Former PM Giorgi Kvirikasvhili’s project, which included construction of Business House is suspended, but the money is still on the bank deposits.
The Ministry of Economy and Sustainable Development transferred GEL 82 million to the Municipal Development Fund for the implementation of the Business House project late 2017. It turns out that despite the pandemic, when the government has to borrow billions of new debts, they still do not spend 82 million.
According to the Municipal Development Fund, the money is placed in various banks. Namely, 82 million GEL (interest rate: 10% -11%) is placed in Terrabank, TBC Bank, Finca Bank, Liberty Bank, VTB Bank and Basis Bank. However, 15.7 million GEL has been accrued as interest on these deposits.
"These funds are state funds, so it will be used to finance various infrastructure and investment projects in accordance with the government’s decision”, - explained the Municipal Development Fund.
