The FINANCIAL — Bank of Georgia (BoG) will finance the reconstruction of Caucasus University’s (CU) new auditorium with EUR 30 000.
The university is in negotiations with other local banks to attract additional investments for the full reconstruction of the building. CU on its side intends to provide solid finances in this respect. The newly renovated building will be opened in September 2009.
“BoG has made one more welcome step toward contributing to education development in the country. The joint initiative envisions the full renovation of the new CU auditorium and its equipment with advanced technologies,” Kakha Shengelia, the President of CU, told The FINANCIAL.
The building which was built in the year 1901 and is historically important with its architecture was already bought by CU in 2005. The future building of CU is located in the hill of Arsenali, on Saakadze st. A scientific-research institute was previously situated there.
According to Shengelia, one of the lecture-rooms in the new building, renovated by BoG finances, will be named after the bank.
“To give an auditorium a name in credit to BoG is a fine gesture and a decent expression of gratitude to the bank from CU,” Shengelia added.
“We’re seeking additional investments from other banks. There’s sufficient room in the building for creating various auditoriums on behalf of new sponsors,” Tiko Gugberidze, CU PR Manager, told The FINANCIAL.
CU was established in 2004. It’s a new institution founded on the basis of Caucasus School of Business which was established during the transitional period of the country in 1998 when Georgia was making the first attempts to move from a planned to free market economy.
Bank of Georgia, is the largest bank by assets, loans, deposits and equity in Georgia, with a 35% market share by total assets (all data according to NBG as of 31 December 2007). The major component of the Galt & Taggart Index, the bank has 117 branches, over 705,000 retail and more than 64,000 corporate current accounts.
According to George Simongulashvili, CU Vice President, the new building will include four schools of CU: Caucasus School of Business (CSB), Caucasus School of Media (CSM), Caucasus School of Law (CSL) and the newly launched Caucasus School of Technology (CST).
As the CU President noted, more than 300 students are employed at BoG. The university cooperates with Bank Republic and TBC Bank as well, but BoG is number one on the list of CU partners.
On its side CU is also actively involved in job creation assistance in the country. The university organizes annual traditional job fairs targeted at simplifying qualified personnel selection procedures for local businesses. Since December 2001, the Career Development Centre (CDC) of CU conducts a job fair every year.
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