Page 29 - GEORptJul20

Ireland (10.5%).
The three sectors of the economy that received the strongest FDI inflows accounted for 48.4% of total FDI. Financial sector FDI amounted to $262mn, or 20.6% of the total. The energy sector attracted $194mn and the hotel and restaurant sector received the third largest volume, namely $158mn.
Q4 FDI in Georgia was $347mn, more than double the amount seen in the fourth quarter of 2018. The UK ranked first at 36.1% of the volume, Turkey followed with 22.2% and the Netherlands was next with 13.9%.
6.0​ Public Sector 6.1​ Budget
Georgia drafts crisis plan with focus on supporting residential real estate
Prime Minister of Georgia Giorgi Gakharia has unveiled a fourth anti-pandemic impacts crisis plan. Worth Georgian lari (GEL) 434mn ($135mn), it is aimed at supporting the construction and development sector of the country, particularly the residential segment.
The plan has been criticised for utilising public money to support already profitable businesses, thus not addressing the needs of low-income population segments. The previous plans referred to the tourism, agriculture and education sectors.
The plan will have four dimensions: subsidies for mortgage loan interest rates; state guarantees for mortgage loans; purchasing of apartments for internally displaced persons (IDP); and a guarantee extended to developers for the purchase of a certain share (30%) of their project, unless the developer manages to sell the apartments on the market.
The largest part of the budget will go to the purchase of apartments for IDP: GEL150mn plus another GEL200mn under the fourth dimension of the programme, amounting to GEL350mn or more than 80% of the budget total. The maximum price the government will pay under each of the two instruments
29​ GEORGIA Country Report ​July 2020 ​ ​www.intellinews.com