According to the explanatory note to the draft law, the current sanctions in a number of cases fail to provide a preventive function of administrative liability. The scope of the new regulation includes such large entities as: energy and industrial facilities, oil depots, mineral miners, metallurgical and chemical plants, infrastructure constructions and facilities that have wastewater.The main financial sanctions provided for by the draft law: Activities without an environmental decision: will be fined from 25,000 to 30,000 GEL (under the current regulation, the sanction was from 7,000 to 10,000 GEL). Activities without a screening procedure: will be determined from 7,000 to 10,000 GEL, and in case of repeated violation - 20,000 GEL. Arbitrary change of operating conditions: Changing the conditions without a relevant decision will result in a fine of 25,000 to 30,000 GEL (instead of 7,000 - 10,000 GEL), and a repeated case will result in a fine of 50,000 GEL (the current sanction was 14,000 GEL). Failure to fulfill obligations and failure to apply: A person who does not apply to the agency for an environmental decision will be warned for the first time, and will be fined 5,000 GEL for a repeated violation. The legislative package also changes the rules of administration. In particular, employees of the Environmental Supervision Department are authorized to consider violations on the spot and issue a penalty receipt in cases where additional investigation is not required. In addition, the agency will be able to publicly publish fine receipts on its website if the violator fails to submit the document twice. In such a situation, the receipt will automatically be considered submitted on the 30th day after publication.According to the authors, tightening sanctions will also lead to an increase in state budget revenues, although the specific financial effect will be independent of the number of violations recorded.
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In her speech, Ekaterine Mikabadze focused on the importance of sustainability reporting for the development of the banking sector and capital markets. According to her, at the international level, sustainability reporting is increasingly becoming an important component of corporate governance, effective risk management and informed investment decision-making.“The National Bank of Georgia considers sustainable finance to be one of the important foundations of financial stability and long-term economic sustainability,” said Ekaterine Mikabadze.She also spoke about the reforms and initiatives implemented by the National Bank in the direction of sustainable finance. In particular, the introduction of ESG guidelines, ESG reporting and information disclosure framework for commercial banks, as well as the development of a regulatory framework for green, social, sustainability and sustainability-related bonds.According to Ekaterine Mikabadze, the quality and reliability of information are of particular importance for the development of sustainable finance, and appropriate assurance services contribute to strengthening investor confidence and reducing the risks of so-called “greenwashing”.“We believe that, in parallel with the introduction of sustainability reporting, attention should also be focused on the development and introduction of relevant assurance services in the local market,” said Ekaterine Mikabadze.Head of the Financial Stability Department of the National Bank of Georgia, David Utiashvili, participated in the panel discussion “Benefits and Challenges of Sustainability Reporting” held within the framework of the meeting.Representatives of the Ministry of Finance of Georgia, the Polish Audit Supervision Agency (PANA), the Pension Fund, the World Bank and the private sector also participated in the event. The participants of the meeting discussed the directions of development of sustainability reporting in Georgia and the importance of sharing international practices.
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The event was opened by the First Vice Governor of the National Bank of Georgia, Ekaterine Mikabadze.As part of the meeting, representatives of the NBG introduced students to both the theoretical and practical aspects of the Bank’s activities. The discussions covered topics including monetary policy, financial stability and sustainable finance, capital markets and investments, as well as financial technologies. Students were also introduced to the functions and responsibilities of the NBG, along with internship opportunities offered by the institution. At the end of the meeting, representatives of the NBG answered students’ questions.“Financial education is one of the NBG’s key priorities. We place particular emphasis on educating the younger generation. In this regard, platforms that connect theoretical knowledge acquired at universities with practical economic and business processes are especially important. Today, we introduced up to 40 students to the functioning of the country’s financial system and discussed Georgia’s macroeconomic environment, financial stability, and the challenges facing the region. I would like to thank the Europe Business Association Youth Academy and the students for their strong interest and active engagement,” said Ekaterine Mikabadze.To enhance financial awareness and strengthen interest in economics among young people, the National Bank of Georgia actively implements educational projects and information campaigns.
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According to the Armenpress agency, Pashinyan made this statement at a briefing in response to a question asked by a journalist regarding comments made by Georgian Prime Minister Irakli Kobakhidze. According to Kobakhidze, foreign patrons and local groups are trying to set Georgia against Armenia.“As for Georgia, I have clearly stated that Georgia plays a very important and key role in Armenian-European relations and we are very concerned about the current situation. We believe that this situation must be resolved,” the Armenian Prime Minister said.Pashinyan stressed that the partnership between Tbilisi and Yerevan is independent of any external factors and cannot be determined by third parties.“The relations between Armenia and Georgia have nothing to do with relations with third parties. Naturally, these relations are strategic, long-term, historical and fraternal in nature and will remain so. Any other scenario is simply impossible,” Nikol Pashinyan said.
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It is planned to issue up to $10 million in 2-year bonds, with a fixed rate of 8%-8.5%.Nutrimax has been on the market since 2009. Its partner is the Dutch Trouw Nutrition. It owns a feed mill for farm animals and poultry (annual capacity 84,000 tons). Since 08/2021, it has been represented by the subsidiary "Nutrimax Petfood", which owns an extruded feed mill for companion animals (dogs and cats), as well as fish (capacity 24,000 tons).Nutrimax also operates in neighboring countries (Armenia, Azerbaijan, Kazakhstan, Uzbekistan, Moldova).Product Range Nutrimax's business lines are divided into 2 main categories:
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According to preliminary data from the International Organization of Vine and Wine (OIV), the decline in production is due to an unusually abundant harvest in 2024, while favorable weather in 2025 allowed the country to maintain production close to the high level of recent years.Regional trendsResults in the Northern Hemisphere (outside the European Union) are mixed.Russian wine production is around 5.1 million hectoliters, which is at the same level as in 2024 and 9% above the five-year average. Moldova, after droughts and frosts in 2024, showed an 18% increase in production (1.4 million hectolitres), driven by abundant spring rainfall.Production in the European Union is 140 million hectolitres, up 2.1 million hectolitres (+2%) compared to 2024, but 8% below the five-year average. Italy (47.4 million hectolitres) has regained its position as the world’s largest producer, while France (35.9 million hectolitres) and Spain (29.4 million hectolitres) are experiencing historically low yields due to climate stress, drought and disease.Global outlookGlobal wine production is forecast to reach 232 million hectolitres in 2025. This is 3% higher than the historical low of 2024, but still 7% below the average of the last five years.USA: Production increased to 21.7 million tons (+3%), but still below the historical peak.Southern Hemisphere: Production increased by 7% (49 million tons). Australia (11.6 million tons) and New Zealand (3.7 million tons) showed increases, while Chile’s production decreased by 10% due to water shortages.Market balanceAccording to the OIV, production has been below average for the third consecutive year, reducing pressure on stocks amid falling global demand. Climate change remains a major factor determining global production levels.
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Valerian Gabunia to replace Eter Iremadze at the Bank of Georgia
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QR code becomes mandatory on alcoholic beverage bottles
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Bank of Georgia Raises $45 Million from Citi and ADB for Trade Finance
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Over 68% of SME loans are in foreign currency
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Georgia’s electricity consumption to grow by 3.4% on average over the...
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