The government of Georgia has officially launched a new, large-scale privatization project— “100 Investment Offers to Business”. The Ministry of Economy and Sustainable Development together with the National Agency of State Property announced the initiative at a special event on February 11th.
Minister of Economy and Sustainable Development Natia Turnava heralded the “100 Investment Offers to Business” as unprecedented. The project aims to hold 100 parallel auctions simultaneously in an effort to privatize state property through simplified procedures.
The project is led by the National Agency of State Properties, and offers all interested parties the opportunity to participate in a streamlined process, which includes prepared investment packages; in addition, legal issues such as appraisal, property registration, and customs clearance will be settled in advance for interested companies.
The total original value of the property to be auctioned is estimated at GEL 150 million. The project, after completion, is expected to create some 2,500 jobs and attract investment of GEL 200 million.
The list of the properties to be privatized comprises state-owned real estate throughout the country and some 45 cities and municipalities in Tbilisi and across Georgia. Types of inventory include industrial facilities, warehouses and greenhouses, medical facilities, sports infrastructure, hotels, and other state-owned properties of interest to developers.
Information about the project is available on the National Agency of State Property’s website: web page – www.nasp.gov.ge. The web pages feature a location map and photos of the properties, various investment offers by category, and reference to the project’s electronic auction.
Electronic auction can be accessed via the link below: