Annex I. Georgia: Relations with the Fund
(As of May 31, 2010)
I. Membership Status: Georgia joined the Fund on May 5, 1992.
II. General Resources Account:
|SDR Million||Percent of Quota|
|Fund holdings of currency||677.40||450.70|
|Reserve position in Fund||0.01||0.01|
III. SDR Department:
|SDR Million||Percent of Allocation|
IV. Outstanding Purchases and Loans:
|SDR Million||Percent of Quota|
V. Latest Financial Arrangements:
|Approval||Expiration||Amount Approved||Amount Drawn|
|Type||Date||Date||(SDR million)||SDR Million)|
VI. Projected Payments to Fund (Expectation Basis):
(SDR million; based on existing use of resources and present holdings of SDRs):
VII. Safeguard Assessments:
An update of the December 2008 safeguards assessment of the National Bank of Georgia (NBG) was completed on January 21, 2010 in conjunction with an augmentation of access under the SBA approved on August 6, 2009. The NBG continues to publish financial statements that comply with International Financial Reporting Standards, and are externally audited by an international firm in accordance with International Standards on Auditing. In response to the safeguards assessment, the authorities have agreed to a multi-year appointment of an external audit firm, beginning with financial year 2010.
VIII. Implementation of Multilateral Debt Relief Initiative (MDRI):
IX. Implementation of HIPC Initiative:
X. Exchange Arrangements:
(a) Since April 29, 1993, the Tbilisi Interbank Currency Exchange (TICEX), established by the NBG and a group of commercial banks, has conducted periodic auctions to determine the exchange rate of the domestic currency vis-à-vis the U.S. dollar. These auctions are conducted daily. Foreign exchange bureaus are allowed to buy and sell foreign currency bank notes. A temporary de facto exchange rate peg to the U.S. dollar was introduced in the wake of the early August armed conflict. During the second week of November, the authorities allowed a 17 percent depreciation of the lari. In March 2009, the authorities introduced an auction-based system for the foreign exchange market. This mechanism is intended to allow more flexibility and give market forces a greater role in setting the price, with a view to reaching faster and smoother convergence toward equilibrium in the foreign exchange market and giving the market greater clarity about the authorities’ policies. In end-May 2009, the authorities officially ended foreign exchange market interventions on TICEX.
(b) The government uses the official exchange rate for budget and tax accounting purposes as well as for all payments between the government and enterprises and other legal entities. The official rate may differ by more than two percent from freely determined market rates, which gives rise to a multiple currency practice.
XI. Article IV Consultation:
The 2009 Article IV consultation was concluded on March 23, 2009.
XII. FSAP Participation:
Two FSAP missions visited Tbilisi during May 1–15, and July 24–August 7, 2001. An FSAP update mission visited Tbilisi during February 15–28, 2006.
XIII. Technical Assistance:
See Table 1 of this Annex.
|Subject||Type of Mission||Timing||Counterpart|
|Fiscal Affairs Department (FAD)|
|Tax Policy||Review of tax policy||Jun. 8–21, 2004||Ministry of Finance|
|Public Expenditure Management||Assessment of Treasury system.||Nov. 8–23, 2004||Ministry of Finance|
|Public Financial Management||Expert assistance (Zohrab)||Mar. 2005–Nov. 2006||Ministry of Finance|
|Tax Administration||Mission—review of modernization program||Nov. 8–21, 2005||Ministry of Finance|
|Tax Administration||Expert assistance||Jul. 9–14, 2006||Ministry of Finance|
|Tax Administration||Expert assistance (Bosch)||Oct. 9–25, 2006||Ministry of Finance|
|Tax Administration||Follow-up mission||Jan. 17–30, 2007||Ministry of Finance|
|Tax Administration||Expert assistance (Woodley)||Jan/Feb and Apr/May 2008||Ministry of Finance|
|Budget Classification and Accounting Reforms||Expert assistance (Swarap)||Jun. 11–22, 2007||Ministry of Finance|
|Budget Classification and Accounting Reforms||Expert assistance (Swarap)||Jun. 11–22, 2007||Ministry of Finance|
|Public Financial Management||Expert assistance||Apr. 6–19, 2010||Ministry of Finance|
|Monetary and Capital Markets Department (MCM)|
|Government Securities Market, Deposit Insurance, Anti-Money Laundering||Advisory||Apr. 20–30, 2004||National Bank of Georgia|
|Monetary Operations, Banking Sector Competition||Advisory||Oct. 24–Nov. 5, 2004||National Bank of Georgia|
|Liquidity Management; Trends in Securities and Insurance Sectors||Advisory||Apr. 18–29, 2005||National Bank of Georgia|
|FSAP Update||Assessment||Feb. 15–28, 2006||National Bank of Georgia|
|Monetary Operations/Monetary Policy/Foreign Exchange||Advisory||Feb. 16–Mar. 2, 2007||National Bank of Georgia|
|Consolidated Supervision||Advisory||Dec. 4–14, 2007||National Bank of Georgia|
|Lender of Last Resort Framework||Advisory||Dec. 11–17, 2008||National Bank of Georgia|
|Stress Testing and Foreign Exchange Market||Advisory||Apr. 21–30, 2009||Financial Supervisory Agency; National Bank of Georgia|
|Macroeconomic Modeling of Monetary Policy Formulation||Advisory||June 2–10, 2010||National Bank of Georgia|
|Statistics Department (STA)|
|National Accounts||Follow-up assistance||Apr. 26–May 7, 2004||State Department of Statistics|
|National Accounts||Follow-up assistance||Apr. 18–29, 2005||State Department of Statistics|
|Price Statistics||Follow-up assistance||May 23–Jun. 3, 2005||State Department of Statistics|
|Balance of Payments Statistics/International Investment Position||Follow-up assistance||Jun. 15–28, 2005||State Department of Statistics and National Bank of Georgia|
|Price Statistics||Follow-up assistance||Jun. 20–Jul. 13, 2006||State Department of Statistics|
|Balance of Payments||Follow-up assistance||Sep. 6–19, 2006||National Bank of Georgia|
|GDDS/Government Finance Statistics||Follow-up assistance||Nov. 8–22, 2006||State Department of Statistics, National Bank of Georgia, Ministry of Finance|
|Balance of Payments||Follow-up assistance||Jul. 9–20, 2007||National Bank of Georgia|
|Monetary and Financial Statistics||Advisory||Mar. 18–31, 2009||National Bank of Georgia|
|Legal Department (LEG)|
|Tax Code||Follow-up assistance||Jan. 28–Feb. 9, 2001||Ministry of Finance, Tax Inspectorate of Georgia|
|Tax Code||Follow-up assistance||Jul. 13–24, 2001||Ministry of Finance, Tax Inspectorate of Georgia|
XIV. Resident Representative:
The sixth resident representative, Mr. Edward Gardner, took up his post on March 15, 2009.
XV. National Bank of Georgia Resident Advisors:
Ms. Vance, MAE peripatetic banking supervision advisor to the NBG, commenced a series of visits to Tbilisi in September 1997. Mr. Nielsen, an MAE advisor, provided technical assistance to the NBG in May 1998. Mr. Viksnins was an MAE peripatetic advisor to the NBG president starting in October 1999. Mr. Fish was resident advisor on banking supervision from August 10, 1999 to January 31, 2002. Mr. Bernard Thompson provided peripatetic technical assistance in accounting and internal audit in March and August 2000. Mr. Wellwood Mason provided technical assistance on payment system issues on a peripatetic basis in 2002 and 2003. Mr. Howard C. Edmonds served from September 2004 to October 2007 as a resident advisor on banking supervision issues.
XVI. Ministry of Finance Resident Advisors:
Mr. Sharma was an FAD resident advisor and assisted the authorities in the development of a Treasury beginning in May 1997. Mr. Sainsbury, an FAD advisor, assisted the ministry of finance from June 1998 to November 1999. Mr. Chaturvedi was FAD resident advisor in 2001 and 2002 to assist the authorities in continuing the development of the Treasury and the Treasury Single Account, in revising the legislative framework, expenditure control systems, and budgeting issues. Between 2001 and 2003, Mr. Welling was an FAD peripatetic advisor to assist the State Customs Department in preparing and introducing measures for the custom reform and modernization program. In March 2005, Mr. Zohrab started advising the authorities on treasury-related reforms, and his term ended in November 2006.
Annex II. Georgia: Relations with the World Bank
(As of May 16, 2010)
1. Georgia has been a member of the World Bank since 1992 and the International Development Association (IDA) since 1993. Georgia has borrowed $1,422 million for 60 operations (49 projects) to date. Up until FY09, all borrowings were IDA, but in FY09, Georgia became eligible for IBRD borrowings as well and is now a “blend” country. Georgia became a shareholder and member of the IFC in 1995.
2. A new CPS for Georgia for FY10–13 was endorsed by the World Bank Board in September 2009 against the backdrop of twin crises - the August conflict followed by the global economic downturn. As a result, the joint World Bank/IFC strategy focuses on key post-conflict and vulnerability issues in the near term, as well as strengthening the foundations for medium term competitiveness and growth. The CPS envisages Bank Group financing of about $740–900 million over the four year period underpinned by a strong program of knowledge services. The financing envelope includes full use of the remaining IDA-15 envelope (projected at about $130 million), indicative IBRD lending (of about $266 million), disbursements under ongoing IDA/IBRD projects (of about $135 million), and IFC investments and lending (of about $210–360 million).
3. In response to the August conflict—and at the request of the Government—the World Bank in collaboration with other development partners prepared a Joint Needs Assessment (JNA) which was presented at the October 2008 Donors’ Conference. The international community responded positively by pledging financial support totaling $4.5 billion over the period of 2008–2011. This was meant to provide financial assistance to the country in the light of increased spending needs (on infrastructure, social sectors, banking, and general budgetary support), and a decline in capital inflows. To date, donors are on track to fulfilling their commitments.
4. The World Bank and the IMF have a strong track record of coordinated assistance to Georgia. The IMF has taken a lead on issues of macroeconomic policy, and the Bank and the Fund work together on financial sector strengthening. The World Bank has led the policy dialogue on social and structural policy issues, focusing on strengthening public expenditure policies and management, improving performance in the social sectors; poverty targeting and social assistance delivery, deepening and diversifying sources of growth; and rehabilitating infrastructure. The recent economic downturn has resulted in intensified collaboration on monitoring of macroeconomic developments and policy options.
5. Development policy lending has been a core element of Bank strategy and continues to be so in the current CPS. Following a successful past track record of reforms under the Poverty Reduction Support Operations, a programmatic series of three Development Policy Operations (DPOs) is underway under the current CPS. The first DPO in amount of USD 85 million was approved on July 2, 2009. The DPO program aims at (i) mitigating the economic downturn; and (ii) facilitating recovery and preparing Georgia for post-crisis growth. It promotes policy and institutional reforms in (i) public finances, including improving efficiency and effectiveness of public expenditures, and public investment strengthening; (ii) social protection strengthening, including targeting and scaling up of the safety net system, pensions, and improving health coverage for the poor, and (iii) on specific measures to further improve the investment climate, including actions to modernize tax and customs administration. The second DPO in the amount of USD 50 million is expected to be presented to the Board in July 2010.
6. The Bank’s program also includes strong support to strengthen connectivity, essential for Georgia’s prospects as a transit corridor and spatially inclusive growth. This is primarily in the area of roads, through the Secondary and Local Roads Project and the East-West Highway Improvement Projects. In FY10, the Bank continued to support the East-West Highway program and as well as provide support on Kakheti regional roads. Donor coordination has been central to Bank strategy, especially in the context of the roads program where different donors are working together on a common platform of assistance.
7. Ongoing Bank-financed projects will continue to support progress in health, education, public sector, municipal development, and rural development. These include:
In education, IDA credits are supporting education system realignment and strengthening which address a broad spectrum of educational reform issues, aimed at improving learning outcomes of primary and secondary students, and in rehabilitating schools.
In health, an IDA-financed project is supporting the government in improving provision of primary health care services through the new Medical Insurance Program (MIP), providing training and equipment, and supporting the health information system as well as management capacity building.
In rural development, IDA credits have supported development of private sector farming and agro-processing improvements, agricultural credit, irrigation and drainage, and agricultural research. IDA credits have also been supporting creation of local institutions, such as rural credit unions and water users associations.
In public financial management, an IDA grant is pooled together with resources from other donors under the Public Sector Financial Management Reform Support Project to provide technical assistance and the necessary investments to support budget planning, execution, and overall management within the Ministry of Finance and line ministries. It also aims to strengthen public accountability and oversight of public financial management.
In municipal development, IDA is supporting the government to rehabilitate priority municipal infrastructure, support IDP housing, and strengthen intergovernmental fiscal arrangements.
8. Analytical and advisory activities across a broad spectrum of areas have been a central part of the Bank strategy. Significant pieces include the Progress Report on the JNA, a Poverty Assessment, an IFC Competitiveness study, a Country Procurement Assessment in 2007, and a joint WB-EU Public Expenditure and Financial Assessment in 2008. Ongoing work includes analysis of expenditure policy choices, work on regional trade integration, financial sector monitoring and risk assessment, programmatic poverty monitoring and analysis, a social sector review, continuing progress reports on the JNA, and energy sector work.
9. A key part of the Bank Group assistance has been to the private sector where IFC has financed projects in banking, infrastructure, oil and gas, and manufacturing sectors. IFC’s committed portfolio in Georgia as of December 2009 stood at about $280 million, of which $252 million was disbursed. The portfolio includes 8 clients, primarily in the banking sector but also including several real sector clients. In the financial sector, IFC has focused on providing investment and technical assistance to three leading banks—TBC Bank, the Bank of Georgia, and Bank Republic. To reach small and medium enterprises, IFC helped to establish ProCredit Bank of Georgia, the country’s first bank specializing in lending to micro and small enterprises. IFC has also provided a credit line to TBC Leasing to support the rapid growth of their portfolio of SME clients.
10. In the wake of the global financial crisis, IFC provided debt and equity investments to systemically important banks which enabled them to establish liquidity and capital cushions. In the real sector, IFC continues to look for opportunities to support the growth of the private sector, particularly in export-oriented companies or those that support overall private sector development. Sectors of interest include agrobusiness, infrastructure, manufacturing, and renewable energy. IFC has also provided technical assistance to strengthen its client banks and introduce new financial products (including leasing, housing finance and risk management products), and to improve the business climate and corporate governance practices. The World Bank-IFC Doing Business report has ranked Georgia as a top reformer in its Doing Business report, and the government is actively engaged with IFC to make further progress on reforms to improve the business environment. Questions may be referred to Mr. A. Cholst (202-458-0324).
Annex III. Georgia: Relations with the EBRD
(As of April 30, 2010)
1. As of April 30, 2010 the European Bank for Reconstruction and Development (EBRD) had signed 133 investments in Georgia with cumulative commitments totaling $1229.6 million.2 Current Portfolio Stock equals to $898.5 million. The EBRD’s first operation, a power rehabilitation project, was signed in December 1994. Since then, the pace and composition of portfolio growth has varied significantly from year to year.
2. During 2007 the Bank had signed 24 transactions in Georgia totaling $282.4 million.3 The Bank provided a syndicated loan to ProCreditBank Georgia ($8 million); increased its equity participation in Republic Bank, introduced a medium size co-financing facility (MCFF) in Republic Bank and signed three sub operations under the facility in agriculture and health sectors (total $9.35 million). MCFF has been successfully working for several years in one of the country’s largest Bank TBC, with which the Bank signed six additional projects under the MCFF in agriculture ($26 million), general industry ($1 million) and natural resources ($3 million) sectors. The Bank financed mortgage lines to TBC Bank ($12 million) and Republic Bank ($ 4m) and provided loans to the Republic Bank ($10 million), Cartu Bank ($7 million) and Basis Bank ($6 million) for on-lending purposes to medium, small and micro enterprises. The Bank introduced Energy Efficiency facility in two Georgian Banks: TBC Bank ($10 million) and Cartu Bank ($5 million).
3. The Bank’s annual business volume in 2008 reached $302.6 million through its 24 transactions. The project examples include: $7.5 million loan to TBC Bank for development of SMEs, additional mortgage loan ($20 million) to Republic Bank, the equity investment in Basis Bank, equity increase and subordinated debt ($5 million) to Republic Bank. In 2008 the Bank signed three operations in municipal and environmental infrastructure development sector, namely: Batumi Public transport ($3.5 million), Kobuleti ($2.1 million) and Borjomi ($2.1 million) water supply improvement projects. In October 2008 the Bank provided $14 million loan to the company Geo Steel to finance construction and operation of 175 k ton capacity steel mini-mill. In December 2008 the EBRD, along with the IFC provided Bank of Georgia, the largest bank in the country, with $200 million loan facilities comprising of convertible subordinated, non-convertible subordinated and senior loans intended to support Bank of Georgia during a post-war period.
4. In 2009 the Bank has signed fifteen projects in private sector arriving at the business volume of $116.2 million. As a response to the global financial crisis, EBRD, IFC and FMO joined forces to provide TBC Bank, with a funding package of $161 million in loans and equity investment. The EBRD contribution is worth up to $70 million and includes the acquisition of an equity stake for $36.8 million and the provision of an $18.5 million subordinated loan and a $14.7 million senior loan. In addition, the EBRD provided $5 million loan to Cartu bank for on lending to small and medium sized enterprises. The Bank signed six projects of $16.1 million in agribusiness sector and four projects—in telecoms, general industry, property & tourism and infrastructure sectors.
5. In 2010 the Bank signed the largest investments in Georgia - Tbilisi Railway By-Pass ($132.6 million) and a sovereign guaranteed loan Black Sea Electricity Transmission Line ($106.1 million); as well as Poti Port investment ($10.6 million) and Adjara Solid Waste Landfill project ($4 million).
6. The ratio of private sector projects in the portfolio now stands at 68.3 percent. The Bank plans to focus primarily on private sector financing, but may also consider selected public sector projects. The Bank will give preference to non-sovereign operations although, where sovereign guarantees are required, donor co-funding on a grant basis will be sought.
7. Georgia is part of the ‘Early Transition Countries’ (ETC) initiative. Launched in April 2004, the initiative aimed to increase investments in the Bank’s seven poorest countries. The initiative builds on international efforts to address poverty in these countries. Through this initiative, the EBRD focuses its efforts on private sector business development and selected public sector interventions. It aims to stimulate market activity by using a streamlined approach to financing, focusing on smaller projects, mobilizing more investment, and encouraging ongoing economic reform. The Bank will accept higher risk in the projects it finances in the ETCs, while still respecting the principles of sound banking. Since launch of the ETC initiative, the Bank’s annual business volume in Georgia has been increased five times.
|Project Name||Date of Agreement||Outstanding Amount US Million||Outstanding Amount EUR Million|
|Adjara Solid Waste Project||18-Feb 2010||4.0||3.0|
|Bank Republic - MSE Loan||27-Apr 2006||1.3||1.0|
|Bank Republic - MSME||12-Dec 2008||10.0||7.5|
|Bank Republic Equity||15-Sep 2006||7.8||5.9|
|Bank Republic Equity (Capital Increase)||23-Apr 2008||1.3||1.0|
|Bank Republic Mortgage Loan||20-Dec 2006||6.8||5.1|
|Bank Republic Mortgage Loan II||22-Aug 2008||14.0||10.6|
|Bank Republic Subordinated Debt||07-Jul 2008||5.0||3.8|
|Bank of Georgia - convertible subordinated debt||30-Dec 2008||26.0||19.6|
|Bank of Georgia - subordinated debt||30-Dec 2008||24.0||18.1|
|Bank of Georgia Senior Loan||30-Dec 2008||50.0||37.7|
|Basis Bank Equity Investment - Georgian Financial Sector F/W||19-May 2008||3.9||3.0|
|Batumi Public Transport Project||02-Sep 2008||3.3||2.5|
|Black Sea Energy Transmission System||17-Mar 2010||106.1||80.0|
|Borjomi Water Project||01-Dec 2008||2.0||1.5|
|CEEP - Bank Republic||19-Dec 2008||5.0||3.8|
|CEEP - Cartu Bank||20-Dec 2007||4.9||3.7|
|CEEP - TBC||30-Nov 2007||4.5||3.4|
|Cartu Bank SME Loan II||30-Mar 2009||5.0||3.8|
|DIF - Alfapet||08-Dec 2007||0.1||0.1|
|DIF - Delidor||17-Jun 2005||1.4||1.1|
|DIF - Georgian Hazelnut Production Ltd.||26-Oct 2006||0.8||0.6|
|DIF - Iberia Refreshments||25-Sep 2003||3.2||2.4|
|DIF - Imedi L||30-Dec 2006||1.5||1.2|
|DLF - BIH Castel||23-Dec 2009||2.6||2.0|
|DLF - BTM TEKSTIL||21-Dec 2006||1.5||1.2|
|DLF - Georgian Hazelnut Production Ltd||26-Oct 2006||2.5||1.9|
|DLF - Populi||31-Dec 2008||13.1||9.9|
|DLF - Margebeli||23-Dec 2009||5.3||4.0|
|DLF - Marneuli||24-Dec 2009||6.0||4.5|
|ETC Non-Bank Framework III - Crystal||17-Dec 2009||0.5||0.4|
|ETC Non-Bank MFI Framework II - Constanta||28-Nov 2006||1.6||1.2|
|ETC Non-Bank MFI Framework II - WV Credo||07-Mar 2008||0.7||0.6|
|Enguri Hydro power Plant Rehabilitation project||22-Dec 1998||20.6||15.6|
|Geo Steel||20-Oct 2008||14.0||10.6|
|Georgia: Tbilisi Railway Bypass Project||17-Mar 2010||135.4||102.1|
|Georgia: Trans-Caucasian Rail Link Project||22-Dec 1998||1.1||0.8|
|Georgian Financial Sector F/W - Basis Bank (MSME Loan)||21-Sep 2007||5.1||3.9|
|Georgian Financial Sector F/W-Bank Republic MSE Loan||21-Dec 2007||12.0||9.1|
|Georgian Financial Sector F/W-Cartu Bank SME Loan||20-Dec 2007||6.0||4.5|
|Georgian Financial Sector FW-TBC Bank Mortgage Line II||21-Dec 2007||11.3||8.5|
|Georgian Property||29-Aug 2007||14.3||10.8|
|Georgian Property Debt FW - Tbilisi Central Train Station||28-Dec 2007||8.5||6.4|
|Georgian Property Debt Facility - Green Building||19-Mar 2007||2.3||1.7|
|Georgian Wines & Spirits Ltd.||10-Mar 2005||3.9||3.0|
|JSC Channel Energy Poti Port||19-Mar 2002||1.4||1.1|
|Kobuleti Water||27-Jun 2008||2.0||1.5|
|Kutaisi Water Project||15-Sep 2006||3.9||2.9|
|MCFF Bank Republic - Rusmetali||31-Dec 2009||2.5||1.9|
|MCFF - Bank Republic - Begi L/C and restructured loan||10-Aug 2009||8.4||6.3|
|MCFF - Bank Republic - Full Recourse||05-Dec 2008||10.0||7.5|
|MCFF - Bank of Georgia - GPC||11-Feb 2010||2.4||1.8|
|MCFF - Bank of Georgia Full Recourse Portion||14-Jun 2005||3.6||2.7|
|MCFF - BoG Iberia Refreshments Sub-Loan (NRP)||27-Sep 2006||2.4||1.8|
|MCFF - TBC - Goodwill||22-Dec 2009||0.8||0.6|
|MCFF - TBC - Tsiskvilkombinati II||21-Nov 2007||1.5||1.1|
|MCFF - TBC Bank - Jaokeni Company JSC||04-Aug 2008||2.2||1.7|
|MCFF - TBC Bank EMBAWOOD Sub Loan||13-Jun 2007||0.6||0.4|
|MCFF - TBC Bank JSC Full Recourse Portion||13-Jun 2005||1.4||1.1|
|MCFF - TBC Bank Tegeta Motors||01-Apr 2008||6.2||4.7|
|MCFF - TBC Bank Wissol Sub-Loan (NRP)||10-Oct 2007||3.8||2.8|
|MCFF - TBC Coca Cola Ltd. sub-loan||02-Feb 2007||3.4||2.6|
|MCFF - TBC Tsiskvilkombinati||21-Nov 2007||1.5||1.2|
|MCFF BOG - Renewable Energy Programme - Okami SHPP NRP||21-Dec 2006||0.1||0.1|
|MCFF BOG - Renewable Energy Programme Lopota SHPP NRP||21-Dec 2006||0.1||0.1|
|MCFF Bank Republic - Mediclub Georgia||30-Oct 2007||2.4||1.8|
|MCFF TBC Bank - Goodwill||31-Oct 2007||6.3||4.8|
|MCFF-Bank Republic - BCFS||18-May 2009||1.5||1.1|
|Poti Port: Phase 1||16-Mar 2010||10.6||8.0|
|Poti Water Supply Project||15-Sep 2006||3.2||2.4|
|Regional TFP Basisbank (Guarantee & Pre-export)||06-Nov 2007||0.9||0.6|
|Regional TFP: Bank Republic (Guarantee & Pre-export)||15-Feb 2006||0.0||0.0|
|Regional TFP: Bank of Georgia (Guarantee & Pre-export)||29-Jul 1999||7.6||5.7|
|Regional TFP: Cartu Bank||28-Apr 2006||1.7||1.3|
|Regional TFP: TBC Bank (guarantee & pre-export)||17-Aug 1999||9.7||7.3|
|Regional TFP: VTB Bank Georgia||24-Dec 2000||0.0||0.0|
|Rustavi Solid Waste Management Project||02-Jun 2009||2.1||1.6|
|TBC Bank||07-Apr 2009||36.6||27.6|
|TBC Bank - Senior Loan||14-Apr 2009||14.7||11.1|
|TBC Bank Mortgage Loan||29-Jun 2006||8.3||6.3|
|TBC Bank SME Credit Line III||26-Sep 2005||1.2||0.9|
|TBC Bank SME Line||29-Jul 2008||7.5||5.7|
|TBC Bank: Subordinated Loan||14-Apr 2009||18.5||14.0|
|TBC Leasing - Equity Investment||01-Mar 2006||0.1||0.1|
|TBC Leasing, Senior Debt||21-Dec 2005||0.9||0.6|
|Tbilisi International Airport||17-May 2006||20.9||15.8|
|Tbilisi Public Transport Project||29-Jul 2005||1.1||0.8|
|VTB Bank Georgia||09-Oct 2006||6.7||5.0|
|VTB Bank Georgia (debt, equity)||20-Nov 1997||2.4||1.8|
|VTB Bank Georgia Capital Increase||09-Oct 2006||2.3||1.8|
|Aureos Central Asia Fund LLC||01-Dec 2008||0.8||0.6|
|BSR Europe Co-Investment Facility||14-Aug 2006||9.3||7.0|
|Baku-Tbilisi-Ceyhan (BTC) Pipeline||03-Feb 2004||45.1||34.0|
|Baring Vostok Private Equity Fund||13-Dec 2000||0.0||0.0|
|Caucasus Online||22-Dec 2008||30.6||23.1|
|Caucasus Online||09-Oct 2009||0.9||0.7|
|Lukoil Overseas: South Caucasus Gas Pipeline||28-Jul 2005||25.9||19.6|
Following the Low Income Countries (LIC) reforms, effective January 7, 2010, the PRGF arrangements were renamed the Extended Credit Facility (ECF) Arrangements.
EUR/USD rate at end of April 2010: 1.3258.
EUR/USD rate at end of period: 1.4716 (Dec 2007); 1.4058 (Dec 2008); 1.4419 (Dec 2009).