DOCSLIB.ORG

Georgia-Relief-And-Recovery-For-Micro-Small-And-Medium-Enterprises-Project.Pdf

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

FOR OFFICIAL USE ONLY Report No: PAD3933 Public Disclosure Authorized INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT PROJECT APPRAISAL DOCUMENT ON A PROPOSED LOAN IN THE AMOUNT OF EUR 85 MILLION (US$102.9 MILLION EQUIVALENT) Public Disclosure Authorized TO GEORGIA FOR GEORGIA RELIEF AND RECOVERY FOR MICRO, SMALL, AND MEDIUM ENTERPRISES APRIL 20, 2021 Public Disclosure Authorized Finance, Competitiveness and Innovation Global Practice Europe and Central Asia Region Public Disclosure Authorized This document is being made publicly available prior to Board consideration. This does not imply a presumed outcome. This document may be updated following Board consideration and the updated document will be made publicly available in accordance with the Bank’s policy on Access to Information. CURRENCY EQUIVALENTS (Exchange Rate Effective as of February 28, 2021) Currency Unit = Georgian Lari (GEL) GEL 3.96 = EUR 1 GEL 3.32 = US$1 EUR 0.83 = US$1 FISCAL YEAR January 1 - December 31 ABBREVIATIONS AND ACRONYMS AEP Anti-Crisis Economic Plan API Application Program Interface ARDA Agricultural and Rural Development Agency CDD Customer Due Diligence CPF Country Partnership Framework CRC Caucasus Research Center DA Designated Account DFIL Disbursement and Financial Information Letter E&S Environmental and Social ECL Expected Credit Loss EFF Extended Fund Facility EG Enterprise Georgia ESCB European System of Central Banks ESCP Environmental and Social Commitment Plan ESG Environmental, Social, and Governance ESMF Environmental and Social Management Framework ESMS Environmental and Social Management Systems EU European Union FDI Foreign Direct Investment FM Financial Management GDP Gross Domestic Product GENIE Georgia National Innovation Ecosystem Project GEOSTAT National Statistics Office of Georgia GHG Greenhouse Gas GITA Georgia’s Innovation and Technology Agency GoG Government of Georgia HoReCa Hospitality, Restaurant, and Catering IDP Internally Displaced Person IFC International Finance Organization IFI International Financial Institution IFR Interim Financial Report IMF International Monetary Fund IRR Internal Rate of Return IPF Investment Project Financing IPS Instant Payment System KYC Know-Your-Customer LEPL Legal Entity of Public Law M&E Monitoring and Evaluation MFI Microfinance Institution MIGA Multilateral Investment Guarantee Agency MOESD Ministry of Economy and Sustainable Development MOF Ministry of Finance MOJ Ministry of Justice MSMEs Micro, Small, and Medium-size Enterprises NAPR National Agency of Public Registry NBG National Bank of Georgia NGO Nongovernmental Organization NPL Nonperforming Loan NPV Net Present Value PBC Performance-Based Condition PCG Partial Credit Guarantee PDO Project Development Objective PFI Participating Financial Institution POM Project Operations Manual PIE Project Implementing Entity PPSD Project Procurement Strategy for Development PwC PricewaterhouseCoopers ROA Return on Assets ROE Return on Equity RTGS Real-Time Gross Settlement System SEP Stakeholder Engagement Plan STEP Systematic Tracking of Exchanges in Procurement SMEs Small and Medium-size Enterprises TF Trust Fund USAID United States Agency for International Development WBG World Bank Group Regional Vice President: Anna M. Bjerde Country Director: Sebastian-A Molineus Regional Director: Lalita M. Moorty Practice Manager: Ilias Skamnelos Task Team Leader(s): Nadeem M. Karmali, Natasha Kapil The World Bank Georgia Relief and Recovery for MSMEs (P173975) TABLE OF CONTENTS DATASHEET ............................................................................................................................. 1 I. STRATEGIC CONTEXT ......................................................................................................... 6 A. Country Context................................................................................................................................ 6 B. Sectoral and Institutional Context .................................................................................................... 6 C. Relevance to Higher Level Objectives ............................................................................................. 10 II. PROJECT DESCRIPTION..................................................................................................... 11 A. Project Development Objective ..................................................................................................... 11 B. Project Components ....................................................................................................................... 12 C. Project Beneficiaries ....................................................................................................................... 22 D. Results Chain .................................................................................................................................. 23 E. Rationale for Bank Involvement and Role of Partners ................................................................... 24 F. Lessons Learned and Reflected in the Project Design .................................................................... 24 III. IMPLEMENTATION ARRANGEMENTS ................................................................................. 25 A. Institutional and Implementation Arrangements .......................................................................... 25 B. Results Monitoring and Evaluation Arrangements......................................................................... 26 C. Sustainability ................................................................................................................................... 27 IV. PROJECT APPRAISAL SUMMARY ........................................................................................ 27 A. Technical, Economic and Financial Analysis (if applicable) ............................................................ 27 B. Fiduciary .......................................................................................................................................... 29 C. Legal Operational Policies ............................................................................................................... 31 D. Environmental and Social ............................................................................................................... 31 V. GRIEVANCE REDRESS SERVICES ......................................................................................... 32 VI. KEY RISKS ....................................................................................................................... 32 VII. RESULTS FRAMEWORK AND MONITORING ......................................................................... 34 Annex 1: Implementation Arrangements and Support Plan ......................................................... 53 Annex 2: Overview of the Private and the Financial Sector .......................................................... 58 Annex 3: Impact of COVID-19 on Firms and Policy Response ........................................................ 64 Annex 4: Financial Intermediary Assessment ............................................................................. 68 Annex 5: Performance-Based Conditions Summary .................................................................... 73 Annex 6: Assessment of Shifts in the CPF .................................................................................. 74 The World Bank Georgia Relief and Recovery for MSMEs (P173975) DATASHEET BASIC INFORMATION BASIC INFO TABLE Country(ies) Project Name Georgia Georgia Relief and Recovery for Micro, Small, and Medium Enterprises Project ID Financing Instrument Environmental and Social Risk Classification Investment Project P173975 Substantial Financing Financing & Implementation Modalities [ ] Multiphase Programmatic Approach (MPA) [✓] Contingent Emergency Response Component (CERC) [ ] Series of Projects (SOP) [ ] Fragile State(s) [ ] Small State(s) [✓] Performance-Based Conditions (PBCs) [ ] Fragile within a non-fragile Country [✓] Financial Intermediaries (FI) [ ] Project-Based Guarantee [ ] Conflict [ ] Deferred Drawdown [ ] Responding to Natural or Man-made Disaster [ ] Alternate Procurement Arrangements (APA) [ ] Hands-on Enhanced Implementation Support (HEIS) Expected Approval Date Expected Closing Date 11-May-2021 30-Jun-2026 Bank/IFC Collaboration No Proposed Development Objective(s) The Project Development Objective (PDO) is to provide relief to micro, small, and medium-size enterprises and support their recovery, including by strengthening the enabling environment for access to finance. Page 1 of 76 The World Bank Georgia Relief and Recovery for MSMEs (P173975) Components Component Name Cost (US$, millions) Component 1: Financial relief and recovery for MSMEs 82.30 Component 2: Digital payments and financial infrastructure upgrading 14.50 Component 3: Project management and monitoring 5.80 Component 4: Contingent Emergency Response Component (CERC) 0.00 Organizations Borrower: Georgia Implementing Agency: Ministry of Economy and Sustainable Development - Enterprise Georgia Ministry of Economy and Sustainable Development National Bank of Georgia PROJECT FINANCING DATA (US$, Millions) SUMMARY-NewFin1 Total Project Cost 102.90 Total Financing 102.90 of which IBRD/IDA 102.90 Financing Gap 0.00 DETAILS -NewFinEnh1 World Bank Group Financing International Bank for Reconstruction and Development (IBRD) 102.90 Expected Disbursements (in US$, Millions) WB Fiscal Year 2021 2022 2023
Recommended publications
  • ISC Ziraat Bank Tbilisi Branch

    ISC Ziraat Bank Tbilisi Branch

    ISC Ziraat Bank Tbilisi Branch Financial Statements |anuary 1, 2015 - December 31, 2015 Table of Contents lndependent Auditor' Report Statement of Financial Position 4 Profit-loss and Other Comprehensive Income Statements 5 Cash Flow Statements 6 Statement of Changes in Equity 7 Explanatory Notes to the Financial Statements 8 Auditing Concern "TSODNISA" Ltd 4 I,Y azha-Pshavela ave., Tbilisi, Georgia. Identiflcation code 2ll344l8$ Tel.: 239-33-50 E-mail: [email protected] Independent Auditor's Repoft (on the reuiew of financial t,Ziraat statements of Bank rbilisi Branch,,, ISC) I' Independent auditor - LTD Audit Concern'Tsodnisa" has audited the (accompanying) financial statements of the lsC "ziraat Bank Tbilisi Branch,,(hereinafter referred to as the company) financial statements (attached to). The financial statements comprised the statement of financial position as December at 31, 2015, the statement of profit-loss and other comprehensive income for 2015, statement of changes in equity, cash flow statement for the reporting period, the basic principles ofaccounting policies and explanatory notes, 2' The Companf s management is responsible for the performance of the financial statements and its fair presentation in accordance with International Financial Reporting Standards (//,?S), This responsibility includes: designing and implementing the relevant internal control free from material misstatement' whether due to fraud or error. our responsibility rs to express an opinion on the presented financial statements based on the performed audit,
  • Law of Georgia Tax Code of Georgia

    Law of Georgia Tax Code of Georgia

    LAW OF GEORGIA TAX CODE OF GEORGIA SECTION I GENERAL PROVISIONS Chapter I - Georgian Tax System Article 1 - Scope of regulation In accordance with the Constitution of Georgia, this Code sets forth the general principles of formation and operation of the tax system of Georgia, governs the legal relations involved in the movement of passengers, goods and vehicles across the customs border of Georgia, determines the legal status of persons, tax payers and competent authorities involved in legal relations, determines the types of tax offences, the liability for violating the tax legislation of Georgia, the terms and conditions for appealing wrongful acts of competent authorities and of their officials, lays down procedures for settling tax disputes, and governs the legal relations connected with the fulfilment of tax liabilities. Law of Georgia No 5942 of 27 March 2012 - website, 12.4.2012 Article 2 - Tax legislation of Georgia 1. The tax legislation of Georgia comprises the Constitution of Georgia, international treaties and agreements, this Code and subordinate normative acts adopted in compliance with them. 2. The tax legislation of Georgia in effect at the moment when tax liability arises shall be used for taxation. 3. The Government of Georgia or the Minister for Finance of Georgia shall adopt/issue subordinate normative acts for enforcing this Code. 4. (Deleted - No 1886, 26.12.2013) 5. To enforce the tax legislation of Georgia, the head of the Legal Entity under Public Law (LEPL) within the Ministry for Finance of Georgia - the Revenue Service (‘the Revenue Service’) shall issue orders, internal instructions and guidelines on application of the tax legislation of Georgia by tax authorities.
  • The Georgian Orthodox Church: National Identity and Political Influence

    The Georgian Orthodox Church: National Identity and Political Influence

    October 2015 Traditional religion and political power: Examining the role of the church in Georgia, Armenia, Ukraine and Moldova Edited by Adam Hug The publication examines the political and social role of the Orthodox Churches in Georgia, Ukraine and Moldova and of the Armenian Apostolic Church. It explores the ways in which the churches have contributed to the development of national identities since the collapse of the Soviet Union and the role they play in civil society. The publication looks at the nature of the relationship between church and state; how the churches influence, support and challenge the secular authorities in their hold on power and their response to 'traditional values' issues such as LGBTI and minority faith rights. The publication also looks at the ways in which the Russian Orthodox Church and Russian Government have been looking to influence this debate in these countries. The publication contains contributions from: Professor Yulia Antonyan, Yerevan State University; Eka Chitanava, Tolerance and Diversity Institute; Stepan Danielyan, Collaboration for Democracy Centre; Adam Hug (ed.), Foreign Policy Centre; Myroslav Marynovych, Ukrainian Catholic University in Lviv; Victor Munteanu, Soros Foundation Moldova; Rev. Fr. Dr Daniel Payne; Professor Oleksandr Sagan, Skovoroda Institute of Philosophy and Irakli Vacharadze, Executive Director, Identoba. Kindly supported by the Open Society Foundations. The publication is available at: http://fpc.org.uk/publications/orthodox Excerpt from the publication, p.40 The Georgian Orthodox Church: National Identity and Political Influence Eka Chitanava1 The Georgian Orthodox Church in the Imperial and Soviet Past In 1811, Russian Emperor Alexander I abolished the autocephaly of the Georgian Orthodox Church and placed it under the command of the Synod of the Russian Orthodox Church.
  • Halyk Finance” Has Been Named “The Best Investment Bank in Kazakhstan” for the 6Th Consecutive Year by a Renowned International Financial Magazine, EMEA Finance

    Halyk Finance” Has Been Named “The Best Investment Bank in Kazakhstan” for the 6Th Consecutive Year by a Renowned International Financial Magazine, EMEA Finance

    Almaty, 11 April 2016 Press release JSC Subsidiary Organization of Halyk Bank of Kazakhstan “Halyk Finance” has been named “The Best Investment Bank in Kazakhstan” for the 6th consecutive year by a renowned international financial magazine, EMEA Finance. Upon its annual rigorous selection of the world’s leading investment banks – “Europe Banking Awards 2015” – EMEA Finance (www.emeafinance.com), a renowned international financial magazine, has named Halyk Finance “The Best Investment Bank in Kazakhstan 2015”. Halyk Finance has for the 6th consecutive year become the winner of this highly prestigious award where voting is made by the leading industry experts from all over the world, which cements Halyk Finance’s multi-year leading position in Kazakhstan’s investment banking market. Earlier in March 2016, Halyk Finance had also won “EMEA Finance Achievement Awards” for the record 6th consecutive year in the following two prestigious nominations: 1. “The Best Sovereign Bond in EMEA” for the Ministry of Finance of the Republic of Kazakhstan’s USD 4 billion 10- and 30-year dual-tranche Eurobond in which Halyk Finance has acted as the Joint Lead Manager in July 2015; and 2. “The Best Financial Institution Bond” for JSC Halyk Bank’s KZT 132 billion 10-year bond in which Halyk Finance has acted as the Sole Financial Advisor and Bookrunner. “This acknowledgement of Halyk Finance – the investment banking arm of Halyk Group – as the best investment bank in Kazakhstan for the record 6th consecutive year is an extraordinary achievement not only for Kazakhstan and our entire region, but also for the Emerging and Frontier Markets as a whole.
  • Freedom of Religion Or Belief in Georgia 2010-2019

    Freedom of Religion Or Belief in Georgia 2010-2019

    FREEDOM OF RELIGION OR BELIEF IN GEORGIA Report 2010-2019 FREEDOM OF RELIGION OR BELIEF IN GEORGIA REPORT 2010-2019 Tolerance and Diversity Institute (TDI) 2020 The report is prepared by Tolerance and Diversity Institute (TDI) within the framework of East-West Management Institute’s (EWMI) "Promoting Rule of Law in Georgia" (PROLoG) project, funded by the United States Agency for International Development (USAID). The report is published with the support from the Open Society Georgia Foundation (OSGF). The content is the sole responsibility of the Tolerance and Diversity Institute (TDI) and does not necessarily reflect the views of the United States Agency for International Development (USAID), United States Government, East-West Management Institute (EWMI) or Open Society Georgia Foundation (OSGF). Authors: Mariam Gavtadze, Eka Chitanava, Anzor Khatiashvili, Mariam Jikia, Shota Tutberidze, Gvantsa Lomaia Project director: Mariam Gavtadze Translators: Natia Nadiradze, Tamar Kvaratskhelia Design: Tornike Lortkipanidze Cover: shutterstock It is prohibited to reprint, copy or distribute the material for commercial purposes without written consent of the Tolerance and Diversity Institute (TDI). Tolerance and Diversity Institute (TDI), 2020 Web: www.tdi.ge CONTENTS Introduction .............................................................................................................................................................. 8 Methodology ..........................................................................................................................................................10
  • Decree on Approving the Provisional Regulation of the Financial Supervision Agency of Georgia

    Decree on Approving the Provisional Regulation of the Financial Supervision Agency of Georgia

    GEORGIA DECREE ON APPROVING THE PROVISIONAL REGULATION OF THE FINANCIAL SUPERVISION AGENCY OF GEORGIA Important Disclaimer This translation has been generously provided by the Financial Supervision Agency of Georgia. This does not constitute an official translation and the translator and the EBRD cannot be held responsible for any inaccuracy or omission in the translation. The text should be used for information purposes only and appropriate legal advice should be sought as and when appropriate. DECREE N1 OF HEAD OF THE FINANCIAL SUPERVISION AGENCY OF GEORGIA April 24, 2008 Tbilisi On Approving Provisional Regulation of the Financial Supervision Agency of Georgia Pursuant to the Paragraph 5, Article 70 of the Organic Law of Georgia on National Bank of Georgia I decree: 1. Approve the attached Provisional Regulation of the Financial Supervision Agency of Georgia; 2. The Provisional Regulation shall become effective upon promulgation. 3. The validity period of the Provisional Regulation shall be defined according to Paragraph 7, Article 53 of the Organic Law of Georgia on National Bank of Georgia prior to approval of the Regulation of the Financial Supervision Agency of Georgia by the Council of the Financial Supervision Agency of Georgia. G. Kadagidze Annex Financial Supervision Agency of Georgia Provisional Regulation Chapter I General Provisions Article 1. Status and Grounds for Establishing of the Agency 1. Financial Supervision Agency of Georgia (hereinafter referred to as “the Agency”) is a legal entity of the public law, established with the National Bank of Georgia, pursuant to the Organic Law of Georgia on the National Bank of Georgia and its main objective is to exercise state supervision over the financial sector.
  • JSC Halyk Bank

    JSC Halyk Bank

    JSC Halyk Bank Consolidated Financial Statements and Independent Auditors’ Report For the Years Ended 31 December 2016, 2015 and 2014 JSC Halyk Bank Table of contents Page STATEMENT OF MANAGEMENT’S RESPONSIBILITIES FOR THE PREPARATION AND APPROVAL OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED 31 DECEMBER 2016, 2015 AND 2014 1 INDEPENDENT AUDITORS’ REPORT 2-6 CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED 31 DECEMBER 2016, 2015 AND 2014: Consolidated statements of financial position 7 Consolidated statements of profit or loss 8 Consolidated statements of other comprehensive income 9 Consolidated statements of changes in equity 10-12 Consolidated statements of cash flows 13-14 Notes to the consolidated financial statements 15-113 Why the matter was determined to be a How the matter was addressed in the key audit matter audit Revenue recognition and calculation of the We tested automated controls over the effective interest rate on individually calculation of the effective interest rate in assessed impaired loans the banking system with the involvement As disclosed in Note 27 to the consolidated of IT specialists. financial statements, interest income on We tested the arithmetical accuracy of individually assessed impaired loans for the interest income accrual in accordance the year ended 31 December 2016 with the effective interest rate amounted to KZT 33,437 million. requirements in IAS 39 Financial The recognition of interest income using Instruments: Recognition and the effective interest rate method on Measurement (“IAS 39”) by re- individually assessed impaired loans, which performing a sample of calculations and is calculated through the banking system, comparing these to accounting records.
  • THE FUTURE of BANKING «Over 70% of Georgia’S Residents Prefer to Pay with a Smartphone»

    THE FUTURE of BANKING «Over 70% of Georgia’S Residents Prefer to Pay with a Smartphone»

    S GENERAL SPONSOR OF THE FORUM GOLDEN SPONSOR SPONSORS Media Partners PRIME ADS AD 30 April, 2018 News Making Money http://www.fi nchannel.com THE FUTURE OF BANKING «Over 70% of Georgia’s residents prefer to pay with a smartphone» well as customers have been During the last decade, the Igor Stepanov, forced to adapt. Mastercard development of smartphones Regional Director has made a number of im- has had a profound impact portant changes over the past on the way businesses oper- of Mastercard few years. Mastercard had to ate. With the percentage of overcome signifi cant chal- the global population using in Georgia and lenges to develop eff ective smartphones increasing ev- Central Asia digital tools that meet the dif- ery year, businesses are now fering needs of the countries expected to provide a fully it operates in. Also, by mod- integrated digital platform s the digitaliza- ernizing, particularly through that can provide diff erent tion process of digital services, banks cur- services. life faces sig- rently have an opportunity to nifi cant changes, diff erentiate themselves in a companies, as crowded market. A Continued on p. 4 Bank of Georgia Invests in Social Responsibility as Part of its Obligations See on p. 6 Why would we use crypto euros? See on p. 7 How DRC Carries out the Successful Resolution of Local and International Commercial Disputes See on p. 16 CARTU BANK: Strong Bank For Stronger Georgia See on p. 9 “Digitalization is the future of banks See on p. 10 CURRENCIES Bank of the future Apr 28 Apr 21 1 USD 2.4617 2.4402 is a bank oriented 1 EUR 2.9762 3.0017 100 RUB 3.9379 3.9729 on customers 1 TRY 0.6077 0.6036 See on p.
  • Doing Business in Georgia: 2015 Country Commercial Guide for U.S

    Doing Business in Georgia: 2015 Country Commercial Guide for U.S

    Doing Business in Georgia: 2015 Country Commercial Guide for U.S. Companies INTERNATIONAL COPYRIGHT, U.S. & FOREIGN COMMERCIAL SERVICE AND U.S. DEPARTMENT OF STATE, 2010. ALL RIGHTS RESERVED OUTSIDE OF THE UNITED STATES. • Chapter 1: Doing Business In Georgia • Chapter 2: Political and Economic Environment • Chapter 3: Selling U.S. Products and Services • Chapter 4: Leading Sectors for U.S. Export and Investment • Chapter 5: Trade Regulations, Customs and Standards • Chapter 6: Investment Climate • Chapter 7: Trade and Project Financing • Chapter 8: Business Travel • Chapter 9: Contacts, Market Research and Trade Events • Chapter 10: Guide to Our Services Chapter 1: Doing Business in Georgia • Market Overview • Market Challenges • Market Opportunities • Market Entry Strategy Market Overview Return to top Market Overview Georgia is a small transitional market economy of 3.7 million people with a per capita GDP of $3,681 (2014). Georgia is located at the crossroads between Europe and Central Asia and has experienced economic growth over the past twelve years. In June 2014, Georgia signed an Association Agreement (AA) and Deep and Comprehensive Free Trade Area (DCFTA) with the European Union. Through reduced tariffs and the removal of technical barriers to entry, the DCFTA gives Georgian products access to over 500 million people in the EU. Reciprocally, products from the EU now enjoy easier access to the Georgian market. Following the launch of the U.S.-Georgia Strategic Partnership Commission (SPC) in 2009, the U.S. Department of State holds regular meetings with its Georgian counterparts across various working groups. One of these dialogues is the Economic, Energy, and Trade Working Group which aims to coordinate Georgia’s strategy for development in these areas and to explore ways to expand bilateral economic cooperation.
  • ESG Factors Are Increasingly Influencing Banks in Russia and Neighboring Countries ESG Factors Are Increasingly Influencing Bank

    ESG Factors Are Increasingly Influencing Banks in Russia and Neighboring Countries ESG Factors Are Increasingly Influencing Bank

    ESG Factors Are Increasingly Influencing Banks In Russia And Neighboring Countries May 17, 2021 PRIMARY CREDIT ANALYSTS Key Takeaways Ekaterina Marushkevich, CFA Moscow - Banking regulation and the market environment in many countries are becoming + 7 49 5783 4135 increasingly demanding in terms of environmental, social, and governance (ESG) factors. ekaterina.marushkevich @spglobal.com In Russia, the Commonwealth of Independent States (CIS), Ukraine, and Georgia, ESG-related banking regulation will evolve in the next few years, providing business Sergey Voronenko opportunities but also new regulatory requirements and additional costs for banks. Moscow + 7 49 5783 4003 - The influence of ESG on banks in the region will increase. The most immediate impact sergey.voronenko will stem from governance factors, in our view, since they have historically constrained @spglobal.com our ratings on several banks in the region. Emmanuel F Volland Paris - We also expect the impact of environmental factors on banks' asset quality to increase + 33 14 420 6696 over time, given the high exposure of some regional economies to carbon-intensive emmanuel.volland sectors. @spglobal.com Lai Ly - Customer relations and workforce management, in our view, will increasingly affect Paris banks' ability to build successful business models. + 33140752597 lai.ly @spglobal.com SECONDARY CONTACT Boris Kopeykin Moscow Regulatory And Market Environment For Banks Globally Is Becoming + 7 49 5783 4062 boris.kopeykin Increasingly Demanding In Terms Of ESG @spglobal.com The importance of ESG factors for banks' strategies has been increasing over the past decade. Financial regulators in many countries are developing ESG-related regulations, recognizing banks' role as key providers of financial resources to the economy.
  • Bakradze Appointed As Georgian Ambassador To

    Bakradze Appointed As Georgian Ambassador To

    facebook.com/ georgiatoday Issue no: 888/49 • OCTOBER 18 - 20, 2016 • PUBLISHED TWICE WEEKLY PRICE: GEL 2.50 Dimitry Kumsishvili visiting reconstruction works in Gudauri In this week’s issue... Tbilisi - Ashkhabad Direct Flights to Be Launched as Part of Growing Cooperation PAGE 2 Khachapuri Index, Exchange Rate Dynamics and International Tourism ISET PAGE 4 Tbilisi Fashion FOCUS Week ON BUILDING BETTER Gudauri gets longed for water is Back system amid infrastructure PAGE 7 development works PAGE 1-2 Electricity Market Watch GALT & TAGGART PAGE 8 Bakradze Appointed as Georgian Former Diplomat Hopes Era of Messiahs Soon to Ambassador to USA End in Georgia POLITICS PAGE 11 existing relationships and the perspectives of BY THEA MORRISON strengthening cooperation between Georgia and its strategic partner, the United States. Batumi International Beach Gegeshidze’s replacement was announced by he President of Georgia, Giorgi Prime Minister of Georgia, Giorgi Kvirikashvili, Rugby Festival Short-listed for Margvelashvili, appointed David in early September. Davit Bakradze was hosted by President Bakradze, State Minister for Euro- The PM said that Bakradze had “excellent Margvelashvili Rhino Grassroots Award pean and Euro-Atlantic Integration, working experience as an ambassador among not infl uence the decision-making process.” The as the Georgia’s new Ambassador NATO member states, has huge experience President assessed his comments as “an incom- TExtraordinary and Plenipotentiary to the United regarding Georgia’s Euro-Atlantic integration petent statement from an unqualifi ed ambas- States of America (USA) on Wednesday. and his personal characteristics will also allow sador.” Bakradze, 41, replaced former ambassador to him to establish important relations.” Gegeshidze fi rst received formal criticism dur- the USA, Archil Gegeshidze, and will begin his Gegeshidze occupied the ambassador’s post ing the October 2015 visit of the Georgian Pres- new duties on December 5, 2016.
  • Analyzing the Russian Way of War Evidence from the 2008 Conflict with Georgia

    Analyzing the Russian Way of War Evidence from the 2008 Conflict with Georgia

    Analyzing the Russian Way of War Evidence from the 2008 Conflict with Georgia Lionel Beehner A Contemporary Battlefield Assessment Liam Collins by the Modern War Institute Steve Ferenzi Robert Person Aaron Brantly March 20, 2018 Analyzing the Russian Way of War: Evidence from the 2008 Conflict with Georgia Contents Acknowledgments ........................................................................................................................................ 1 Executive Summary ...................................................................................................................................... 3 Introduction .................................................................................................................................................. 9 Chapter I – History of Bad Blood ................................................................................................................ 13 Rose-Colored Glasses .............................................................................................................................. 16 Chapter II – Russian Grand Strategy in Context of the 2008 Russia-Georgia War ................................... 21 Russia’s Ends ........................................................................................................................................... 22 Russia’s Means ........................................................................................................................................ 23 Russia’s Ways .........................................................................................................................................