The FINANCIAL — MCG has made its first investment within the framework of its Georgia Regional Development Fund (GRDF) Project. As a result of investment by GRDF, the DOKI LLC expanded its retail network, improved the quality and increased the quantity of supplied goods.
“Partners of the company initiated the business with a small loan in the 90s and made every effort to turn it into a successful business. We found this factor very important during the selection. Through MCG’s GRDF Project, the Government of Georgia facilitates entrepreneurs and develops entrepreneurial spirit in the county as we believe that successful businessmen contribute to the welfare of the country, create new employment opportunities and support economic development of the country,” stated George Abdushelishvili, MCG Chief Executive Officer.
On 2 May, 2008, the DOKI (address: David Agmashenebeli ave.12, Valentine Commercial Centre) hosted the opening of the upscale construction and refurbishment materials showroom Glory. High officials from the Government of Georgia, and business and social elite attended the event.
As a result of investing USD 1.7 million in DOKI LLC by GRDF in September 2007, the company’s revenues were increased by 60% in the fourth quarter of 2007 comparing to the indicators of 2006. The number of employees increased by 50 and it is expected that there will be further development impacts over the life of the investment.
For the moment, the DOKI LLC owns four stores: DOKI-Riverside, DOKI-Tsereteli and DOKI-Eliava, Glory store is another retailer outlet of the network. The sophisticated and high quality design of Glory showroom offers its clientele exclusive upscale products.
GRDF is one of the important components of the Millennium Challenge Program. This is a USD 30 million risk capital investment fund, which will make long-term investments in growth-oriented Georgian enterprises. DOKI LLC is GRDF’s first investment. Negotiations on the second investment project are near to completion. In addition, GRDF is conducting due diligence for ten more investment projects with total value of USD 10 million.
About MCG: To implement the Millennium Challenge Compact, Government of Georgia established the Millennium Challenge Georgia Fund. The USD 295.3 million worth program is a US government grant and is implemented according to the priorities of the Georgian government. The grant is intended for Infrastructure Rehabilitation and Enterprise Development in the regions of Georgia.
About MCC: The Millennium Challenge Corporation (MCC) is a United States government corporation. MCC is based on the principle that aid is most effective when it reinforces good governance, economic freedom and investments in people.
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