14.Jul .2021 14:30

State Wine Company Has A Loan of 39 MLN GEL of Cartu Bank

State Wine Company Has A Loan of 39 MLN GEL of Cartu Bank
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State-owned wine company Akura buys millions of GEL worth of grapes each year under a vintage subsidy program. The company's financial report for 2020 shows that the company has received a loan of 37 million GEL in USD from "Cartu Bank", the company also has a loan of 1.6 million GEL nominated in the national currency.

"The company has a long-term loan from Cartu Bank, which are secured by its supplies. The loans are valid until October 2021 and the annual interest rate is 9%," the company's financial report says.

According to the financial document, "Akura" took a long-term loan from "Cartu" in 2019.

The financial report reads, that "Akura" received 80.2 million GEL from the government in 2020 for subsidizing the vintage.

The vintage subsidy is financed from the company "Akura" and "Crop Management Company". At the behest of the government, these wineries buy grapes from growers and then produce wine and spirits. These products are further sold in the wholesale market.

According to public information requested by BMG from the Ministry of Environment and Agriculture, in 2015-2020 the state spent 212 million GEL on subsidizing the farmers and purchased 285 thousand tons of grapes. The largest purchase of 87.1 million GEL was carried out in 2020, with which the government purchased 95 thousand tons of grapes.

According to the information requested by BMG, state-owned companies have produced alcohol and wine worth 239 million GEL in the last five years from grapes donated by the government through subsidies.

The volume and price of alcohol are as follows:

• The volume of wine made in 2015-2020 is 92.8 thousand liters, cost of 108.6 million GEL;
• The volume of cognac alcohol produced in 2015-2020 is 12.1 thousand liters (absolute alcohol), cost of 130.4 million GEL.

In total, the state sold 114.1 million GEL worth of alcoholic beverages during 2015-2021.