The Georgian government has approved the project of reconstruction of one of the districts in the old part of Tbilisi with a total value of  USD 100 million - the decision was taken at a meeting of the Economic Council at  the Prime Minister’s Office.

According to the Council’s decision,  in the near future a competition for the architectural design will be announced , the  City Hall will select the three best versions, and at the end of the year investors themselves will determine which of them will be carried out.

According to the Mayor of Tbilisi David Narmania, work on the project started 6 years ago, but has not moved forward which caused a lot of damage to investors. 
 

CAPITAL PARTNERS OF GEORGIA, which is now waiting for the decision of City Hall, will carry out an investment  in the project. 
 

According to CEO of the company George Svanidze, the project has already been approved by the Ministry of Culture.

CAPITAL PARTNERS OF GEORGIA has acquired a territory in the old part of the city in 2008, has developed several versions of construction project which  were rejected by government agencies. 

"Our projects include the creation of an ultramodern infrastructure, construction of boutique hotels, business centers, exhibition halls, etc. For us, the project was not of only economic, but also of cultural and historical significance. Within 2 years, we intend to invest  USD 100 million in the project,  "- notes Svanidze.

Source:Commersant.ge