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Georgia: Sixth Review Under the Stand-By Arrangement and Requests for Modification of Performance Criteria, Waiver of Nonobservance of Performance Criterion, Waiver of Applicability of Performance Criterion, and Rephasing of Purchase: Informational Annex

International Monetary Fund
Published Date:
July 2010
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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 MillionPercent of Quota
Fund holdings of currency677.40450.70
Reserve position in Fund0.010.01

III. SDR Department:

SDR MillionPercent of Allocation

IV. Outstanding Purchases and Loans:

SDR MillionPercent of Quota
Stand-by Arrangements527.10350.70
ECF 1114.1575.95

V. Latest Financial Arrangements:

ApprovalExpirationAmount ApprovedAmount Drawn
TypeDateDate(SDR million)SDR Million)
ECF 16/4/049/30/0798.0098.00
ECF 11/12/011/11/04108.0049.50

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):

Not Applicable.

IX. Implementation of HIPC Initiative:

Not Applicable.

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.

Table 1.Georgia: Fund Technical Assistance Missions, 2004–09
SubjectType of MissionTimingCounterpart
Fiscal Affairs Department (FAD)
Tax PolicyReview of tax policyJun. 8–21, 2004Ministry of Finance
Public Expenditure ManagementAssessment of Treasury system.Nov. 8–23, 2004Ministry of Finance
Public Financial ManagementExpert assistance (Zohrab)Mar. 2005–Nov. 2006Ministry of Finance
Tax AdministrationMission—review of modernization programNov. 8–21, 2005Ministry of Finance
Tax AdministrationExpert assistanceJul. 9–14, 2006Ministry of Finance
Tax AdministrationExpert assistance (Bosch)Oct. 9–25, 2006Ministry of Finance
Tax AdministrationFollow-up missionJan. 17–30, 2007Ministry of Finance
Tax AdministrationExpert assistance (Woodley)Jan/Feb and Apr/May 2008Ministry of Finance
Budget Classification and Accounting ReformsExpert assistance (Swarap)Jun. 11–22, 2007Ministry of Finance
Budget Classification and Accounting ReformsExpert assistance (Swarap)Jun. 11–22, 2007Ministry of Finance
Public Financial ManagementExpert assistanceApr. 6–19, 2010Ministry of Finance
Monetary and Capital Markets Department (MCM)
Government Securities Market, Deposit Insurance, Anti-Money LaunderingAdvisoryApr. 20–30, 2004National Bank of Georgia
Monetary Operations, Banking Sector CompetitionAdvisoryOct. 24–Nov. 5, 2004National Bank of Georgia
Liquidity Management; Trends in Securities and Insurance SectorsAdvisoryApr. 18–29, 2005National Bank of Georgia
FSAP UpdateAssessmentFeb. 15–28, 2006National Bank of Georgia
Monetary Operations/Monetary Policy/Foreign ExchangeAdvisoryFeb. 16–Mar. 2, 2007National Bank of Georgia
Consolidated SupervisionAdvisoryDec. 4–14, 2007National Bank of Georgia
Lender of Last Resort FrameworkAdvisoryDec. 11–17, 2008National Bank of Georgia
Stress Testing and Foreign Exchange MarketAdvisoryApr. 21–30, 2009Financial Supervisory Agency; National Bank of Georgia
Macroeconomic Modeling of Monetary Policy FormulationAdvisoryJune 2–10, 2010National Bank of Georgia
Statistics Department (STA)
National AccountsFollow-up assistanceApr. 26–May 7, 2004State Department of Statistics
National AccountsFollow-up assistanceApr. 18–29, 2005State Department of Statistics
Price StatisticsFollow-up assistanceMay 23–Jun. 3, 2005State Department of Statistics
Balance of Payments Statistics/International Investment PositionFollow-up assistanceJun. 15–28, 2005State Department of Statistics and National Bank of Georgia
Price StatisticsFollow-up assistanceJun. 20–Jul. 13, 2006State Department of Statistics
Balance of PaymentsFollow-up assistanceSep. 6–19, 2006National Bank of Georgia
GDDS/Government Finance StatisticsFollow-up assistanceNov. 8–22, 2006State Department of Statistics, National Bank of Georgia, Ministry of Finance
Balance of PaymentsFollow-up assistanceJul. 9–20, 2007National Bank of Georgia
Monetary and Financial StatisticsAdvisoryMar. 18–31, 2009National Bank of Georgia
Legal Department (LEG)
Tax CodeFollow-up assistanceJan. 28–Feb. 9, 2001Ministry of Finance, Tax Inspectorate of Georgia
Tax CodeFollow-up assistanceJul. 13–24, 2001Ministry 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.

Table 1.Georgia: EBRD Portfolio for Georgia(As of April 30, 2010)
Project NameDate of AgreementOutstanding Amount US MillionOutstanding Amount EUR Million
Adjara Solid Waste Project18-Feb 20104.03.0
Bank Republic - MSE Loan27-Apr 20061.31.0
Bank Republic - MSME12-Dec 200810.07.5
Bank Republic Equity15-Sep 20067.85.9
Bank Republic Equity (Capital Increase)23-Apr 20081.31.0
Bank Republic Mortgage Loan20-Dec 20066.85.1
Bank Republic Mortgage Loan II22-Aug 200814.010.6
Bank Republic Subordinated Debt07-Jul 20085.03.8
Bank of Georgia - convertible subordinated debt30-Dec 200826.019.6
Bank of Georgia - subordinated debt30-Dec 200824.018.1
Bank of Georgia Senior Loan30-Dec 200850.037.7
Basis Bank Equity Investment - Georgian Financial Sector F/W19-May 20083.93.0
Batumi Public Transport Project02-Sep 20083.32.5
Black Sea Energy Transmission System17-Mar 2010106.180.0
Borjomi Water Project01-Dec 20082.01.5
CEEP - Bank Republic19-Dec 20085.03.8
CEEP - Cartu Bank20-Dec 20074.93.7
CEEP - TBC30-Nov 20074.53.4
Cartu Bank SME Loan II30-Mar 20095.03.8
DIF - Alfapet08-Dec 20070.10.1
DIF - Delidor17-Jun 20051.41.1
DIF - Georgian Hazelnut Production Ltd.26-Oct 20060.80.6
DIF - Iberia Refreshments25-Sep 20033.22.4
DIF - Imedi L30-Dec 20061.51.2
DLF - BIH Castel23-Dec 20092.62.0
DLF - BTM TEKSTIL21-Dec 20061.51.2
DLF - Georgian Hazelnut Production Ltd26-Oct 20062.51.9
DLF - Populi31-Dec 200813.19.9
DLF - Margebeli23-Dec 20095.34.0
DLF - Marneuli24-Dec 20096.04.5
ETC Non-Bank Framework III - Crystal17-Dec 20090.50.4
ETC Non-Bank MFI Framework II - Constanta28-Nov 20061.61.2
ETC Non-Bank MFI Framework II - WV Credo07-Mar 20080.70.6
Enguri Hydro power Plant Rehabilitation project22-Dec 199820.615.6
Geo Steel20-Oct 200814.010.6
Georgia: Tbilisi Railway Bypass Project17-Mar 2010135.4102.1
Georgia: Trans-Caucasian Rail Link Project22-Dec 19981.10.8
Georgian Financial Sector F/W - Basis Bank (MSME Loan)21-Sep 20075.13.9
Georgian Financial Sector F/W-Bank Republic MSE Loan21-Dec 200712.09.1
Georgian Financial Sector F/W-Cartu Bank SME Loan20-Dec 20076.04.5
Georgian Financial Sector FW-TBC Bank Mortgage Line II21-Dec 200711.38.5
Georgian Property29-Aug 200714.310.8
Georgian Property Debt FW - Tbilisi Central Train Station28-Dec 20078.56.4
Georgian Property Debt Facility - Green Building19-Mar 20072.31.7
Georgian Wines & Spirits Ltd.10-Mar 20053.93.0
JSC Channel Energy Poti Port19-Mar 20021.41.1
Kobuleti Water27-Jun 20082.01.5
Kutaisi Water Project15-Sep 20063.92.9
MCFF Bank Republic - Rusmetali31-Dec 20092.51.9
MCFF - Bank Republic - Begi L/C and restructured loan10-Aug 20098.46.3
MCFF - Bank Republic - Full Recourse05-Dec 200810.07.5
MCFF - Bank of Georgia - GPC11-Feb 20102.41.8
MCFF - Bank of Georgia Full Recourse Portion14-Jun 20053.62.7
MCFF - BoG Iberia Refreshments Sub-Loan (NRP)27-Sep 20062.41.8
MCFF - TBC - Goodwill22-Dec 20090.80.6
MCFF - TBC - Tsiskvilkombinati II21-Nov 20071.51.1
MCFF - TBC Bank - Jaokeni Company JSC04-Aug 20082.21.7
MCFF - TBC Bank EMBAWOOD Sub Loan13-Jun 20070.60.4
MCFF - TBC Bank JSC Full Recourse Portion13-Jun 20051.41.1
MCFF - TBC Bank Tegeta Motors01-Apr 20086.24.7
MCFF - TBC Bank Wissol Sub-Loan (NRP)10-Oct 20073.82.8
MCFF - TBC Coca Cola Ltd. sub-loan02-Feb 20073.42.6
MCFF - TBC Tsiskvilkombinati21-Nov 20071.51.2
MCFF BOG - Renewable Energy Programme - Okami SHPP NRP21-Dec 20060.10.1
MCFF BOG - Renewable Energy Programme Lopota SHPP NRP21-Dec 20060.10.1
MCFF Bank Republic - Mediclub Georgia30-Oct 20072.41.8
MCFF TBC Bank - Goodwill31-Oct 20076.34.8
MCFF-Bank Republic - BCFS18-May 20091.51.1
Poti Port: Phase 116-Mar 201010.68.0
Poti Water Supply Project15-Sep 20063.22.4
Regional TFP Basisbank (Guarantee & Pre-export)06-Nov 20070.90.6
Regional TFP: Bank Republic (Guarantee & Pre-export)15-Feb 20060.00.0
Regional TFP: Bank of Georgia (Guarantee & Pre-export)29-Jul 19997.65.7
Regional TFP: Cartu Bank28-Apr 20061.71.3
Regional TFP: TBC Bank (guarantee & pre-export)17-Aug 19999.77.3
Regional TFP: VTB Bank Georgia24-Dec 20000.00.0
Rustavi Solid Waste Management Project02-Jun 20092.11.6
TBC Bank07-Apr 200936.627.6
TBC Bank - Senior Loan14-Apr 200914.711.1
TBC Bank Mortgage Loan29-Jun 20068.36.3
TBC Bank SME Credit Line III26-Sep 20051.20.9
TBC Bank SME Line29-Jul 20087.55.7
TBC Bank: Subordinated Loan14-Apr 200918.514.0
TBC Leasing - Equity Investment01-Mar 20060.10.1
TBC Leasing, Senior Debt21-Dec 20050.90.6
Tbilisi International Airport17-May 200620.915.8
Tbilisi Public Transport Project29-Jul 20051.10.8
VTB Bank Georgia09-Oct 20066.75.0
VTB Bank Georgia (debt, equity)20-Nov 19972.41.8
VTB Bank Georgia Capital Increase09-Oct 20062.31.8
Sub Total785.9592.7
Aureos Central Asia Fund LLC01-Dec 20080.80.6
BIH18-Dec 20060.00.0
BSR Europe Co-Investment Facility14-Aug 20069.37.0
Baku-Tbilisi-Ceyhan (BTC) Pipeline03-Feb 200445.134.0
Baring Vostok Private Equity Fund13-Dec 20000.00.0
Caucasus Online22-Dec 200830.623.1
Caucasus Online09-Oct 20090.90.7
Lukoil Overseas: South Caucasus Gas Pipeline28-Jul 200525.919.6
Regional Total112.785.0

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).

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