New Life of Old Tbilisi, the project of Tbilisi Mayor`s Office has moved to the next stage. The mayor`s office has already signed agreements with several construction companies.

Among them is Saba Group Company. According to the agreement Tbilisi Mayor`s Office is ready to pay USD 400 per square meter of dwelling space to the company after it completes the contractions.

With assistance of the program of Tbilisi Mayor`s Office, the company would be able to restore the constructions that were suspended during the 2009 economic crisis.

After the construction is over, those 295 families which were waiting for the completion of the process will receive new apartments.

TBC Bank intends to fund the construction process with USD 4,600,000. The object will be completed in 2012. 120 people will be employed at the construction.

Source: www.rustavi2.com