Agreement is signed with the Bank of Georgia

According to the agreement signed between the Ministry of Environment and Natural Resources Protection of Georgia and the Black Sea Terminal, the latter must implement compensatory measures as defined in the Environment Impact Assessment of the railway line built to connect to the Kulevi Terminal. In order to carry out the above mentioned measures, Kolkheti Protected Areas Development Fund was established and the Kulevi Terminal is required to transfer designated amount of money to its bank account.    

On February 18, 2014, the Agency of Protected Areas signed an agreement with the Bank of Georgia according to which the compensation transfers allocated for the Kolkheti Protected Areas Fund will be deposited on an interest bearing account.

It should be mentioned that since 2009 all the Kulevi Oil Terminal funds were deposited on a current account of Koklheti Development Fund with no interest accrue. According to the new agreement Kolketi Development fund will have two separate accounts - one account where we deposit funds for a fixed period with and the other – current one, with less accrued interest available immediately. The major part of generated interest will be spent towards financial encouragement of employees of Kolkheti Protected Areas administration, as well as for the implementation of other important developmental activities.