The write-off of accumulated fines in the energy sector is a historic and very important decision for the sector - communication and feedback with the private sector helps us in the work process to be as effective as possible in making decisions in terms of promoting investment, - said the Minister of Economy and Sustainable Development, Mariam Kvrivishvili.

According to the Ministry of Economy, the Minister discussed the government's decision to write off accumulated fines in the energy sector in detail during a meeting with representatives of the sector. Representatives of the energy state and sector participated in the meeting.

According to them, the Minister of Economy introduced them to the ongoing processes, the government's vision and new initiatives aimed at developing the sector. Mariam Kvrivishvili placed special emphasis on the decision to write off fines for investors - the total amount of accumulated fines before the state is 1 billion GEL.

According to the minister, the fines were due to several factors - mainly delays in deadlines, as well as the failure of the companies to fulfill their responsibilities under the memorandum.

“We have thoroughly studied all projects and memorandums on which fines were imposed due to various circumstances, and in order to ensure transparency in the process, we have made a uniform decision. Energy is objectively an extremely important sector for the Georgian economy today, towards the country's energy security and independence, which has many positive effects on the country's proper development. The process of writing off fines will be transparent and fair,” said Mariam Kvrivishvili.

The minister emphasized that the write-off of fines will be subject to preconditions and reservations, the first and most important being the determination of new deadlines in accordance with the nature of the projects - whether they are solar, wind or hydro projects, as well as the status of the project - whether it is at the research stage or under construction. According to Mariam Kvrivishvili, in order for the state and the private sector to have more clarity in this process, it is necessary for everyone to be clear about which projects will be implemented in what timeframe - both by the state and investors.

In addition, according to the minister, the private sector will have the freedom to determine a new, reasonable timeframe for the development of the project, based on the stage and content of the project.

The meeting with representatives of the energy sector was attended by Mariam Kvrivishvili, Deputy Minister Inga Pkhaladze, General Director of JSC Georgian State Electrosystem Vano Zardiashvili, and General Director of ESCO Tornike Kazarashvili.