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With $76 Million, Bidzina Ivanishvili's Investments account 6% of Georgia's FDI

BM.GE

15.03.19 00:47

• 986

In spite of being a citizen of Georgia, former Prime Minister of Georgia and founder of the ruling party, Bidzina Ivanishvili still holds place in the list of foreign investors. The main reason for this is a fact that Ivanishvili uses his offshore companies to fund Georgian projects. For example:

Tourism Development Fund made it to the list of top 10 largest investors of Georgia with $76 million. The fund was established on November 3, 2014 and the owner of 100% of its shares is the company ‘Frankston International’, which is registered in Panama. The owner of Frankston International is Bidzina Ivanishvili.

BM.ge was told the following:

“76 million USD overall was spent on the projects of Tourism Development Fund in 2018. Tourism Development Fund unites 10 projects the value of which equals to 717 million USD. These are the projects which are being implemented on different stages in Tbilisi, Guria, Adjara, Samegrelo, Kakheti and Samtskhe-Javakheti.”

Reminder: According to Preliminary data, the value of Foreign Direct Investments amounted to 1 232.4 million USD in 2018, which is less by 34.9% compared to the same data of last year.

Below you can find the list of top 10 largest investor companies:

• IDS Borjomi Georgia – Processing industry
• LLC Magticom – Communication
• BP Group – Transport
• Energo-Pro Georgia – Energy Sector
• RMG Copper – Mining
• Georgian Manganese – Processing industry
• Adjarawater Georgia – Energy sector
• Azfen Georgia – Construction
• Tourism Development Fund – Tourism
• Nenskra Hydro – Energy sector