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CEFC to Be the Largest Chinese Investment in Georgia

”The foundation of the Bank in Georgia by CEFC will be the largest Chinese investment”said Ambassador in China, David Apciauri  to Commersant during Ambasadorial 2017.

As it is known, the signing of the Declaration on the Establishment of the Development Bank of Georgia took place in May of this year in Beijing, China. Declaration was signed by First Deputy Prime Minister and Minister of Finance Dimitri Kumsishvili.

New bank declared capital will be 1 billion US dollars, and the filled capital- $300 million. The Bank’s founders are one of the largest Chinese corporations, CEFC China Energy Company Limited and the company Eurasian Invest LLC.

”The negotiations are currently underway between the parties to review the provision. After the completion of this procedure, we will have a newly established bank at the beginning of the year. It is about creating a completely new bank, not the unification of existing banks. A billion dollars will be invested in the creation of the bank and financial transactions will be implemented, which is very important “, – noted David Aptsiauri.

The largest Chinese investment in Georgia belongs to Hualing Group. CEFC investment will be larger scale according to David Apciauri.

”This bank will create a new environment in which Chinese companies are more actively involved in initiating business activities in Georgia. The appearance of such large companies as CEFC means that more investment will enter. In contrast to “Hualing”, which started its operations in Georgia, CEFC is a bigger company and has more opportunities, “said Aptsiauri.

On the question of specifically what Chinese investments in Georgia can be and how Chinese businessmen are interested, Davit Aptsiauri can not specify at this stage.