolidze Streetvakhushti bridgeSaakadze squareSamedicinoVazha-PshavelaPoliteqnikuri 1Politeknikuri 217a Saburtalo Street 37 Saburtalo Street 70 Kostava Street70 Kostava Street26 maisi street1 26 May squareKostava Street44 Khazbegi Avenue10 Khazbegi Avenue13 Khazbegi Avenue14 Khazbegi Avenue12 Khazbegi Avenuebagteriofagi8 a mitschkevichi street19 Gamrekeli Street23 kandelakis street43 Gamsakhurdia Avenue. gagarini16 Gamsakhurdia Avenue2 Gamsakhurdia Avenue14 Gamsakhurdia Avenue1a Bulachauri Street3 mk.2 kv. Nucubidze175 Nutsubidze Street221 Nutsubidze Street25 nutsubidze streetNutsubidze plato III mr. II kv1 Sandro Euli Street13 Bakhtrioni Street22 Bakhtrioni Street6 Phanaskerteli Street16 Chikovani Street25 Kavtaradze Street4 Gabashvili Street5 Jikia StreetMtatsminda2 Freedom Squaremtawminda square3 Pushkin Street3 Pushkin Street3/1 Pushkin Street3 Pushkin StreetTavisuplebis Moedani7 Pushkin Street4 Freedom Square12 Chanturia StreetRustaveli16 Rustaveli Avenue8 Rustaveli Avenue19 Rustaveli Avenue37 Rustaveli Avenue2 Leonidze Street22 Leselidze Street4, Leselidze Street38 Tabukashvili Street2 Baratashvili Street7 Ingorokva StreetGTC8 Erekle II Street13 Savteli Streer20 Akhvlediani street1 Vekua Street40 Khetagurovi streetrose squirerose squireVera28 petriashvili street25 Kostava Street24 Kostava Street44 Kostava Street1 Khorava Street10 Kekelidze Street8 Kuchishvili Street50 Gogebashvili Street13 Melikishvili Street10 Melikishvili Street10 Melikishvili StreetGldani-Nadzaledevi2 gudamakhari streetGldani V m/r Block14Gldani III m/r 2 Khizanishvili Street 2 Dadiani Street7 Dadiani street34 Dadiani Street151 Dadani Street21 Sarajishvili StreetSarajishviliGrmageleGuramishvili38 Guramishvili Avenue33a GuramiSvili avenue84 Guramishvili Avenue7 Guramishvili Avenue84 Guramishvili AvenuePeikrebi streetMukhiani, IV m/r, 4 blockDumbadze str IV m/r, Block 5NadzaladeviNadzaladevi metro Square15 Khizanishvili Street31 Khizanishvili Streetmetro axmetelis mimdebare. mariamimetro axmetelis mimdebared1 Vekua Street1 Vekua StreetAkhmeteliTemka 10 Kv, Block 25Temka samshobiaro saxli # 5 mimd34 Khosharauli StreetDidube-Chugureti8 tsabadze street17 Uznadze Street1 Tsereteli avenue60 Tsereteli Avenue55 Tsereteli Avenue95 Tsereteli Avenue110 Tsereteli Avenue99 Tsereteli Avenue118 Tsereteli Avenue118 Agmashenebeli Avenue127 Agmashenebeli Avenue80 Agmashenebeli Avenue96 Agmashenebeli Avenue1 Agmashenebeli Avenue89/24 Agmashenebeli Avenue86/90 Agmashenebeli Avenue15 Tamar Mepe Avenue10 Tamar Mepe Avenue20 General Kvinetadze Street5 marjanishvili streetMarjanishvili 83/23 Agmashenebeli street1 Chitaia Street19 Tsabadze Street, pasage 2 Chkheidze StreetTbilisi centralTsereteliVagzlis moedani 2Vagzlis Moedani 1Vagzlis Moedani 219 Agladze Street2 Vagzlis Moedani95 Tsinamdzgvrishvili Street137 Tsinamdzgvrishvili StreetMtkvari Left Riverside (mushtaedi)1 chaladze streetDigomi8 chachava streetMilitary Base (vashlijvari)Digomi II kv. 5 BlockDigomi Block V, I a Building11 George Balanchini StreetAgmashenebeli alley II kmAgmashenebeli alley 9 km.Agmashenebeli alley Didi Digomi way.Digomi village way (vashlijvari)8 Petritsi Street7 Petritsi Street10/12 Godziashvili Street Vashlijvari

Agmashenebeli alley 13 km6 gelovani avenue5 Lubliana StreetIsani-SamgoriIsaniSamgori 1Samgori 2VarketiliVarketili 3, IVm/r, near by 410 Building 1 Khomleli street64 Javakheti streetVazisubani IV m/r I block, petefi str.Vazisubani IV m/r I block2 Landia street300 Aragveli Kakheti Highway 21km60 Kakheti Highway Military Base (alekseevka)Military Base (alekseevka) AIR3a Khomleti Street10 Ketevan Tsamebuli Avenue80 Ketevan Tsamebuli Avenue51a Ketevan Tsamebuli Avenue4 Kiziki StreetAirportAirportAirportMilitary Base (vaziani2)7 Kalaubani Street7 Kalaubani Street14 Kalaubani Street39 Moscow Avenue17 chichinadze street44 Moscow Avenue10 Telavi StreetAvlabariAvlabari Metro Square8/10 Chekhov Street23 Shuamta Street155 bogdan khmelnitski street6/4 Naftlukhi StreetAtskuri, isnis metros mimdebareKairo & Javakheti Street64 Melaani Street1 Abdushelishvili street122 Kakheti Highway market lilo113 gakhokidze street38 Kakheti Highway Krtsanisi41 Gorgasali Street39 Gorgasali StreetMilitary Base (krtsanisi)2Military Base (krtsanisi)16 Gorgasali Street16 Gorgasali Street6 Gorgasali Street77 Gorgasali Street117 Gorgasali Street37 Gorgasali Street19/2 Rustavi Highway7 a krtsanisi street10 Gulua StreetKodjorimilitary baseMtskheta23 arsukidze streetBebriscixis mimdebared12 samxedro street

BANK REPUBLICTBILISI BRANCHES AND SERVICE CENTERS

Head Offi ce and Central Branch

2 Gr. Abashidze St.Tel: (995 32) 292.55.55Fax: (995 32) 292.55.44Vake13 Chavchavadze Ave. (24 hour)33a Paliashvili St.Freedom Square2, Leonidze St.AirportInternational Airport (24 hour)24 hours, except Christmas and EasterDidube10 Building, Tsereteli Ave.Sadguri10, Tamar Mephe Ave.SadguriNear the Railway StationSanzona34 Guramishvili Ave.Nadzaladevi34 Dadiani Ave.Saburtalo28 Pekini Ave.71 Vazha-Pshavela Ave.47 A. Kazbegi Ave.Isani6/2 Navtlughi St.Gldani20 Khizanishvili St.Mukhiani8b Block, IVa micro districtIashvili Clinic2/6 Lubliana St.Police Offi ce8 Gulua St.Dighomi1b Block, 1 micro district, Dighomi Building of City Court of TbilisiDavid Aghmashenebeli Alley VI km.Ortachala37 Gorgasali St.VarketiliAerodrome Settlement. St N 29-31

ATM

Tbilisi

Vake2 Gr.Abashidze St.13 Chavchavadze Ave.33 A Paliashvili St.1 Chavchavadze Ave.49b Chavchavadze Ave.50 Chavchavadze Ave.2 Mosashvili St.Mrgvali Bagi7 Kibshidze St.Mtatsminda27 Kostava St.32 Br/Zubalashvili St.20 Rustaveli St.10 Pushkini St.8 Erekle II2, Leonidze St.4 – 9aprili St.24 Gorgasali St. Ministry of Justice24 Gorgasali St. General Offi ce of Public Prosecutor37 Gorgasali St.8 Gulua St.Saburtalo75 Kostava Ave.16 Kazbegi Ave.47 Kazbegi Ave.2 Gamsakhurdia Ave.23-25 Gamsakhurdia Ave.28 Gamsakhurdia Ave.45 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 4/534 Vaja Pshavela Ave.Vaja Pshavela Ave.48 Vaja Pshavela Ave.71 Vaja Pshavela Ave.72 Vaja Pshavela Ave.Building 1, Block of fl ats 7, Vaja Pshavela Ave.Kavtaradze St.Digomi1st Block, 1 Micro District, Dighomi Masivi9 Mikeladze St. 3rd Block, Dighomi MasiviAghmashenebeli alley 6 th km.Aghmashenebeli alley2/6 Lubliana St.5 Lubliana St.13 Petritse St. Didi DigomiDidube-Chugureti1 Khetagurovi St.2 Tsereteli Ave.Tsereteli Ave. Building 1067 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-SamgoriInternational Airport of Tbilisi, „Sakaeronavigatsia“International Airport of Tbilisi, Airport Service CenterKakheti highway112 Kakheti highway6/2 Navtlughi St.23 “Ghvinis Aghmarti”Varketili Subway Territory7 Varketili, Kaloubnis St.9 Tsinandali St.91 Ketevan Tsamebuli Ave. Opposite side2 Ketevan Tsamebuli square44 Moscow Ave.Vazisubani III Mik. II Block #15Gldani-Nadzaladevi34 Dadiani St.39 Dadiani St.263 Dadiani St.20 Khizanishvili St.Mukhiani 2nd , Block #5 (Noneshvili St.)Mukhiani, Building 8, 4a m/dTemka District, Building 10, 2 m/d, Block of fl ats: 2534 Guramishvili Ave.36 Guramishvili Ave.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.Avlabari3, Ketevan Tsamebuli str.Vera8/2, Melikishvili str.Didube60, Tsereteli ave.Agmashenebeli147, Agmashenebeli ave.Varketili7, Kaloubani str.Krtsanisi37, Gorgasali str.Pekini (09.30-20.30)24a, Pekini ave. Didi Digomi8, Ioane Petritse str. Gldani15, 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 Nigoeti

Marneuli1, 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]

CARTU BANK

Head Offi ce39a Chavchavadze Ave.Tbilisi 0162, Georgia Tel: (+995 32) 292 55 92 Fax: (+995 32) 291 22 79 E-Mail: [email protected] Central Service Center39a Chavchavadze Ave.Mtatsminda Service Center1 Vekua St.Vake Service Center24 I. Abashidze St.Saburtalo Service Center14b Pekini St.Isani Service Center50/18 Queen Ketevan Ave./Bochorma St.Kutaisi Service Center4 Paliashvili St., KutaisiBatumi Service Center2 Griboedov St., BatumiGori Service Center10 Stalin Ave., GoriTelavi Service CenterChavchavadze Square, Telavi

ATM’S INTBILISIVake39a I. Chavchavadze Ave., Cartu Bank, Head Offi ce 39a I. Chavchavadze Ave., Cartu Group24 I. Abashidze st., Cartu Bank, Vake Service Center54 I. Chavchavadze Ave., PSP Pharmacy Mtatsminda 1 V. Vekua St., Cartu Bank, Mtatsminda Service Center3 V. Vekua St., Georgian Trade Center 17 Sh. Rustaveli Ave., Sh. Rustaveli Theatre 10 G. Chanturia St., Hotel “Tori”29 P. Melikishvili Ave. 34 M. Kostava St., Laguna Vere Old Tbilisi44 K. Apkhazi St. (former Leselidze St.)6 Kodjori highway, GDS TV Ortachala79 Gorgasali St., Super Market 12 Krtsanisi St., New HospitalSaburtalo 14b K. Gamsakhurdia St., Cartu Bank, Saburtalo Service Center 5 K. Gamsakhurdia St., Kuzanov Clinic48 Vazha-Pshavela Ave., PSP Pharmacy 71 Vazha-Pshavela Ave., close to Vazha-Pshavela Metro station 29 Vazha-Pshavela Ave., Central Clinic of Acad. N. Kipshidze L. Gotua St., Saakadze sq. Good Year Store 10 Al. Kazbegi Ave., M.B.J. 24 Al.Kazbegi Ave., Axis Trade Center Vashlijvari, “Omega” 8 A. Beliashvili St., Maestro TVDidube-Chughureti Vagzali Sq. Trade Center “Tbilisi Central”Trade Center “Passage”8 A. Tsereteli Ave. PSP Pharmacy 128 A. Tsereteli Ave. PSP Pharmacy 89/24 D. Agmashenebeli Ave. “Global TV”99/1 D. Agmashenebli Ave., N. Dumbadze theatre154 D. Agmashenebeli Ave. Danish House 31 Queen Tamar Ave. PSP Pharmacy 7 Ts. Dadiani St.,Trade Center “Karvasla” 39 Ts. Dadiani St., Super MarketIsani-Samgori 50/18 Queen Ketevan Ave./Bochorma St. Cartu Bank, Isani Service Center 42 Bogdan Khmelnitski St., Elita Burji Javakheti St., close to Varketili Metro station Isani “Bazroba”, Gun Store 6/2 Navtlugi St. Currency Exchange Point 91 Queen Ketevan St., PSP Pharmacy 12 Meskhishvili St., PSP Pharmacy Gldani-Nadzaladevi Gldani, A Housing Development, Building 50, PSP Pharmacy 5 D. Sarajishvili St., AvchalaTemka, Avshniani Settlement (close toTemka-Mukhiani Crossroad) 4a Mukhiani Housing Development, Building 14, Super Market “Ori Nabiji”RustaviAuto Market (Exam Center Building)Kutaisi4 Z. Paliashvili St., Cartu Bank, Kutaisi Service Center 26 I. Abashidze St., Parliament of Georgia5 I. Chavchavadze St., “Orgservice”Kutaisi International Airport of D. Agmashenebeli11 Queen Tamar St., Sachkhere, ATM № 111 Queen Tamar St., Sachkhere, ATM № 2Batumi2 A. Griboedov St., Cartu Bank, Batumi Service Center 4 V. Maiakovski St. close to Batumi Oil Terminal 44 K. Gamsakhurdia St.12 M. Abashidze St. Hotel “Alik” Park “Cicinatela”, village Shekvetili Gori10 Stalini Ave., Cartu Bank, Gori Service Center TelaviI. Chavchavadze sq., Cartu Bank, Telavi Service Center60 D. Agmashenebeli St., Super Market “Real”


18 MAY, 2015 | FINCHANNEL.COMpublicitypublicity

Advertiser: Alliance Group Holding. Contact FINANCIAL Ad Dep at marketing@fi nchannel.com



For advertising

please contact:

577 741 700marketing@fi nchannel.com

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]

diningdining| places we strongly reccommend to visit |

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




By RICHARD BOXSHALL, BARRET KUPELIAN and

CONOR LAMBEPricewaterhouseCoopers

Similar to 2014, the Q1 GDP growth fi g-ure in the US fal-tered this year as the economy grew by

just 0.1% quarter-on-quarter. Consumer spending growth came in at o.5% quarter-on-quarter, refl ecting the fact that households are not yet taking advantage of the low oil price to increase spending. Instead, consumers are preferring to increase their savings - the per-sonal savings rate increased from 4.6% in the last quarter of 2014 to 5.5% in 2015 Q1.

THE STRONG DOLLAR TAKES ITS TOLL ON US GROWTH

GDP growth was also con-strained by the appreciating dollar which contributed to a larger negative contribution to growth coming from net exports than in the previous quarter (see Figure 2).

Despite another year in which Q1 growth in the US has disappointed, and in which the Federal Reserve is expected to increase interest rates later in 2015, we expect growth to pick up in the remainder of the year as cheap oil and ris-ing real wages (real average hourly earnings in March 2015 were 2.2% higher than a year ago) begin to feed through into higher consumer spending growth. As a result we expect the US economy to grow by around 2.4% this year.

IRAN: WIND OF CHANGE?

Since 2012, Iran’s access to capital and trade markets has been severely limited on the back of international sanc-tions. A key consequence of this was the drop of Iranians’ average GDP per capita below the regional average for the fi rst time since 1995 (see Fig-ure 3). But this could all soon come to an end.

The initial framework agreement between Iran and six world powers in April, which is expected to lead to a fi nalised deal in June, could be a ‘game changer’ for the region as it will most probably entail a gradual relaxation of international sanctions.

WHAT IF...?We think the most obvious

area that will be impacted

by the eventual lifting of the sanctions is Iran’s energy sec-tor, which has been starved of Western know-how and ex-pertise for a long time (this is also the case for its airline and car manufacturing sectors).

Iran’s oil fi elds are com-mercially attractive for two reasons. First, because of their potential: Iran holds the fourth largest oil reserves in the world. Second, because of the relatively cheap cost of extracting oil: the IMF es-timates that Iran’s (external) break even oil price is $43 per barrel. In fact, if Iran’s oil production reverts to pre-2012 levels, it could increase global oil supply by more than 1% or by around a million bar-rels a day. Iran also hosts the world’s second largest natural gas reserves, which have simi-larly strong potential.

MORE TRADE, MORE JOBS

But there are wider busi-ness and macroeconomic is-sues to consider. The biggest impact for local businesses would come through re-ac-cessing international pay-ment systems (e.g. SWIFT). In principle this should make it easier for Iran to trade with the rest of the world, so creating jobs for its well-ed-ucated workforce and push-ing unemployment below the 10% mark. On a longer time frame, exposing local Iranian businesses to international competition could also help strengthen productivity.

International businesses also stand to gain through in-creased sales. One sector that could fl ourish is consumer goods, from electronics to clothing, which tend to cater to the needs of young adults and families with children. The CIA estimates that more than 70% of Iran’s 80 million population is in the 15-64 age range, which is bigger than the population of Spain and a key source of demand. A more vibrant presence of in-ternational consumer goods conglomerates in Iran could also have additional spill-over effects in affi liated industries including advertising, light manufacturing and logistics.

Finally, lifting the sanctions will mean that Iran will regain access to the estimated $90 billion assets that are current-ly held abroad. At a business level, sophisticated profes-sional service fi rms based in the UAE, Iran’s biggest source of imports, are well placed to help repatriate some of these assets. Iran also has a growing and cash- hungry tech sector, which could be a potential in-vestment target. More impor-tantly though, as the amounts involved are quite large, capi-

tal infl ows could have wider macroeconomic effects in-cluding stabilising the Iranian rial in the medium-term, re-ducing the wedge between the offi cial and parallel rates, and putting downward pressure on infl ation. Some London-based asset managers have already teamed up with local Iranian fi rms to prepare for this.

Most economic history books focus on the key re-forms that have had a long-lasting impact on countries. The economic advantages of re-integration must be tempt-ing. Will the lure of plugging into global capital and trade fl ows prove enough to fi nalise a deal? We’ll fi nd out by the end of June.

EMERGING ECONOMIES COULD NOT RESIST THE ELIXIR OF CHEAP DOLLAR DEBT.

Dollar denominated debt is-sued outside the US increased from around $6 trillion before the fi rst round of quantitative easing (QE) was introduced in November 2008 to around $9 trillion in 2014. Currently, the value of outstanding dollar denominated debt in emerg-ing economies is around $3.3 trillion, which equates, for example, to more than double the annual economic output of Spain.

BUT THE FED WILL TIGHTEN MONETARY POLICY SOON

As the US economy has picked up and QE has come to an end, however, the dollar has appreciated by around 20% on a trade-weighted basis over the past 12 months. This also re-fl ects the anticipated normali-sation of monetary policy (see Figure 1) by the Federal Re-serve over the next few years, with an initial policy rate rise expected later in the year.

STRENGTHENING DOLLAR DOESN’T POSE AN IMMEDIATE RISK TO SOME EMERGING ECONOMIES

Economic theory states that there are three key variables which affect external debt sustainability: the real inter-est rate, the exchange rate and GDP growth. The US recovery has set in motion changes in most of these variables. With this in mind, we have assessed the vulnerability of 14 emerg-ing markets which have is-sued signifi cant amounts of dollar denominated debt.

The results of our analysis are, on the whole, positive as most of the key countries in our sample seem reasonably well placed to deal with the risks associated with a stron-ger dollar. Focussing on the larger emerging markets, our three main fi ndings are that:

‘Fragile 5’ now the ‘Tender 2’: Of the so called ‘Fragile 5’ from 2013 (Brazil, South Africa, In-

donesia, India and Turkey), we think that only South Africa and Turkey remain particularly vulnerable. Both economies have suffered relatively large capital outfl ows in the past 12 months and continue to run high current account defi cits.

Turkey is the most vulner-able economy in our sample as it has the second largest stock of foreign currency debt to GDP and faces the added pressure of having to refi nance around one third of its foreign currency external debt stock this year. Nevertheless fi nan-cial markets in Turkey remain calm; our quarterly updated country risk premium has only increased by around 0.4 percentage points since the second quarter of last year.1

INDIA IN BETTER SHAPE BUT KEEP AN EYE ON BRAZIL AND INDONESIA:

India, one of the original ‘Fragile 5’ economies, has im-proved its position over the past two years as its policy-makers have adopted a rela-tively tight monetary policy. Coupled with lower oil prices, this has lowered its current account defi cit from 4.8% of GDP in 2012 to 1.4% of GDP last year. India now seems to be better placed to deal with a rising dollar than it was previ-ously.

While Brazil and Indonesia are not included amongst our high vulnerability countries, we think they are worth keep-ing an eye on. Both are run-ning sizeable current account defi cits which indicate reli-ance on foreign lending. Also, both currencies have depreci-ated in double digit terms in the past 12 months. Risks are slightly more exaggerated in Brazil, which is struggling to deal with low commodity prices and is implementing an austerity programme to improve public fi nances. The Brazilian economy is expected to shrink in 2015, which could be associated with a squeeze in revenues for some busi-nesses. Therefore, businesses with a large amount of dollar denominated debt are likely to tread cautiously to avoid running low on cash holdings that they may need to service their debts.

More generally, the fact that high or medium level vul-nerabilities still remain with-in most of the emerging mar-kets we have looked at shows the importance for businesses of stress testing their current and projected borrowing po-sitions for the possibility of currency and interest rate fl uctuations.

Governments insulated from the rising dollar: Our analysis shows that most of the governments in our sample have a relatively mod-est ratio of external public debt to GDP (see Table 2). The highest ratio is around 16% in Mexico. This sug-gests that emerging market governments have largely re-sisted the temptation to take advantage of cheap foreign credit (compared to the pri-vate sector) and are therefore less exposed to the effects of a strengthening dollar.

Payback Time! Emerging Markets and the Rising Dollar



MAY 18 2015

1Clubs, Pubs…Amsterdam7 Akhvlediani Str. Mob: 557 34 76 5120:30 - Band “Decay”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 - saxophonist

Pub «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 «Lost in Karastan»;«Husband Factor»;«Blind Dates»;«Shaun the Sheep Movie»;«The Longest Ride»;«Avengers: Age of Ultron» 3D;«Furious 7» 3D;«Home» 3D;«Naughty Kids 2»(Ticket Price: 7,50 - 12,50 GEL)«Amirani» Cinema 36 Kostava Str. Tel: 299-99-55 «Lost in Karastan»;«Blind Dates»;«Shaun the Sheep Movie»;«Avengers: Age of Ultron» 3D;«Furious 7» 3D(Ticket Price: 7,50 - 12,50 GEL)

TheatreNodar 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: May 18 Hall: Big Stage Time: 11:00 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: May 18 Hall: Small Stage Time: 14:00 Price: 7, 10 GEL

4GalleryVitali Kapanadze’s 70 years anniversary exhibitionSh. Amiranashvili Art Museum1, Gudiashvili Str. Tel: 299-71-76Museum is working every day except Monday. From 11:00 till 17:00till - June 7 Personal Exhibition of Lela Makharoblidze Sh. Amiranashvili Art Museum1, Gudiashvili Str. Tel: 299-71-76Museum is working every day except Monday. From 11:00 till 17:00till - May 25 Exhibition «Sergo Parajanovi - 21st century Dream»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 - July 16 Special exhibition at National archive dedicated to 1980-1981 seasons’ UEFA Cup owners Cup tournament winning by Tbilisi «Dinamo»National Archives of Georgia 1, Vazha-Pshavela Ave. Tel: 210-59-16till - May 22 Personal Exhibition of Anton BalanchivadzeBaia Gallery10 Shardeni Str. Tel: 275-45-10till - May 25Exhibition 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 - July 31

MAY 19, 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 «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: 2 955-966University of Laugh Director: Levan TsuladzeCast: Nato Murvanidze, Nika KuchavaDuration: 105 minutes Date: May 19 Hall: Big Stage Time: 20:00 Price: 11 GELMarjanishvili Theatre (New Stage)5 Marjanishvili Str. Tel: 2 955-966The Gamblers - Premiere Director: Den KhlybovCast: Paata Papuashvili, Nikoloz Nanitashvili, Zaza Iakashvili, Valeri Korshia, Bachuki Doghonadze, Koko Roinishvili, Giorgi Kiknadze, Giorgi Khurtsilava Date: May 19 Hall: Small Stage Time: 20:00 Price: 6 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: May 19 Time: 19:00 Price: 6, 9, 11 GELNodar Dumbadze Professional State Youth Theatre99/1, D. Agmashenebeli Ave. Tel: 295-78-74, 295-39-27Little Longnose Director: Giorgi TavadzeCast: Vameh Jangidze, David Khakhidze, Kakha Gabelaia, Paatra Kikvadze, Mariam Chukhrukidze, Kakhaber Choladze, Nikoloz Kvantaliani, Vakhtang Chachanidze, Maia Khornauli, Giorgi Chikobava Date: May 19 Hall: Big Stage Time: 12:00 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: May 19 Hall: Big Stage Time: 12:00 Price: 7, 10 GELThe Man Who Loved Literature Very Much Director: Zurab KandelakiCast: Giorgi Katchakhidze, Vakhtang Nozadze, Lika Shukakidze, Eka Tvauri, Giorgi Shavgulidze, Giorgi JikuridzeDuration: 90 minutes Date: May 19 Hall: Small Stage Time: 15:00 Price: 7, 10 GEL1945 Director: Nikoloz SabashviliCast: Levan Katsiashvili, Giorgi Jikuridze, Luka Kachibaia, Ana SanaiaDuration: 45 minutes Date: May 19 Hall: Experimental Stage Time: 20:00 Price: 10 GEL

4GalleryVitali Kapanadze’s 70 years anniversary exhibitionSh. Amiranashvili Art Museum1, Gudiashvili Str. Tel: 299-71-76Museum is working every day except Monday. From 11:00 till 17:00till - June 7 Personal Exhibition of Lela Makharoblidze Sh. Amiranashvili Art Museum1, Gudiashvili Str. Tel: 299-71-76Museum is working every day except Monday. From 11:00 till 17:00till - May 25 Exhibition «Sergo Parajanovi - 21st century Dream»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 - July 16

Special exhibition at National archive dedicated to 1980-1981 seasons’ UEFA Cup owners Cup tournament winning by Tbilisi «Dinamo»National Archives of Georgia 1, Vazha-Pshavela Ave. Tel: 210-59-16till - May 22 Personal Exhibition of Anton BalanchivadzeBaia Gallery10 Shardeni Str. Tel: 275-45-10till - May 25Exhibition 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 - July 31

MAY 20, 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 Band

MacLaren’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»


5ConcertRustaveli Theatre17, Rustaveli Ave. Tel: 272-68-6820:00 - With few members of Symphony Orchestra will be held concert-marathon of Manana Menabde – Georgian singer working abroad, descendant of Sisters Ishkhneli - (Ticket Price - 20, 30, 40 GEL)

TheatreMarjanishvili 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: May 20 Hall: Big Stage Time: 20:00 Price: 4 - 10.50 GELMarjanishvili Theatre (New Stage)5 Marjanishvili Str. Tel: 2 955-966Love-letters Director: Temur ChkheidzeCast: Nani Chikvinidze, Gia BurjanadzeDuration: 120 minutes Date: May 20 Hall: Theatre in Attic Time: 20:00 Price: 11 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: May 20 Time: 19:00 Price: 6, 12, 14 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: May 20 Time: 20:00 Price: 10 GELNodar Dumbadze Professional State Youth Theatre99/1, D. Agmashenebeli Ave. Tel: 295-78-74, 295-39-27The lullaby’s power Director: Otar BagaturiaCast: Vameh Jangidze, Khatia Melkadze, Ioseb Molodinashvili, Nino Lortkifanidze, Paata Kikvadze, Mariam Chukhrukidze, Nikoloz Kvantaliani, Nikoloz NanitashviliDuration: 110 minutes Date: May 20 Hall: Big Stage Time: 12:00 15:00 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: May 20 Hall: Big Stage Time: 12:00 Price: 7, 10 GEL

4GalleryExhibition 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 - July 31

MAY 21, 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 «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»


TheatreMarjanishvili Theatre 8 Marjanishvili Str. Tel: 2 955-966The Wall Finger TheatreDirector: Beso KupreishviliCast: Mariam Kvachadze, Zaal Kakabadze, Teona Maghalashvili, Giorgi Mebaghishvili, Elene Pirtskhalava, Grigol GogoladzeDuration: 50 minutes Date: May 21 Hall: Theatre in Attic Time: 20:00 Price: 6 GELMarjanishvili Theatre 8 Marjanishvili Str. Tel: 2 955-966The Gronholm Method Director: Temur ChkheidzeCast: Eka Chkheidze, Nika Tavadze, Apolon Kublashvili, Aleko MakharoblishviliDuration: 150 minutes Date: May 21 Hall: Big Stage Time: 20:00 Price:

6 - 16 GELLiberty Theatre2 Rustaveli Ave. Tel: 298-58-21Father Director: Kadri OzjanCast: Kakha Mikiashvili, Jaba Kiladze, Mamuka Mumladze, Vano Kurasbediani, Keta Lortkipanidze Date: May 21 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 Khachidze, Darejan Jojua, Beka JumutiaDuration: 170 minutes Date: May 21 Time: 20:00 Price: 10 GELV. Abashidze State Music and Drama Theatre182 Agmashenebeli Ave. Tel: 234-80-90Hedda Gabler Directed by Tamar GomarteliCast: Shako Mirianashvili, Salome Tchulukhadze, Nino Gomarteli, Nino Mitaishvili, Zaal Chikobava, Jeji Skhirtladze, Tsisia Metreveli Date: May 21 Time: 19:00 Price: 8, 10 GELIliauni Theatre32, I. Chavchavadze Ave. Tel: 229-47-15The Cheaters Director: Rusudan KobiashviliCast: Lasha Ambidze, George Makharadze, George Chumburidze, David Davituliani, Temur Kvaratskhelia, Annie Talakvadze, Salome Mikadze, Marekh KvizhinadzeDuration: 130 minutes Date: May 21 Time: 20:00 Price: 7 GELGabriadze Theatre13, Shavteli Str. Tel: 790 98-65-91 (MagtiFix), 298-65-90Marshall de Fantie’s Diamond Marionette TheatreAuthor and Director: Rezo Gabriadze+10 years Date: May 21 Time: 20:00 Price: 10, 15, 20 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: May 21 Hall: Big Stage Time: 12:00 Price: 7, 10 GELLittle Longnose Director: Giorgi TavadzeCast: Vameh Jangidze, David Khakhidze, Kakha Gabelaia, Paatra Kikvadze, Mariam Chukhrukidze, Kakhaber Choladze, Nikoloz Kvantaliani, Vakhtang Chachanidze, Maia KhornauliDate: May 21 Hall: Big Stage Time: 15:00 Price: 7, 10 GEL


MAY 22, 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)


5ConcertJ. Kakhidze State Musical-Cultural Centre123/125, Aghmashenebeli Ave.Tel: 296 1243, 296 0620, 296 2207International Music Festival Dedicated to Djansug Kakhidze 80 years Anniversary20:00 - Tbilisi Symphony Orchestra & Vakhtang Kakhidze’s Music for Cinema and Theater, Songs and jazz-folk Compositions Conductor - Vakhtang Kakhidze (Ticket Price: 10 - 50 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: May 22 Hall: Small Stage Time: 19:00 Price: 6, 8 GELMarjanishvili Theatre8 Marjanishvili Str. Tel: 2 955-966Mixed Emotions Director: Sandro EloshviliCast: Duta Skhirtladze, Keti Tskhakaia Date: May 22 Hall: Theatre in Attic Time: 20:00 Price: 11 GELMarjanishvili Theatre8 Marjanishvili Str. Tel: 2 955-966Wet Lilac Director: Gizo JordaniaCast: Gia Burjanadze, Tamuna Bukhnikashvili, Keti Chkheidze, Kato Kalatozishvili, Paata Inauri, Tamar Skhirtladze, Davit Dvalishvili, Aleko Makharoblishvili, Teko Chubinidze, Lika Kobuladze, Eka Makharoblishvili Date: May 22 Hall: Big Stage Time: 20:00 Price: 6 - 16 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: May 22 Time: 20:00 Price: 6, 12, 14 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: May 22 Hall: Small Stage Time: 20:00 Price: 7 GELV. Abashidze State Music and Drama Theatre182 Agmashenebeli Ave. Tel: 234-80-90Hedda Gabler Directed by Tamar GomarteliCast: Shako Mirianashvili, Salome Tchulukhadze, Nino Gomarteli, Nino Mitaishvili, Zaal Chikobava, Jeji Skhirtladze, Tsisia Metreveli Date: May 22 Time: 19:00 Price: 8, 10 GELIliauni Theatre32, I. Chavchavadze Ave. Tel: 229-47-15Harms Director: Otar EgadzeCast: Davit Gigolashvili, Davit Gotsiridze, Maia Gelovani, Tatia Buadze, Maka Dzagania, Tamta Tsintsadze, Dato VelijanashviliDuration: 75 minutes Date: May 22 Time: 20:00 Price: 7 GELGriboedov Theatre2 Rustaveli Ave. Tel: 293-11-06English Detective Director: Vakhtang NikolavaCast: Archil Baratashvili, Nana Darchiashvili, Mikhail Arjevanidze, Irina Kvizhinadze, Inna VorobiovaDuration: 80 minutes Date: May 22 Time: 18:00 Price: 5 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: May 22 Time: 20:00 Price: 7, 10 GELGabriadze Theatre13, Shavteli Str. Tel: 790 98-65-91 (MagtiFix), 298-65-90Marshall de Fantie’s Diamond Marionette TheatreAuthor and Director: Rezo Gabriadze+10 years Date: May 22 Time: 20:00 Price: 10, 15, 20 GELNodar Dumbadze Professional State Youth Theatre99/1, D. Agmashenebeli Ave. Tel: 295-78-74, 295-39-27Little Longnose

Director: Giorgi TavadzeCast: Vameh Jangidze, David Khakhidze, Kakha Gabelaia, Paatra Kikvadze, Mariam Chukhrukidze, Kakhaber Choladze, Nikoloz Kvantaliani, Vakhtang Chachanidze, Maia KhornauliDate: May 22 Hall: Big Stage Time: 12:00 Price: 7, 10 GELAmiko Director: Otar BagaturiaCast: Nino Lezhava, Kote Tolordava, Lasha Grdzelidze, Zurab Avsajanishvili, Lika Shukakidze, Nugzar Kurashvili, Vakhtang Akhaladze, Irakli Gogoladze, Natia KupatadzeDuration: 105 minutes Date: May 22 Hall: Small Stage Time: 15:00 Price: 7, 10 GELThe Winter’s Tale Director: Data TavadzeCast: Tamar Mamulashvili, Vameh Jangidze, David Khakhidze, Pavle Nozadze, Mariam Chukhrukidze, Rati GoguadzeDuration: 150 minutes Date: May 22 Hall: Big Stage Time: 19:00 Price: 7, 10 GEL


MAY 23, 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)


TheatreRustaveli Theatre17, Rustaveli Ave. Tel: 272-68-68I Thirst the Wind Direct Director: Murman JinoriaCast: Murman JinoriaDuration: 75 minutes Date: May 23 Hall: Experimental Stage Time: 19:00 Price: 6, 8 GELMarjanishvili Theatre8 Marjanishvili Str. Tel: 2 955-966Jaqo, Tomorrow Will Be a War… Director: Aleksandre EloshviliCast: Beka Goderdzishvili, Nika Kuchava, Nino Gachechiladze, Zura Berikashvili, Onise Oniani, Nino Tsuladze, Nodar Dogonadze, Maka Shalikashvili, Paata Inauri Date: May 23 Hall: Big Stage Time: 20:00 Price: 6 - 16 GELLiberty Theatre2 Rustaveli Ave. Tel: 298-58-21It’s not the time of Shakespeare Director: Ioane KhutsishviliCast: Tamuna Nikoladze, Giorgi Zanguri, Tinatin Kordzadze, Giorgi Kajaia, Maiko Khornauli Date: May 23 Time: 19:00 Price: 6, 10, 12 GELTumanishvili Film Actors Theatre164 Agmashenebeli Ave. Tel: 234-28-99The Avalanche Director: Rusudan BolkvadzeCast: Lia Kapanadze, Revaz Tavartkiladze, Ani Imnadze, Giorgi Kipshidze, Darejan Khachidze, Gia AbesalashviliDuration: 100 minutes Date: May 23 Time: 20:00 Price: 7 GELV. Abashidze State Music and Drama Theatre182 Agmashenebeli Ave. Tel: 234-80-90This is Menagerie! Directed by Beka KavtaradzeCast: Aleksandre Begalishvili, Giorgi KvelashviliDuration: 120 minutes Date: May 23 Time: 19:00 Price: 8, 10 GELIliauni Theatre32, I. Chavchavadze Ave. Tel: 229-47-15Opera Mafi oso Director: Gabriel GoshadzeCast: Davit Gigolashvili, Mamuka Loria, Tamar Makashvili, Vasil Odishvili, Maka Dzagania, David Velijanashvili, Maka ShalikashviliDuration: 100 minutes Date: May 23 Time: 20:00 Price: 7 GELAkhmeteli Theatre8 Vekua Str. Tel: 262-54-37, 262-59-73, 262-61-97Hamletica Director: Morgante NardiCast: Nana Khuriti, Gigi Migriauli, Giorgi Gasviani, Andrea GvelesianiDuration: 60 minutes Date: May 23 Time: 20:00 Price: 7, 10 GELGriboedov Theatre2 Rustaveli Ave. Tel: 293-11-06The Elder Son Directed by Giorgi (Gogi) MargvelashviliCast: Apolon Kublashvili, Lasha Gurgenidze, Merabishvili, Valeri Kharutchenko, Aleksandr Lubinec, Ivane Kurasbediani, Mariam Kitia, Sophie Lomjaria, Ina Vorobiova, Medea Mumladze, Nina Kalatozishvili, Qristofor Piliev Date: May 23 Time: 18:00 Price: 5 GELGabriadze Theatre13, Shavteli Str. Tel: 790 98-65-91 (MagtiFix), 298-65-90Autumn of my Springtime Marionette TheatreAuthor and Director: Rezo Gabriadze+10 years Date: May 23 Time: 20:00 Price: 10, 15, 20 GELNodar Dumbadze Professional State Youth Theatre99/1, D. Agmashenebeli Ave. Tel: 295-78-74, 295-39-27The 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: May 23 Hall: Big Stage Time: 12:00 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: May 23 Hall: Small 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: May 23 Hall: Big Stage Time: 17:00 Price: 7, 10 GELFame Directed by Manana BerikashviliCast: Davit Rostomashvili, Nini Lezhava, Natia Kupatadze, Sophia Ebralidze, Ia Tchialaia, Nino Andriadze, Nika Nanitashvili, Giorgi Jikuridze, Vakhtang Chachanidze, Den Khlibov, Nika PaikridzeDuration: 120 minutes Date: May 23 Hall: Big Stage Time: 19:00 Price: 7, 10 GEL

4GalleryVitali Kapanadze’s 70 years anniversary exhibitionSh. Amiranashvili Art Museum1, Gudiashvili Str. Tel: 299-71-76Museum is working every day except Monday. From 11:00 till 17:00till - June 7 Personal Exhibition of Lela Makharoblidze Sh. Amiranashvili Art Museum1, Gudiashvili Str. Tel: 299-71-76Museum is working every day except Monday. From 11:00 till 17:00till - May 25 Exhibition «Sergo Parajanovi - 21st century Dream»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 - July 16 Personal Exhibition of Anton BalanchivadzeBaia Gallery10 Shardeni Str. Tel: 275-45-10till - May 25Exhibition of Lado GudiashviliLado Gudiashvili Exhibition Hall

11 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 - July 31

MAY 24, 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)


5ConcertJ. Kakhidze State Musical-Cultural Centre123/125, Aghmashenebeli Ave.Tel: 296 1243, 296 0620, 296 2207International Music Festival Dedicated to Djansug Kakhidze 80 years Anniversary20:00 - Tbilisi Symphony Orchestra & Vakhtang Kakhidze’s Music for Cinema and Theater, Songs and jazz-folk CompositionsConductor - Vakhtang Kakhidze(Ticket Price: 10 - 50 GEL) Tbilisi Concert Hall1, Meliqishvilii Str. Box offi ce: 298-76-82; Info: 79090605020:00 - AlterVision Group Presents: IYEOKA @ Tbilisi Concert Hall (Ticket Price: 25, 35, 40, 50, 60, 80, 100 GEL)

TheatreRustaveli Theatre17, Rustaveli Ave. Tel: 272-68-68Old Jokers Director: Gocha KapanadzeCast: Kakhi Kavsadze, Darejan Kharshiladze, Zaza Lebanidze, Jemal Ghaghanidze, Manana Gamcemlidze, Marina JanashiaDuration: 140 minutes Date: May 24 Hall: Small Stage Time: 19:00 Price: 10, 15, 20 GELMarjanishvili Theatre8 Marjanishvili Str. Tel: 2 955-966A Lovely Sunday Director: Guram VashakidzeCast: Nani Chikvinidze, Nino Dumbadze, Ketevan Gegeshidze, Lili Pilpani Date: May 24 Hall: Big Stage Time: 20:00 Price: 6 - 16 GELLiberty Theatre2 Rustaveli Ave. Tel: 298-58-21Pippi Longstocking Director: Avto VarsimashviliCast: Shako Mirianashvili, Nino Lomidze, Giorgi Mchedlidze, Tornike Gvekhidze, Mariam Demetrashvili, Anna VanishviliDuration: 50 minutes Date: May 24 Time: 13:00 Price: 6, 7 GELThe Caucasian Chalk Circle Director: Avto VarsimashviliCast: Sandro Margalitashvili, Jaba Kiladze, Giorgi Jikia, Tamuna Nikoladze, Mariam Jologua, Tiko Kordzadze, Apolon Kublashvili, Goga Barbakadze, Marisha KitiaDuration: 240 minutes Date: May 24 Time: 19:00 Price: 6, 13, 15 GELTumanishvili Film Actors Theatre164 Agmashenebeli Ave. Tel: 234-28-99The Taming of the Shrew Director: Hillary Wood (Great Britain)Cast: Gia Abesalashvili, Makho Abuladze, Temur Gvalia, Soso Khvedelidze, Vano Dugladze, Nika Tserodiani, Tsotne Metonidze, Guga Kakhiani, Ilia Tcheishvili, Akaki Khidasheli, Zura Antelava, Tamri Bziava, Irina Giunashvili, Ana Matuashvili Date: May 24 Time: 20:00 Price: 12 GELV. Abashidze State Music and Drama Theatre182 Agmashenebeli Ave. Tel: 234-80-90This is Menagerie! Directed by Beka KavtaradzeCast: Aleksandre Begalishvili, Giorgi KvelashviliDuration: 120 minutes Date: May 24 Time: 19:00 Price: 8, 10 GELIliauni Theatre32, I. Chavchavadze Ave. Tel: 229-47-15The Taming of the Shrew Director: Otar EgadzeCast: Lasha Ambidze, David Gogolashvili, Kakha Gogidze, David Davituliani, Andria Vachridze, Anna Talakvadze, Mariam Kalatozishvili, George Makharadze, Temur Kvaratskhelia, Salome Mikadze, Marekh KvizhinadzeDuration: 150 minutes Date: May 24 Time: 20:00 Price: 10 GELAkhmeteli Theatre8 Vekua Str. Tel: 262-54-37, 262-59-73, 262-61-97Pippi Longstocking Directors: Irakli Gogia, Lasha GogniashviliCast: Sophia Sebiskveradze, Tamta Patashuri, Giorgi Tskhadadze, Maya Vatsadze, Shorena Zubiashvili, Vasil Shikhashvili, Vazha Tsitsiloshvili, Neli BadalashviliDuration: 60 minutes Date: May 24 Time: 14:00 Price: 7, 10 GELGod, for what? Director: Nugzar GachavaCast: Nugzar Kurashvili, Gigi Migriauli, Mzia Taliashvili, Marina Kharchilava, Tamta Patashuri, Valeri Toronjadze, Vaso Shikhiashvili, Vazha Tsitsiloshvili Duration: 70 minutes Date: May 24 Time: 20:00 Price: 7, 10 GELGriboedov Theatre2 Rustaveli Ave. Tel: 293-11-06Tale of King Saltan Director: Avtandil VarsimashviliCast: Mari Kitia, Mikhail Arjevanidze, Apolon Kublashvili, Karina Kenia, Sopo Lomjaria, Ludmila Artyomova-MghebrishviliDuration: 70 minutes Date: May 24 Time: 12:00 Price: 5 GELGabriadze Theatre13, Shavteli Str. Tel: 790 98-65-91 (MagtiFix), 298-65-90Ramona Playwright, Director, Set-Designer, Puppet-Designer - Rezo GabriadzePuppets, Set and Props - Luka Gonashvili, Viktor Platonov, Aleksander Kheimanovski, Gela Jangirashvili, Aleksandra Luniakov, Svetlana Pavlov, Giorgi Giorgobiani, Levan Kiknavelidze, Artem Ozerov, Avtandil Gonashvili, Tamar Chalauri, Tamar Kobakhidze, Nana ChezghiaDuration: 90 minutes Date: May 24 Time: 20:00 Price: 10, 15, 20 GELNodar Dumbadze Professional State Youth Theatre99/1, D. Agmashenebeli Ave. Tel: 295-78-74, 295-39-27The lullaby’s power Director: Otar BagaturiaCast: Vameh Jangidze, Khatia Melkadze, Ioseb Molodinashvili, Nino Lortkifanidze, Paata Kikvadze, Mariam Chukhrukidze, Nikoloz Kvantaliani, Nikoloz NanitashviliDuration: 110 minutes Date: May 24 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: May 24 Hall: Small 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: May 24 Hall: Small Stage Time: 17:00 Price: 7, 10 GELI Can See the Sun Director: Dimitri KhvtisiashviliCast: Vameh Jangidze, Tamar Lortkipanidze, Nino Archaia, Khatia Melkadze, Berta Khapava, Badri Gvazava, Levan Katsiashvili, Giorgi Katchakhidze, Beso Megrelishvili, Paata MkheidzeDuration: 90 minutes Date: May 24 Hall: Big Stage Time: 19:00 Price: 7, 10 GEL

4GalleryVitali Kapanadze’s 70 years anniversary exhibitionSh. Amiranashvili Art Museum1, Gudiashvili Str. Tel: 299-71-76Museum is working every day except Monday. From 11:00 till 17:00till - June 7 Personal Exhibition of Lela Makharoblidze Sh. Amiranashvili Art Museum1, Gudiashvili Str. Tel: 299-71-76Museum is working every day except Monday. From 11:00 till 17:00till - May 25 Exhibition «Sergo Parajanovi - 21st century Dream»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 - July 16 Personal Exhibition of Anton BalanchivadzeBaia Gallery10 Shardeni Str. Tel: 275-45-10till - May 25Exhibition 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 - July 31

For more information, please, visit the following website: www.info-tbilisi.com E-mail: afi [email protected]

where where to goto go

Tel: 2 999 662

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

Days=( 1-Monday, 2-Tuesday, 3-Wedsday, 4-Thursday, 5-Friday, 6-Saturday, 7-Sunday. )

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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

diningdining| places we strongly reccommend to visit |

4, Vashlovani Str.Tel: 298 90 86

PICASSO

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



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