Govt’ to Offer 100 State-owned Buildings to Business on November 29

The Ministry of Economy and the National Agency of State Property will offer local and international businesses 100 buildings for privatization on November 29, announced the Ministry of Economy.

Minister Natia Turnava says that such a case is unprecedented, with all 100 buildings going on offer for privatization at once in the form of parallel auctions.

She noted that the total initial price for these buildings is 150 mln GEL ($50.4 mln/€45.8 mln). 

"One of the main priorities for the Ministry of Economy in 2020 is the privatization process of state property and the goal is to increase privatization income for the state budget,” she explained.

Businesses can access all information about the buildings on the website of the National Agency of State Property and will be able to be involved in the process of privatization. 

To simplify the selling process, all information about the buildings will be published on the website, with recommendations for purposing the buildings. These recommendations will be in accordance with the general plans of the towns and municipalities where the buildings are located. 

The Minister noted that all the legal issues will be handled in advance of the sale, including the valuation process, property registration, and boundary specification. 

“This is one of the largest investment offerings, a very broad choice for businesses, where and how they can invest and create new jobs," she said, adding that the process of privatization will help attract additional investments in the country and will stimulate economic growth. 

By Ana Dumbadze