S&P Ranks Georgia and Kazakhstan Among Regional Banking Leaders

The total number of active livestock and poultry slaughterhouses in Georgia in the IV quarter of 2025 was 115, of which 19.1 percent were located in Kakheti region, 18.3 percent in Kvemo Kartli region, 16.5 percent in Shida Kartli region, 15.7 percent in Imereti region, 9.6 percent in SamegreloZemo Svaneti region, 7.8 percent in Mtskheta-Mtianeti region and the remaining 13.0 percent — in other regions.According to the survey, 148.6 thousand heads of livestock were slaughtered in slaughterhouses in the IV quarter of 2025, of which 29.1 percent were cattle, 65.8 percent – pigs and 3.1 percent – sheep and goats. The share of other livestock (excluding poultry) slaughtered was 1.9 percent. In addition, the number of poultry slaughtered in slaughterhouses during the reporting period amounted to 3 046.1 thousand.In total 17.5 thousand tons of meet (i.e. slaughtered weight, including poultry meat) was produced by slaughterhouses during the IV quarter of 2025, of which 28.4 percent was beef, 32.2 percent – poultry, 38.9 percent – pork, 0.4 percent – mutton and goat meat, while the share of other meet was negligible.The service was provided to 9.0 thousand persons, 53.3 percent of which were households. Average monthly number of persons employed in slaughterhouses equaled 969 persons.The average prices of the slaughter services were: 40.7 GEL per cattle, 33.1 GEL per pig, and 14.1 GEL per sheep or goat.In the IV quarter of 2025 the number of active cold storage facilities in Georgia was 353 and most of them were located in Shida Kartli region (66.9 percent). Active cold storage facilities were also located in Tbilisi (11.6 percent), Kvemo Kartli region (5.7 percent), Imereti region (4.8 percent), Kakheti region (3.4 percent), Adjara AR (3.1 percent), Samegrelo-Zemo Svaneti region (1.7 percent), Samtskhe-Javakheti region (1.4 percent), Mtskheta-Mtianeti region (1.1 percent) and Racha-Lechkhumi and Kvemo Svaneti region (0.3 percent).In the IV quarter of 2025, the service was provided to 375 customers. The number of producers and resellers, from whom the products were purchased, amounted to 804 persons. Average monthly number of persons employed in cold storage facilities was 1 742.In total 97.2 thousand tons of products were stored in cold storage facilities during the IV quarter of 2025, of which 26.6 percent was chicken meat (including frozen meat), 20.9 percent – meat and meat products (including semi-finished products, excluding chicken meat), 15.6 percent – fish, 24.1 percent – fruits and vegetables, 6.5 percent – milk products and 6.3 percent – other products.In the IV quarter of 2025, the share of own production in the total volume of products stored in cold storage facilities was 19.2 percent, while the share of products purchased for further resale was 27.7 percent and the share of products stored as services was 53.1 percent. The service fee in the same period amounted to 6.1 million GEL. In the IV quarter of 2025, the total value of products (27.6 thousand tons) sold by cold storage facilities amounted to 241.8 million GEL, of which the share of imported products was 39.5 percent, share of own production was 12.6 percent and the share of products (local) purchased for resale was 47.9 percent. Herewith, 35.2 percent of own production sold by cold storage facilities was chicken meat. Significant share of imported products was milk products (35.1 percent), meat and meat products (including semi-finished products) (19.7 percent), chicken meat (including frozen) (15.7 percent) and fish (8.0 percent). In the IV quarter of 2025, the value of products sold by cold storage facilities on the foreign market amounted to 6.0 million GEL, which constituted to 2.5 percent of the total value of products sold in the same period. Mostly chicken meat, fruits and vegetables were sold on the foreign markets. According to the survey results, the average daily load per storage (out of total storage capacity in percentage) was 59.3 percent in October, 57.2 percent in November and 50.3 percent in December.The total number of active elevators in Georgia in the IV quarter of 2025 was 33 and most of them were located in Kvemo Kartli (33.3 percent) region, while 21.2 percent of active elevators were located in Samegrelo-Zemo Svaneti region, 15.2 percent in Kakheti region, 12.1 percent in Shida Kartli region, 9.1 percent in Tbilisi, 6.1 percent in Imereti region and 3.0 percent in Guria region.In the IV quarter of 2025, the service was provided to 19 customers. The number of producers and resellers, from whom the product were purchased for resale, was 68 persons, while the average monthly number of persons employed in elevators equaled 423. In total 157.0 thousand tons of products were stored in elevators during the IV quarter of 2025, 66.4 percent of which was wheat and 15.2 percent – soybean meal. The share of products purchased by the elevators for resale in the total amount of products stored in the elevators was 67.7 percent in the same period.Total amount of products sold by the elevators during the IV quarter of 2025 amounted to 75.7 thousand tons with total value of 80.5 million GEL. 40.2 percent of this value was imported production and 51.5 percent was local (own produced) products. The biggest share in own production, in terms of volume as well as value, had wheat flour, which constituted to 79.0 percent of total own production sold by the elevators in the same period. According to survey results, average daily load of storages (out of total capacity of storages in percentage) amounted to 49.7 percent in October, 49.5 percent in November and 46.5 percent in December.

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The placement was conducted in the domestic market in accordance with local regulations. Although the subscription period was initially scheduled from 2 February 2026 to 29 May 2026, the offering has already been fully subscribed, demonstrating exceptionally strong investor demand.Key details of the Notes are as follows: Denomination: USD, with a face value of USD 10,000 per Note. Minimum Investment: A minimum purchase quantity of five (5) Notes. Term: The Notes are perpetual, with an option for the Bank to call them for early repayment after the fifth year. Coupon: An 8.5% coupon rate, payable semi-annually. Ameriabank CJSC acted as the arranger for the placement. The Notes are expected to be listed on the Armenia Securities Exchange.“The strong demand for our AT1 notes is a clear testament to the market’s trust in our credit story and disciplined balance sheet management. By enhancing our capital adequacy ratios, this transaction provides additional headroom to pursue our growth ambitions and reinforce our role as the largest lender to the Armenian economy”, - Hovhannes Toroyan, Ameriabank’s CFO, commented.“We are pleased to announce the successful placement of Ameriabank’s inaugural AT1 notes on the local market. The swift subscription underscores investor trust and is a testament to the strength of the Bank’s wealth management franchise and distribution capabilities. This issuance enables Ameriabank to create capital buffers, reinforcing its flexibility to pursue further growth and deliver on its strategic objectives”, - Archil Gachechiladze, Group CEO, said. 

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As of the document, the number of pigs equaled 122 thousand heads which are 11.8 percent less than at the same period of the previous year.The number of poultry reached 8.7 million heads which is 8.3 percent more compared to the same period of the previous year.According to preliminary data, milk production in the 4th quarter of 2025 decreased by 6.4 percent compared to the same period in the previous year, totaling 97.2 million liters. The annual milk production of 2025 decreased by 5.0 percent compared to the results of 2024, and it amounted to 545.7 million litres.In the 4th quarter of 2025 meat production was 3.7 percent more than in the same period of 2024 and it has consisted of 28.1 thousand tons. In 2025, the annual production of meat was 7.7 percent less than in 2024 and it amounted to 81.9 thousand tons.

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Nine qvevri wine cellars participated in the international exhibition of natural wines “RAW Wine Paris”, while the large-scale international exhibition of wine and alcoholic beverages “Wine Paris” featured products from about 30 Georgian wine-producing companies.Wine Paris is one of the most important exhibitions in the wine industry worldwide, where wine professionals, importers, and media representatives traditionally gather, along with thousands of visitors.Another outstanding international exhibition of wine and alcoholic beverages is “RAW Wine”, where producers of high-quality natural, organic and biodynamic wines gather. The exhibition is organized by the famous wine master from France, Isabelle Legeron.During the exhibitions, the Chairman of the National Wine Agency, Levan Mekhuzla, and the Deputy Chairman of the Agency, Tamta Kvelaidze, held meetings with representatives of marketing companies from various countries.The Wine Paris exhibition was attended by the Ambassador Extraordinary and Plenipotentiary of Georgia to the Republic of France, Irakli Kurashvili.John Barker, President of the International Organization of Vine and Wine (OIV), visited the Georgian stand at the Wine Paris exhibition and tasted Georgian wines."This year's wine exhibitions traditionally started with Paris. Both exhibitions are very important for Georgian winemakers. The Georgian stand was constantly crowded with visitors and professionals. The meetings held here and the contacts established will help Georgian winemakers attract new trade partners and increase wine exports. The National Wine Agency will continue to support Georgian producers this year, both in participating in traditional exhibitions and in presenting their products at important events of various formats," said Levan Mekhuzla, Chairman of the National Wine Agency.

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According to Irakli Kobakhidze, 70% of foreigners living in Georgia are citizens of post-Soviet countries, the European Union, the United States and Israel, while the total share of countries in the region, such as Turkey and Iran, is only 0.7% of the Georgian population. The Prime Minister paid special attention to the legislative changes planned from March 1, according to which the labor activity of foreigners in Georgia will be significantly restricted. According to him, this step serves to protect the interests of the country's economy and local citizens, for which the government takes full responsibility.In addition, the Prime Minister noted that the government is strengthening the Migration Department of the Ministry of Internal Affairs. He explained that over the past year, more illegal migrants have been expelled from the country than in the previous 10 years combined. According to Kobakhidze, there are currently more than 20 thousand illegal migrants in the country and the goal is to completely rid Georgia of them in a few years. The Prime Minister also reminded the public of the 2017 constitutional amendment that prohibited the alienation of agricultural land to foreigners, which he said is another proof of the protection of national interests.

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Against this backdrop, the Speaker of Parliament, Shalva Papuashvili, framed the situation as politically motivated and accused protesting ISU representatives of aligning with former president Mikheil Saakashvili. According to Papuashvili, the interests of Saakashvili’s political team stand behind the ongoing resistance to the reforms.Papuashvili also described the current higher education system as “problematic” and defended the government’s new “one city, one faculty” model. He argued that the reform is “so logical” that only those with “subjective interests” would oppose it.The new quota decision significantly reshapes Ilia State University, which currently enrolls more than 17,000 students and offers 36 academic programs. As of next year, only 16 programs will remain, most of them with symbolic quotas of 10–30 students, raising doubts about their operational viability.The government has entirely removed the university’s right to accept students into many of its most popular and strategically important fields, including: Social Sciences: Psychology, Sociology, Political Science, International Relations Business & Law: All business administration programs (management, tourism, finance) and the Faculty of Law Humanities & Arts: Philosophy, Archaeology, Architecture, Film Studies, Music Technology: English-language Computer Science program These cancellations affect some of ISU’s strongest and highest-demand programs, prompting concern from academics and policy observers.Education experts warn that the sweeping cuts appear to undermine the university’s academic autonomy and could be part of a political effort to weaken one of the country’s leading liberal arts institutions. With most major programs abolished and only narrow specialties remaining, critics say the reforms could destabilize the entire institution.Some analysts argue that the scale and speed of the quota reductions effectively amount to a restructuring that threatens Ilia State University’s long-term sustainability.

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Exports reached USD 480.4 million, representing a 19.0% increase, while imports dropped to USD 1,117.0 million, a decline of 34.5%.According to GeoStat, the negative trade balance for January 2026 stood at USD 636.6 million, accounting for 39.9% of the total foreign trade turnover.

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The National Agency for Promising Projects (NAPP) officially registered the issue on February 9, 2026.By the decision of the bank's shareholders on January 16, 2026 (quorum 100%), the new issue will be placed in the subsidiary TBC Digital, at a market nominal value of 1,000 soums per share.Payment will be made in cash in the national currency.The issue includes 240 million shares, which corresponds to a total issue amount of 240,000,000,000 soums.For reference, TBC Digital manages the digital business of TBC Bank Group PLC in Uzbekistan, which includes TBC Uzbekistan, the leading digital bank in Uzbekistan, Payme, a popular digital payments application, BILLZ, TBC Insurance, TBC Nasiya - an installment business, and other fast-growing digital services.At the current exchange rate of the Central Bank of Uzbekistan, $1 is equal to ≈ 12,287 UZS.Last year, TBC Uzbekistan issued soum-denominated securities twice. In February last year, TBC issued securities in the amount of 128 billion soums, with a 2-year maturity and a 24% interest rate. At the end of December, it placed bonds worth 49.6 billion soums ($4.1 million).

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