biuleteni # 116 - csrdg

# 116 

biuleteni 

tbjowftujdjp!tfrupsjt!bobmj{j!eb!flpopnjlvsj!{sejt! 

qfstqfrujwfcj!tbrbsUwfmpTj 

gia ZnelaZe 

2010 wlis 27-31 ianvars davosSi (Sveicaria) 

gaimarTa saiubileo, rigiT me-40 msoflio ekonomikuri 

forumi deviziT: `gavaumjobesoT situacia 

msoflioSi: axleburad moviazroT, gardavqmnaT, 

gadavakeToT~. forumis gaxsnaze nikola sarkozim 

ganacxada: `globalizaciam Seqmna iseTi samyaro, sadac 

yvelaferi finansistebis xelSi aRmoCnda. yvelaferi! 

da TiTqmis araferi - mSromel adamianebs. 

mewarmeebi aRmoCndnen spekulantebis tyveobaSi da 

maT Seqmnes sistema, sadac norma gaxda sxvisi fuliT 

sarisko TamaSebi... saxelmwifos Caurevlad saerTod 

yvelaferi daingreoda, iqneboda sruli kraxi. mas 

Semdeg, rac Cven vTqviT, rom `bazari yovelTvis mar- 

Talia~, globalizacia saerTod gamovida kontrolidan. 

sabazro ekonomikas alternativa ar gaaCnia, 

magram kapitalizmisa da sabazro ekonomikis gadar- 

Cena SesaZlebelia mxolod im SemTxvevaSi, Tuki Cven 

maT gardavqmniT~. 

safrangeTis prezidentis es sityvebi, romelic 

cnobilia Tavisi memarjvene SexedulebebiT, 

aSkara dadasturebaa imisa, rom adam smitis liberaluri 

doqtrina `bazris uxilavi xelis~ Sesaxeb, 

rac uzrunvelyofs ekonomikuri ganviTarebis dabalansebasa 

da stabilurobas, seriozuli eWvis qveS 

aRmoCnda. faqtiurad, dRis wesrigSi dadga sakiTxi 

saxelmwifos rolis, mniSvnelobisa da Carevis xarisxis 

Taobaze ekonomikuri procesebis regulirebasa 

da kontrolSi. dRes msoflio politikur da finansur 

elitaSi myarad Camoyalibda azri imis Sesaxeb, 

rom krizisi uaxloes momavalSi ar iqneba daZleuli 

da misi kupireba jerjerobiT xdeba mxolod kolosaluri 

finansuri ineqciebiT sabanko sistemaSi da 

mTeli rigi saxelmwifo programebis ganxorcielebiT, 

anu saxelmwifo saxsrebis monawileobiT ekonomikis 

sxvadasxva segmentebSi, rac, faqtiurad, niSnavs 

am segmentebis nawilobriv nacionalizacias!!! 

saubaria sabanko da sawarmoo biznes seqtorebze, 

sainvesticio meqanizmze. 

saqarTvelos mTavroba da `didi biznesic~ jerjerobiT 

ver acnobiereben axal realobas, rac gulisxmobs 

sakuTari sainvesticio politikis modernizaciasa 

da kapitalis bazarze Seqmnili situaciis 

realistur aRqmas. swored am problemebs ganvixilavT 

Cvens statiaSi da SevecdebiT davsaxoT ZiriTadi 

mimarTulebebi qveynis sainvesticio garemos analizisa 

da ganviTarebis, Sida da ucxouri investiciebis 

stimulirebisa da mozidvis sferoSi. 

msoflio ekonomikuri krizisi warmoudgenelia 

ar asaxuliyo saqarTvelos ekonomikur ganviTarebaze 

da, Sesabamisad, mosaxleobis cxovrebis doneze, 

rac, Tavis mxriv, iwvevs socialur daZabulobas sazogadoebaSi. 

Tuki amas davumatebT saxelmwifos Sida 

da gare politikur arastabilurobas, Zalze Znelia 

msjeloba qveynis sainvesticio garemosa da misi gaumjobesebis 

gzebze, magram aucilebelia am sferoSi 

garkveuli analizis Catareba da moZraobis savaraudo 

mimarTulebebis miniSneba. mTavroba aqtiurad 

cdilobs daarwmunos sakuTari da gansakuTrebiT saerTaSoriso 

sazogadoeba ekonomikis stabilurobaSi 

(igegmeba 2-4%-iani zrda) da mis sainvesticio mimzidvelobaSi 

1 , magram am mimarTulebiT mosaxleobisTvis 

sagrZnobi Zvrebi jerjerobiT ar Cans. 

investiciebze ukve Zalze bevria naTqvami. Ti- 

Tqmis yvela qarTveli politikosi adgilze Tu uadgilod 

iyenebs am termins (gansakuTrebiT saarCevno 

kampaniebis periodSi), acnobiereben ra, rom investiciebis 

gareSe ver gadarCeba qarTuli warmoeba, ver 

gaizrdeba dasaqmebis maCvenebeli, anu ver miiRweva 

socialur-ekonomikuri da politikuri stabiluroba. 

amave dros, ucxoeli investorebi, romlebic 

orientirebuli arian upirveles yovlisa saqarTvelos 

sainvesticio klimatze, rac ganisazRvreba damoukidebeli 

eqspertiziT da miuTiTebs dabandebebis 

efeqturobaze ama Tu im qveyanaSi (ar agverios 

`biznesis keTebis msoflio reitingSi~ saqarTvelos 

me-11 adgili). 

qarTvel potenciur investorebs ki ukve didi 

xania aRar jera sakuTari mTavrobis. es ganpirobebulia 

sazogadoebaSi Camoyalibebuli stereotipiT 

- `mTavroba muSaobis mxolod sakuTari TavisTvis~. 

magram, amave dros ar unda daviviwyoT, rom saxelmwifo 

SeZlebisdagvarad cdilobs uzrunvelyos 

investorebi misaRebi pirobebiT saqarTvelos bazarze 

samuSaod da es imedis momcemia. qveynisTvis 

ucxourze aranaklebad mniSvnelovania Sida investiciebi. 

aravisTvis ar warmoadgens did saidumloebas, 

Tu ramdeni Cveni moqalaqe da maTi aqtivebi muSaobs 

ucxour realur da safinanso bazrebze. saxelmwifo 

didi ZalisxmeviT cdilobs maT ukan dabrunebas 

(deklarirebis doneze mainc), magram tendenciebi 

jerjerobiT arasaxarbieloa. 

saerTod, sabazro principebidan gamomdinare, 

1. (http://www.mfa.gov.ge/index.phplang_id=GEO&sec_id=76) 

45

# 116 biuleteni 

kerZo investori kapitaldabandebas awarmoebs pirvel 

rigSi mogebis misaRebad. Sesabamisad, sanam saqme 

gvaqvs gauwonasworebel politikur-ekonomikur 

situaciasTan, Znelia saubari qarTul ekonomikaSi 

grZelvadian strategiul investiciebze. amis gareSe 

ki zedmetia ocneba warmoebis reanimaciaze, teqnologiur 

aRmavlobaze, axal samuSao adgilebze, socialuri 

fonis cvlilebaze da a.S. 

ekonomikuri da finansuri krizisidan gamosvlis 

ori ZiriTadi indikatori da sawindaria: laris 

kursis stabilizacia (araeqspansiuri, aramed sagareo 

savaWro balansis saldos gaumjobesebiT) da saprocento 

ganakveTis daweva. magram es ar mogvcems 

avtomatur efeqts warmoebaSi investiciebis gazrdis 

saxiT. es, upirveles yovlisa, damokidebulia 

Semdeg faqtorebze: 

1. investiciebis potenciuri mimRebi sawarmoebis 

moumzadeblobaze efeqturad gamoiyenon saxsrebi, 

mizezi gaxlavT marTvis dabali done; 

2. investorebis moumzadeblobaze - Cadon kapitali 

gaCerebul, gadauiaraRebel da arareformirebul 

sawarmoebSi. es, Tavis mxriv, ukavSirdeba maRal 

risks (sakuTrebis uflebis daucveloba, saxsrebis 

dakargva cudi menejmentis gamo da sxv.). gansaku- 

TrebiT Znelia TviT am riskebis donis adekvaturad 

gansazRvra (sawarmoebis finansuri mdgomareobis 

gaumWvirvaloba, problemebi likvidurobasTan da 

sainvesticio saqmianobasTan). 

1. sainvesticio politikis analizi 

dRevandel praqtikaSi dazogva da investicia, 

umetes wilad, xorcieldeba sxvadasxva pirebis mier. 

magram es yovelTvis ase ar iyo. dResac ki, Tuki 

magaliTad fermeri sakuTari drois nawils uTmobs 

sadrenaJo-melioraciul samuSaoebs imis magivrad, 

rom moiyvanos kultura da aiRos mosavali, 

igi erTdroulad zogavs da abandebs. igi zogavs, 

radganac Tavs ikavebs moxmarebisagan dRes, raTa 

uzrunvelyos meti moxmareba momavalSi. am danazogis 

sidide ganisazRvreba mis wminda realur mogebasa 

da moxmarebaze danaxarjebis sxvaobiT. amas- 

Tanave igi investicias akeTebs, radgan meurneobis 

sawarmoo saSualebebis gaumjobeseba niSnavs wminda 

kapitaldabandebas. ubralo fermeris magaliTze 

vxedavT ara marto dazogvisa da investiciis, aramed 

im mizezebis Tanxvedras, ris gamoc igi saerTod 

axorcielebs am procesebs. igi Tavs ikavebs awmyo 

moxmarebisagan (zogavs) mxolod imitom, rom surs 

awarmoos sadrenaJo samuSaoebi, anu daabandos. Tuki 

investiciis saSualeba ar eqneboda, mas saerTod ar 

moafiqrdeboda danazogis gakeTeba. 

Tanamedrove ekonomikaSi wminda investicias 

axorcieleben samrewvelo an savaWro organizaciebi 

da, upirveles yovlisa, korporaciebi. Tuki korporacias 

an mcire sawarmos gaaCnia farTo sainvesticio 

SesaZleblobebi, maT mesakuTreebs, obieqturad, uCndebaT 

survili ukanve Cadon Tavisi mogebis didi nawili. 

aqedan gamomdinare, sawarmoo danazogebi mniSvnelovnad 

damokidebulia sawarmoo investiciebze. 

amave dros danazogs qmnis mosaxleobis sxvadasxva 

jgufebi: calkeuli pirebi da saojaxo meurneobebi. 

adamians SeiZleba gaaCndes dazogvis sxvadasxva 

motivi: Rirseuli siberis uzrunvelyofa, an 

garkveuli Tanxis dagroveba momavali xarjisaTvis 

(Svebulebis gatareba an avtomobilis SeZena). igi, 

SeiZleba, grZnobdes sakuTari mdgomareobis aramdgradobas 

da `Savi dRisTvis~ inaxavs saxsrebs. mas 

SeiZleba amoZravebdes survili dautovos Tavis 

STamomavlobas garkveuli memkvidreoba da a.S. ranairic 

ar unda iyos ama Tu im pirovnebis motivacia 

- danazogis Seqmnisa, xSirad es ar aris pirdapir 

kavSirSi uSualod investiciis SesaZleblobasTan. 

radgan yoveldRiur cxovrebaSi sityvas `investicias~ 

yovelTvis ar gaaCnia is mniSvneloba, rasac 

mas aniWeben ekonomikur msjelobaSi. Cven vuwodebT 

`wminda investicias~ anu kapitalwarmoqmnas imas, 

rac warmoadgens sazogadoebis realuri kapitalis 

wminda nazards (Senobebi, mowyobiloba, materialuri 

sawarmoo maragebi da sxva). obivateli ki saubrobs 

investiciaze, rodesac yidulobs miwis nakveTs, 

mimoqcevaSi myof fasian qaRaldebs an sakuTrebis 

romelime sxva tituls; ekonomistisaTvis ki es suf- 

Ta transfertuli operaciebia. ris investiciasac 

akeTebs erTi, meore awarmoebs igives `deinvesticias~. 

wminda investicias adgili aqvs maSin, rodesac 

iqmneba axali realuri kapitali. 

rogorc ukve vaxseneT, wminda investicia warmoebs 

ZiriTadad samrewvelo da savaWro sferoSi. 

misi moculoba periodulad meryeobs da upiratesad 

gaaCnia cikluri xasiaTi. aseTi arastabiluri dinamika 

aixsneba imiT, rom investirebis SesaZleblobebi 

damokidebulia axal produqtebze, axal teritoriebze 

da sazRvrebze, axal sawarmoo resursebze, 

da agreTve ekonomikis mzard donesa da Semosavlebze. 

investiciebi damokidebulia gafarToebuli sazogadoebrivi 

sistemis dinamiur da Znelad formalizebad 

elementebze: teqnikisa da teqnologiebis 

doneze, politikaze, ganviTarebis optimistur da 

pesimistur prognozebze, saxelmwifo xarjebze da 

gadasaxadebze, samarTlebriv garemoze da a.S. investirebis 

dafinanseba warmoebs Sida da gare wyaroebis 

xarjze. Sida wyaroebs ganekuTvneba: sawarmo- 

Ta sakuTari saxsrebi da mosaxleobis danazogebi; 

sabiujeto asignebebi (centraluri da adgilobrivi 

biujetebidan) da aseve grZelvadiani kreditebi da 

sesxebi (saxelmwifo da komerciuli). gare wyaroebia: 

kerZo pirdapiri da `portfeluri~ ucxouri investiciebi; 

ucxouri kreditebi da sesxebi (m.S. samTavrobo 

garantiiT). 

vfiqrobT, saqarTveloSi Zireulad unda Seicvalos 

damokidebuleba Sida sainvesticio procesebis 

warmarTvisadmi, sadac gansakuTrebuli aqcentebi 

unda gakeTdes danazogebis investiciebad gardaqmnaze. 

saqarTveloSi erT sul mosaxleze wminda danazogis 

maCvenebeli sakmaod dabalia. 

46



erovnuli Semosavali, danazogi da moxmareba 

diagrama 1 

25,000.0 

20,000.0 

15,000.0 

10,000.0 

5,000.0 

0.0 

-5,000.0 

2003 2004 2005 2006 2007 2008 2009* 

(=) wminda erovnuli gankargvadi Semosavali 

(-) saboloo moxmareba 

(=) wminda danazogi 

erovnuli Semosavali da erovnuli angariSebis 

sxva agregatuli maCveneblebi 

cxrili #1 

(mln. lari) 

mTliani Sida produqti 

(=) mTliani erovnuli 

Semosavali/meS 

(=) wminda erovnuli 

Semosavali 

(=) wminda erovnuli 

gankargvadi Semosavali 

2003 2004 2005 2006 2007 2008 2009* 

8 9 11 13 16 19 17 

564,1 

8 

824,3 

10 

620,9 

11 

789,9 

14 

993,8 

17 

074,9 

18 

948,6 

17 

631,3 004,9 791,7 102,5 060,5 818,0 682,8 

7 9 10 12 15 17 16 

698,4 028,0 678,3 796,1 443,4 060,0 128,4 

8 

086,8 

7 

9 

811,5 

8 

11 

327,7 

13 

713,4 

12 

972,0 

16 

589,9 

15 

731,9 

18 

656,6 

19 

595,8 

17 

696,1 

19 

(-) saboloo moxmareba 

9 794,1 

028,8 573,8 

218,9 

1 1 

-1 

(=) wminda danazogi 

1 533,6 741,5 858,0 -939,2 

058,0 237,7 

522,7 

(=) kapitalis wminda 

Rirebulebis cvlileba 

1 1 

1 

-1 

danazogebisa da 

1 641,5 1 040,9 

-781,9 

100,6 314,8 

070,8 

225,9 

kapitaluri transfertebis 

Sedegad 

(=) wminda dakrediteba (+), 

-1 -1 -3 -4 -1 

-750,8 -592,3 

wminda sesxeba (-) 

142,6 801,1 119,0 184,2 899,7 

gacvliTi kursi, aSS 

dolari/lari, periodis 2,1459 1,9170 1,8127 1,7767 1,6707 1,4902 1,6705 

saSualo 

mosaxleoba 4,3 4,3 4,3 4,4 4,4 4,4 4,4 

1 2 

3 

4 

meS erT sulze, lari 

2 728,6 3 204,2 

4 294,3 

987,6 318,5 

882,1 

032,2 

meS erT sulze, aSS 

1 

2 

2 

926,2 

1 505,3 1 803,5 

2 881,8 

dolari 

209,4 

323,7 

413,8 

meS, mln. aSS dolari 

4 5 

10 12 10 

6 505,2 7 937,6 

022,1 218,9 

211,8 628,2 585,6 

47


2009 wels wminda danazogma erT sul mosaxleze 

- 346 lari Seadgina da dawyebuli 2005 wlidan, 

am maCvenebels klebis myari tendencia gaaCnia 

(ix. diagrama 1). saerTo jamSi, 2009 wels danazogma 

-1,522 mlrd. lari Seadgina. SedarebisaTvis gaviTvaliswinoT, 

rom 2009 wels pirdapiri ucxouri investiciebi 

759 mln. dolaramde Semcirda. gamomdinare 

aqedan, maTTvis Sida danazogebi veraviTar damxmare 

sainvesticio potencials ver warmoadgens, am parametris 

uaryofiTi mniSvnelobidan gamomdinare. ra 

Tqma unda, es Sedegia msoflio samomxmareblo bumis, 

romelic saqarTvelosac Seexo 2005-2008 wlebSi. 

damatebiT, sainvesticio resursad SeiZleboda 

ganvixiloT ucxoeTidan Semosuli eleqtronuli 

fuladi gzavnilebi, magram es parametric 2009 wlisaTvis, 

wina wlis analogiur maCvenebelTan SedarebiT, 

16%-iT Semcirda da mxolod 841,598 mln. aSS 

dolari Seadgina, 2008 wlis 1002,1 mln. aSS dolaris 

winaaRmdeg (ix. diagrama 2). ase rom, globaluri ekonomikuri 

krizisi am sferozec aisaxa. 2010 wlis sami 

Tvis maCvenebelze dayrdnobiT (2010 wlis sami Tve 

- 199,5 mln. aSS dolari, anu wina wlis maCveneblis - 

23,7%) SeiZleba vTqvaT, rom aseTi tendencia welsac 

SenarCundeba. 

da orgvar xasiaTze. misi azriT, investicia, erTis 

mxriv, asaxavs dagrovebis miznebisaTvis akumulirebuli 

Semosavlis sidides, anu gansazRvravs potenciur 

sainvesticio moTxovnas, meores mxriv, 

warmoadgens danaxarjs, romelic gansazRvravs sainvesticio 

winadadebis realizaciis Sedegad kapitaluri 

qonebis mniSvnelovan zrdas. vfiqrobT, ufro 

konkretulad investicia aris saangariSo periodSi 

samewarmeo saqmianobis Sedegad kapitaluri qonebis 

Rirebulebis zrda, aseve Semosavlis is nawili, romelic 

moxmarebisTvis ar iyo gamoyenebuli. SedarebiT 

gansxvavebuli mosazrebis mixedviT keinsis sistemaSi 

erToblivi warmoebis da Semosavlis ryevis 

mizezia sasurveli sainvesticio xarjebis sididis 

cvlileba. aseTi midgomiT investireba niSnavs garkveuli 

keTildReobis yidvas im SemosavlisaTvis, 

romlis miRebasac Cven velodebiT momavalSi. 

investiciebis yvelaze ufro ganzogadebuli 

gansazRvreba aris is, rom igi warmoadgens investirebuli 

saxsrebis meSveobiT dRevandeli moTxovnilebis 

dakmayofilebis gacvlis aqts moTxovnis 

samomavlo dakmayofilebaze, anu investicia niSnavs: 

dRes gaimeto fuli imisaTvis, rom momavalSi ufro 

meti miiRo. 

eleqtronuli fuladi gzavnilebi 

diagrama 2 

aTasi aSS dolari 

1,200,000 

1,000,000 

800,000 

600,000000 

400,000 

200,000 

0 

2003 2004 2005 2006 2007 2008 2009 

2. sainvesticio politikis roli 

krizisis daZlevasa da ekonomikuri 

stabilurobis miRwevaSi 

axal ekonomikur sistemaSi sainvesticio procesis 

analizi SeuZlebelia investiciis arsis gansazRvris 

gareSe. mravali gamokvlevis miuxedavad, 

am sakiTxis mimarT jer kidev ar aris SemuSavebuli 

erTiani midgoma. 

investiciis gansazRvrisas, keinsi gansakuTrebiT 

migviTiTebs maT Tvisobriv maxasiaTeblebsa 

zogadad, Tanamedrove ekonomikur literaturaSi 

investiciebi ganixileba, rogorc grZelvadiani 

kapitaldabandeba nebismieri (fuladi saxsrebi, miznobrivi 

sabanko anabrebi, pai, aqciebi da sxva fasiani 

qaRaldebi, inteleqtualuri faseulobebi da a.S.) 

formiT sakuTar qveyanaSi an sazRvargareT, sxvadasxva 

profilis sawarmoSi, samewarmeo proeqteb- 

Si, socialur-ekonomikur programebSi, inovaciur 

proeqtebSi mogebis miRebis mizniT dabandebidan garkveuli 

vadis Semdeg. 

saqarTvelos kanonmdeblobiT „investiciad 

miiCneva yvela saxis qonebrivi da inteleqtualuri 

48



faseuloba an ufleba, romelic dabanddeba da gamoiyeneba 

SesaZlo mogebis miRebis mizniT, saqarTvelos 

teritoriaze mTlianad da upirobod daculia~. 

investiciebSi igulisxmeba ekonomikur sistemaSi moqmedi 

kapitalis moculobis zrda. aqedan gamomdinare, 

SeiZleba iTqvas, rom investicia warmoadgens 

sxvadasxva instrumentebiT ganxorcielebuli garkveuli 

xarjebis erTianobas awmyoSi da SesaZlo gafarToebul 

moTxovnas momavalSi. amgvarad, SeiZleba 

davaskvnaT, rom arsebobs investiciis orgvari gansazRvra: 

pirveli, ekonomikuri anu arsobrivi, romlis 

mixedviTac investicia aris samomavlo moTxovnilebebis 

dakmayofilebis aqti gazrdili moculobiT da 

meore - teqnikuri, romlis mixedviTac investicia danaxarjebis 

jamia. orive es aspeqti mWidro kavSirSia 

erTmaneTTan da urTierTs gansazRvravs. 

xangrZlivi drois ganmavlobaSi finansuri investiciebi 

saqarTveloSi saerTod ar arsebobda, 

ris gamoc investiciebs da kapitaldabandebebs erTmaneTTan 

aigivebdnen. kapitaldabandebis ganmartebaTa 

analizis mixedviT arsebobs ramdenime konceptualuri 

midgoma: pirveli, kapitaldabandebis 

xarjviTi koncefcia (kapitaldabandeba warmoadgens 

garkveuli miznobrivi mimarTulebis xarjebis 

erTobliobas); meore, kapitaldabandebis sasesxo 

koncefcia (kapitaldabandeba warmoadgens sazogadoebis 

ganviTarebis an misi calkeuli dargebis ganviTarebis 

resurss); mesame, kapitaldabandebis miznobrivi 

koncefcia - gamoiyofa ara mxolod fuladi 

saxsrebis xarjebi, aramed mocemuli dabandebis 

(materialur-teqnikuri bazis Seqmna, ZiriTadi fondebis 

dagroveba da ganaxleba) miznebic; meoTxe, kapitaldabandebis 

sinTetikuri (Sereuli) koncefcia 

(kapitaldabandebaTa xarjviTi xasiaTi ukavSirdeba 

mocemuli xarjebis miznebs). 

safondo bazris gamoCenasTan da sazogadoebaSi 

sabazro gardaqmnis dawyebasTan dakavSirebiT, kapitaldabandebis 

cneba teqnikur gansazRvraTa rigSi 

gadavida. arsebobas ganagrZobs agreTve xarjviTi 

koncefciac: kapitaldabandeba aris investiciebi ZiriTad 

kapitalSi (ZiriTad saxsrebSi), maT Sorisaa 

xarjebi axal mSeneblobaSi, sawarmoo bazis gafar- 

Toebaze, moqmedi sawarmoebis rekonstruqciasa da 

teqnikur gadaiaraRebaze, manqanebis aRWurvilobis, 

instrumentebis, inventaris SeZenaze, saproeqto-sakvlev 

samuSaoebsa da sxva saqmianobaze. Cveni 

azriT, aseTi ganmarteba sakmaod srulad ganmartavs 

am kategorias. 

Tanamedrove pirobebSi kapitaldabandebis ma- 

Cvenebeli ukve ar asaxavs investiciuri Sevsebis mTel 

siRrmes. swored amitom marTebulia maTi ganxilva 

kapitalwarmomqmneli investiciebis saxiT. aseTi ganmarteba 

ukve damkvidrebulia Cvens qveyanaSi im sainvesticio 

nakadebis srulfasovani SefasebisaTvis, 

rac aisaxeba ekonomikis realuri seqtoris muSaobaSi. 

aRniSnuli kategoria moicavs: kapitaluri remontis 

xarjs; investiciebs miwis nakveTis SeZenaze; investicias 

patentebis, licenziebis, programuli saqonlis 

SeZenaze, samecniero-kvleviT da sacdel-sakonstruqtoro 

gegmebis SemuSavebaze; sabrunavi materialuri 

saSualebebis rezervis Sevsebaze. 

finansuri bazari anu fasiani qaRaldebis bazari 

es aris finansuri aqtivebis gacvlis meqanizmi fasiani 

qaRaldebis gamyidvelisa da myidvelis erT adgilze 

Tavmoyris Sedegad. aseT midgomas SeiZleba vuwodoT 

funqciur-teqnikuri midgoma, rac ar asaxavs finansuri 

bazris mTel arss. finansuri bazrisa da fasiani 

qaRaldebis bazris gaerTianebiT uyuradRebod rCeba 

sxva fuladi dinebebi, rac xels uSlis ekonomikuri 

procesebis srulfasovan, obieqtur analizs. finansuri 

bazris ZiriTad Sinaars sakmaod kargad gansazRvravs 

Semdegi mosazreba: finansuri bazari es aris 

meqanizmi, romelic garigebaTa dasadebad erTmaneTs 

akavSirebs fulis maZieblebsa da maT mflobelebs. 

finansuri bazris arsis srulad gansazRvris mizniT, 

aucilebelia, SevexoT finansuri bazris struqturas, 

rac moicavs or Semadgenel nawils: fasiani qaRaldebis 

(an safondo bazars) da sasesxo kapitalis (sakredito 

fuladi resursebis) bazars. fasiani qaRaldebis 

arsi ufro srulad SeiZleba gamoixatos misi 

sainvesticio da samobilizacio nawilebis dabalansebaSi. 

investicia da mobilizeba erTi procesis ori 

mxarea. amasTan, sainvesticio Semadgeneli wina planze 

imyofeba, vinaidan swored moTxovna warmoSobs 

miwodebas. investiciis moTxovna warmoSobs droebiT 

Tavisufali fuladi saxsrebis SemoTavazebas. garda 

amisa, cnobilia, rom sainvesticio saqmianobis wyaro 

SeiZleba iyos ara marto nasesxebi, aramed sakuTari 

da aseve saxelmwifo saxsrebi. investiciebis mobilizebaze 

saubrisas pirvel rigSi igulisxmeba droebiT 

Tavisufali damatebiTi resursebis gamoyeneba, rac 

warmoadgens sainvesticio procesis fuladi resursebis 

mxolod nawils. SeiZleba iTqvas, fuladi resursebis 

moZraobis procesi iwyeba mobilizebiT da 

mTavrdeba investiciebis ganxorcielebiT, Tumca, 

amavdroulad, es procesi iwyeba investirebiT da 

mTavrdeba mobilizebiT. 

aRniSnul process SeiZleba davakvirdeT fasiani 

qaRaldebis bazris monawileebis magaliTze. 

banki, romelic abandebs saxsrebs safondo instrumentebSi, 

axorcielebs investiciebs, xolo mocemuli 

valdebulebis emitenti axorcielebs finansuri 

resursebis mobilizebas. SeiZleba iTqvas, rom mobilizeba 

da investirebis procesi erTdroulad mimdinareobs, 

Tumca finansuri bazris sxvadasxva monawileebis 

Tvalsawieridan es procesebi gansxvavebulad 

gamoiyureba. safinanso bazris or polarul 

wertils Soris moZraobis procesSi fuladi saxsrebi 

garkveul cvlilebebs ganicdis. fuladi saxsrebi, 

msesxeblis xelSi mobilizaciis Semdeg, gadis 

ganawilebis (gadanawilebis) etaps fuladi saxsrebis 

moZraobis saSualebiT, isini kargaven pirovnul niSnebs 

da kavSirs sakuTar „wyarosTan~. amasTan, finansuri 

institutebis meSveobiT mobilizebuli saxsrebi 

gardaiqmneba fulad nakadebad da, investiciebis 

bazris gavliT, miemarTebian dabandebisTvis yvelaze 

efeqtur dargebsa da regionebSi. 

rogorc cnobilia, safondo bazarze fuladi 

49


saxsrebis moZraobis mizania investiciebi. sainvesticio 

procesis erT-erTi mizania saxsrebis dabandeba 

realur sferoSi. amasTan, investorebi mniSvnelovan 

yuradRebas uTmoben mogebis momtan moklevadian 

proeqtebs, anu spekulaciebs. 

amasTan, investiciebis ganxorcieleba dasaSvebia, 

rodesac mocemuli saangariSo saprocento ganakveTis 

pirobebSi investiciebis kapitaluri Rirebuleba 

C 0 

, misi realizaciis sawyis etapze ar aris 

uaryofiTi: 

C 0 

=Σ (b t 

– a t 

) / (1+ i) ≥ 0 

sadac, t - moqmedebis droa, b - daricxvebi, 

a - gadaxdebi. 

aRniSnuli principi metyvelebs imaze, rom mocemuli 

saangariSo saprocento ganakveTis pirobebSi, 

investiciebi misaRebia, rodesac yovelwliuri saSualo 

Semosavlebi aWarbebs Sesabamis danaxarjebs. 

Sesabamisad, investiciebis ganxorcielebis alternatiuli 

variantebis arsebobisas upiratesoba 

eniWeba im variants, rodesac mocemuli saangariSo 

saprocento ganakveTis pirobebSi garkveuli momentisaTvis 

kapitaluri Rirebuleba minimaluria. am 

SemTxvevaSi, dasaSvebia, rom investors mocemuli saangariSo 

saprocento ganakveTis pirobebSi SeuZlia 

ganaxorcielos saxsrebis nebismieri dabandeba da 

amoReba, radganac, SesaZlebelia, xarjebis da Semosavlebis 

Sedareba kapitalis Rirebulebis Sefasebis 

meTodis an anuitetis meSveobiT. 

am principis gamoyeneba mizanSewonilia, investirebis 

ganxorcielebis alternatiuli variantebidan, 

saukeTesos amorCevisTvis. 

rodesac saubaria sainvesticio gadawyvetilebis 

Sesaxeb, aqtualuri xdeba risk-faqtorebis gaanalizebis 

sakiTxi. investiciebis mosalodneli Sedegebis 

Sefasebisas gamoiyeneba: 

- „sufTa dRevandeli Rirebulebis~ meTodi, 

riTac ganisazRvreba momavalSi mosalodneli Semosavlebis 

dRevandeli Rirebuleba; 

- „ukugebis saprocento ganakveTi~, rodesac 

proeqtze gaweuli danaxarjebi am proeqtis ganxorcielebis 

Semdeg misaRebi Sedegebis mixedviT dgindeba; 

- investiciis „amoRebis~ meTodi, rac ganisazRvreba 

investiciaze gaweuli danaxarjebis amoReba. 

kapitaldabandebis ganxorcielebamde investorisTvis 

gadasawyveti ZiriTadi risk-faqtorebi Sei- 

Zleba Semdegi saxiT Camoyalibdes: 

ekonomikuri riski - SeiZleba momdinareobdes 

qveynis ekonomikur struqturaSi mosalodneli mniSvnelovani 

cvlilebebis Sedegad; albaToba imisa, Tu 

ramdenad moaxdens es cvlileba gavlenas investiciis 

mosalodnel ukugebaze. 

transferis riski - kapitalis qveynis gareT gatanis 

ra SesaZlebloba arsebobs. 

inflaciis riski - inflaciis arsebuli da saprognozo 

maCveneblebi gansazRvravs gadaxdisunariani 

moTxovnis arsebobas da gasaRebis bazrebis 

funqcionirebas. 

adgilmdebareobis riski - regionSi SesaZlebeli 

uaryofiTi Sedegebis erToblioba. 

suverenuli riski – ZiriTadad, ukavSirdeba 

sagareo valebis momsaxurebas da im saSiSroebas, 

rom mTavroba ver gaistumrebs saxelmwifo valebs. 

politikuri riski - ukavSirdeba qveynis SigniT 

mosalodnel samoqalaqo arastabilurobas. 

investiciebis ekonomikuri arsis daxasiaTebis 

Semdeg, mniSvnelovania, ganisazRvros saxsrebis dabandebis 

Sesaxeb gadawyvetilebis miRebis Semdgom 

investoris mier gasavleli etapebi. pirveli etapi, 

mimarTulia kapitalis swrafi zrdisken - investiciebis 

ganxorcielebis sawyis etapze investors, 

rogorc wesi, aqvs SezRuduli raodenobis Tanxa, 

amitom igi miiswrafvis saxsrebis swrafi miRebisken, 

drois SedarebiT mokle ganakveTSi; meore etapi - 

mniSvnelovani xdeba kapitalis zrdis xarisxi da investiciisagan 

mimdinare Semosavlis miReba; mesame 

etapi, moicavs kapitalis SenarCunebas, mdgradi da, 

amasTan, maRali Semosavlis miRebas. 

sabazro ekonomikis pirobebSi investiciebis 

ZiriTadi etapebis klasifikacia saSualebas iZleva 

ganisazRvros am procesis saxelmwifo regulirebis 

mimarTulebebi. aRsaniSnavia, rom mimdinare da saprognozo 

etapebze makroekonomikuri parametrebis 

dagegmva emyareba or mTavar faqtors, romelTagan 

erT-erTia pirdapiri ucxouri investiciebis zrda. 

es procesi unda eyrdnobodes fiskaluri politikis 

Sesabamis cvlilebebs, struqturul da instituciur 

reformebs, raTa ekonomikis droebiTi gamococxlebis 

safuZvelze, safinanso-sabanko sistemis 

monawileobiT, uzrunvelyos grZelvadiani zrda. 

3. danazogebi da investirebis stimulebi 

realuri seqtori 

sainvesticio saqmianobis adgilobrivi anu erovnuli 

resursi sainvesticio proeqtebis ganxorcielebis 

safuZvelia. am resursebs SeiZleba mivakuTvnoT 

sainvesticio aqtivobis dafinansebis ori mniSvnelovani 

wyaro: Sida da moziduli wyaroebi. 

sainvesticio proeqtebis Sida wyaroebSi igulisxmeba 

mogeba da saamortizacio anaricxebi. dafinansebis 

orive wyaros moculoba mTlianad regulirdeba 

saxelmwifos mier, sagadasaxado da saaRricxvo 

politikis meSveobiT. 

saqarTveloSi sainvesticio procesebis stimulireba 

unda daiwyos adgilobriv samewarmeo saqmianobaSi 

saamortizacio anaricxebis politikis SecvliT. 

amortizacia - fulad erTeulSi gamoxatuli ZiriTadi 

fondebis cveTaa, maTi samewarmeo gamoyenebis 

Sedegad. amortizaciis meTodi amavdroulad saSualebas 

iZleva warmoebis moZvelebuli saSualebebis 

Rirebuleba aisaxos maT mier warmoebul saqonelSi. 

ZiriTadi saSualebebis cveTis aRdgenis instrumen- 

50



tia saamortizacio anaricxebi, fuladi saxiT. fulis 

es masa gamiznulia remontisTvis, mSeneblobisTvis, an 

axali warmoebis saSualebebis SesaZenad. saamortizacio 

anaricxebis odenoba Sedis saqonlis TviTRirebulebaSi, 

Sedegad, igi saqonlis saboloo fasis ganmsazRvreli 

erT-erTi faqtoria. 

saamortizacio normebi kvlavwarmoebisa da ZiriTadi 

fondebis dafinansebis erT-erTi umTavresi 

wyaroa. erovnuli ekonomikis sabazro ekonomikaze 

gadasvlis pirobebSi, saamortizacio anaricxebis 

normebs, rac saxelmwifos mier mtkicdeba, udidesi 

mniSvneloba eniWeba, vinaidan es meTodi sawarmos SesaZleblobas 

aZlevs, Tavisi dabandebis xarjze, saku- 

Tari sawarmoo saSualebebis uzrunvelyofis, saxelmwifos 

mxridan (rogorc ekonomikis centralizebuli 

marTvis pirobebSi) daxmarebisgan da sakredito 

institutebisgan damoukideblad, funqcionirebdes. 

saxelmwifos mier dadgenili saamortizacio 

normebi gansazRvravs moqmedi ZiriTadi fondebis Secvlis 

intensivobas. Tumca, unda iTqvas, rom inflaciis 

pirobebSi saamortizacio anaricxebis normebi 

azrs kargavs, vinaidan, fulad erTeulSi gamoxatuli 

ZiriTadi fondebis Rirebuleba inflaciis periodSi 

Zlier ufasurdeba. amitom, aucilebeli xdeba Ziri- 

Tadi fondebis Sefasebis koreqtireba im mizniT, rom 

Tavidan aviciloT realuri amortizaciis gaufasureba, 

inflaciis pirobebSi. 

koreqtirebis amgvari formaa daCqarebuli 

amortizacia, Tumca, gardamavali ekonomikis pirobebSi, 

amgvari nabijis gadadgma safrTxiloa, vinaidan, 

sasaqonlo deficitisa da warmoebis saSualebebis 

warmoebis araelastikurobis pirobebSi, daCqarebuli 

saamortizacio anaricxebi SeiZleba seriozuli 

inflaciuri procesebis stimulad iqces, radganac 

saamortizacio anaricxebi warmoadgens fulad masas, 

rac qveynis sasaqonlo bazarze zedmet tvirTad awveba 

gadaxdisunarian moTxovnas. amgvari procesebis 

Tavidan asacileblad aucilebelia, erovnuli warmoebis 

daCqarebuli ganviTarebis proteqcionistuli 

programis ganxorcieleba, rasac qveynis mTavroba 

gauwevs koordinirebas. amis gareSe mewarmeebis xel- 

Si aRmoCenili Tavisufali fuladi saxsrebi, pirvel 

rigSi, inflaciis matebas gamoiwvevs. 

mogebis investiciebad gardasaqmnelad saxelmwifos 

didi roli akisria. mxolod saxelmwifos 

mizanmimarTul politikas ZaluZs stimuli misces 

sainvesticio aqtivobas da mogebis gadanawilebas 

sainvesticio proeqtebis dafinansebaze. aseT stimulebs 

SeuZlia saqarTveloSi daabrunos qveynis teritoriidan 

gadinebuli, sxvadasxva dasavlur sabanko 

angariSebze funqcionirebadi da sxva qveynebis ekonomikaSi 

CarTuli fuladi saxsrebic. 

mogeba da amortizacia ZiriTadi sawarmoo fondebis 

gafarToebisken mimarTuli sainvesticio programebis 

finansirebis tradiciuli wyaroebia. 

2003-2008 wlebSi saqarTvelos biznes-seqtoris 

Semosavlebis formirebis dinamika asaxulia cxrilSi 

#2, saidanac naTlad Cans, rom am periodSi absoluturi 

monacemebiT, mSp-sTan erTad, zrdis tendencia 

Cans mxolod Sromis anazRaurebaSi, xolo amortizacia 

TiTqmis mudmiv niSnulze rCeba. rac Seexeba 

kompaniebis wminda mogebas, aq naTel klebis tendenciasTan 

gvaqvs saqme. ra SeiZleba davaskvnaT aqedan 

maSin, rodesac drois am monakveTSi garkveul ekonomikur 

zrdasTan gvaqvs saqme, kompaniebi iswrafvian 

ara dazogvisa da investiciebisken, aramed veqtori 

aSkarad mimarTulia moxmarebis mimarTulebiT da 

saxelfaso saxsrebis matebaSi gamoixateba (ix. diagrama 

1). es kidev ufro naTlad Cans fardobiTi ma- 

Cveneblebis SedarebaSi (ix. diagrama 3). 

resursebi 

Semosavlebis formirebis angariSi 

2003 2004 2005 2006 2007 2008 

cxrili #2 

mln. lari 

2009/ 

9 Tve 

mTliani Sida produqti 8 564,1 9 824,3 11 620,9 13 789,9 16 993,8 19 074,9 12 714,1 

Sromis anazRaureba 1 484,8 1 641,1 1 977,4 2 293,2 3 252,3 4 422,7 3625,0 

saoperacio mogeba 2 706,3 3 533,5 4 284,8 5 571,0 6 798,5 7 194,7 3887,6 

daricxuli cveTa 

Sinameurneobebis seqtorSi 

121,6 113,2 135,1 129,8 151,4 172,5 127,4 

Sromis anazRaureba/ mSp % 17,3 16,7 17,0 16,6 19,1 23,2 28,5 

saoperacio mogeba, wminda/ 

mSp % 

daricxuli cveTa 

Sinameurneobebis 

seqtorSi/ mSp % 

31,6 36,0 36,9 40,3 40,0 37,7 30,5 

1,4 1,2 1,2 0,9 0,9 0,9 1,0 

51


Semosasvlebi formirebis angariSi 

diagrama 3 

25,000.0 

20,000.0 

15,000.0 

10,000.0 

5,000.0 

0.0 

2003 2004 2005 2006 2007 2008 

mTliani Sida produqti 

Sromis anazRaureba 

saoperacio mogeba, wminda 

daricxuli cveTa Sinameurneobebis seqtorSi 

Tuki davubrundebiT #2 cxrils da davakvirdebiT 

2009 wlis 9 Tvis maCveneblebs (2009 wlis saboloo 

rezultatebi mxolod 2010 wlis noemberSi 

gamoqveyndeba), davinaxavT ufro mZime tendencias, 

moxmarebis zrdis mimarTulebiT. wminda saoperacio 

mogebis 7,2%-iani mogebis miuxedavad, sawarmoTa 

Sromis anazRaurebis fondma 5,3%-iT moimata. aqedan 

SeiZleba garkveuli daskvnis gamotana: negatiurma 

makroekonomikurma tendenciebma ganapirobes moxmarebis 

zrda. es ki, garkveulwilad, metyvelebs kompaniebis 

uaryofiT damokidebulebaze investirebis 

procesebis mimarT. rac Seexeba amortizaciuli anaricxebis 

ara cvlad 1%-ian dinamikas, es imis maCvenebelia, 

rom sawarmoTa saamortizacio politikas 

kvlav ar eqceva saTanado yuradReba, razec Cven zemoT 

gvqonda saubari. 

sabanko seqtori 

sabanko kreditebi. krediti warmoadgens sasesxo 

kapitalis moZraobas. yvelaze farTod gavrcelebulia 

ipoTekuri krediti. garda amisa, SesaZlebelia salombardo 

an faqtoringuli kreditis gamoyeneba. sainvesticio 

garigebebSi gamoyenebuli sabanko kreditebi 

SeiZleba mravalferovani iyos. am SemTxvevaSi ZiriTadi 

ganmsazRvreli momentia ara dakreditebis vadebi, aramed 

kreditis gacemisa da dafarvis pirobebi. 

saqarTveloSi didi gavrceleba pova sabanko ipo- 

Semosasvlebi formirebis angariSi (%) 

diagrama 4 

45.0 

40.0 

35.0 

30.0 

25.0 

20.0 

15.0 

10.0 

5.0 

00 0.0 

2003 2004 2005 2006 2007 2008 

Sromis anazRaureba/mSp % 

saoperacio mogeba, wminda/mSp % 

daricxuli cveTa Sinameurneobebis seqtorSi/mSp % 

52



Tekurma kreditebma. aRsaniSnavia, rom bankebi sakredito 

xazebis gamoyofis procesSi did mniSvnelobas 

aniWeben ara imdenad sainvesticio riskebs, aramed 

kreditis mimRebis likvidur qonebas, romelic bankSi 

ipoTekis saxiT ideba. 

sul komerciuli bankebis mier saqarTvelos 

ekonomikaSi gaweuli sesxebis saerTo raodenobam 

2010 wlis TebervlisaTvis Seadgina 339,3 mln lari. 

aqedan erovnul valutaSi 97,7 mln. lari, xolo 

ucxourSi - 241,6 mln. lari. saidanac sainvesticio 

xaziT gamoyofil kreditebs SeiZleba mivakuTvnoT 

Semdegi seqtorebi: soflis meurneoba, metyeveoba, 

TevzWera; mrewveloba; mSenebloba; sastumroebi da 

restornebi; transporti da kavSirgabmuloba, razedac, 

saerTo jamSi, gamoyofilia mTeli moculobis 

30%-ze meti. 

meti wili sakredito sesxebisa modis warmoebis 

gafarToebaze da mSeneblobebze. am mxriv aRsaniSnavia 

Tbs bankisa da samSeneblo kompania `centrpointis”, 

aseve bazisbankisa da samSeneblo firma 

`meridianis” erToblivi proeqtebi binaTmSeneblobis 

sferoSi. 

ganviTarebuli da ganviTarebadi ekonomikis pirobebSi 

komerciuli bankebi da sxva safinanso-sakredito 

institutebis erT-erTi mniSvnelovani mimar- 

Tulebis sferos warmoadgens lizinguri momsaxurebis 

bazari. 

saqarTveloSi salizingo saqmianobis aqtivobis 

zrdas xeli Seuwyo saqarTveloSi 2002 wels SemoRebulma 

kanonma „salizingo saqmianobis xelSewyobis 

Sesaxeb“. lizingi finansirebis alternatiuli gzaa 

im kompaniebisaTvis, romelTac ar gaaCniaT saWiro girao 

bankis sesxis misaRebad, danadgaris SeZenisTvis. 

sabazro ekonomikaze gardamaval periodSi mcire 

da saSualo biznesis dafinansebisaTvis lizingi aris 

saSualo da grZelvadiani dafinansebis mniSvnelovani 

wyaro. misi mniSvneloba didia iseTi sawarmoebisa- 

Tvis, romelTac surT Secvalon warmoebis moZvelebuli 

saSualebebi da danergon axali teqnologiebi. 

amasTan, lizingi warmoadgens privatizebis SedarebiT 

umtkivneulo meTods, romelic saSualebas iZleva, 

ganxorcieldes qveynis ekonomikis gadayvana 

sabazro urTierTobebze. 2004 wels saerTaSoriso 

safinanso korporaciisa da kanadis saerTaSoriso 

cxrili #3 

Sida kreditebis struqtura periodis bolosaTvis 

(mln. lari) 

2003 2004 2005 2006 2007 2008 III 2009 

Sida kreditebi 1 665,1 1 836,8 2 488,9 3 267,4 5 315,0 6 245,2 6 013,3 

mTavrobis wminda 

davalianeba 

danarCeni ekonomikis 

davalianeba 

maT Soris: 

sesxebi erovnul 

valutaSi 

sesxebi ucxour 

valutaSi 

12 Tvemde erovnul 

valutaSi gacemul 

sesxebze saprocento 

ganakveTebi 

12 Tvemde ucxour 

valutaSi gacemul 

sesxebze saprocento 

ganakveTebi 

12 Tveze meti vadiT 

erovnul valutaSi 

gacemul sesxebze 

saprocento ganakveTebi 

12 Tveze meti vadiT 

ucxour valutaSi 

gacemul sesxebze 

saprocento ganakveTebi 

765,7 740,4 627,4 414,9 352,7 -171,2 385,1 

899,5 1 096,4 1 861,4 2 852,5 4 962,2 6 416,4 5 628,2 

115,6 173,9 437,4 754,2 1 687,0 2 014,1 1 534,4 

783,9 922,5 1 424,1 2 098,3 3 275,3 4 402,3 4 093,8 

25,9 24,0 21,1 21,8 21,2 24,0 24,9 

22,5 22,1 19,8 18,3 19,3 21,6 22,7 

19,2 20,8 20,2 19,2 20,2 22,2 23,3 

18,4 16,2 15,2 16,0 16,1 16,7 17,1 

53


Sida dakretitebis struqtura periodis bolosaTvis 

diagrama 5 

(mln. lari) 

7,000.0 

6,000.0 

5,000.0 

4,000.0 

3,000.0 

2,000.0 

1,000.0 

0.0 

-1,000.0 

2003 2004 2005 2006 2007 2008 III 2009 

Sida kreditebi 

mTavrobis wminda davalianeba 

danarCeni ekonomikis davalianeba 

ganviTarebis saagentos mier saqarTvelos biznesis 

ganviTarebis kvlevis Sedegad dadginda, rom saqar- 

Tvelos ekonomikis sxvadasxva dargebSi arsebobs ZiriTadi 

kapitalis ganaxlebis sakmaod didi moTxovna 

saSualod 70%-is farglebSi, xolo potenciurma salizingo 

moTxovnam 2004 wlisaTvis, 15 mln. dolars 

gadaaWarba. 

ganvixiloT sainvesticio proeqtebis finansirebis 

amerikuli da evropuli modelebi. germaniisa 

da kontinenturi evropis qveynebSi, aseve iaponiaSi, 

garkveuli ZiriTadi aqcionerebis, ZiriTadad bankebis, 

xelSi koncentrirdeba aqciebis mniSvnelovani 

raodenoba, maSin rodesac did britaneTSi, aSS-sa 

da kanadaSi aqciebis mepatroneebad ufro mravalferovani 

speqtri gvevlineba. Tu aSS-Si 50% aqciebisa 

kerZo pirebs ekuTvniT, iaponiasa da germania- 

Si es maCvenebeli Sesabamisad 22 da 17 procentia. 

amavdroulad finansuri institutebi iaponiaSi da 

germaniaSi akontroleben Sesabamisad yvela aqciebis 

73 da 64 procents (maT Soris bankebi Sesabamisad 

19% da 10%). 

amerikul sistemaSi korporaciebi ufro metad 

finansirebis sakuTar wyaroebze arian orientirebulni 

(mogeba da saamortizacio anaricxebi) da 

aqedan gamomdinare naklebad arian damokidebulni 

msxvil bankebze. 1970-1985 wlebSi es wyaroebi Seadgendnen 

aSS-Si, kanadasa da did britaneTSi ganxorcielebuli 

investiciebis sam meoTxeds. Sedarebisa- 

Tvis safrangeTSi, germaniaSi, italiasa da iaponiaSi 

es maCvenebeli Seadgenda 52-71%-s. 

aranakleb sainteresoa Sida dakreditebis struqtura 

saqarTvelos sabanko seqtorSi (ix. cxrili 3). 

rogorc #5 diagramazea asaxuli, Sida kreditebis 

saerTo zrdis miuxedavad, izrdeba mxolod 

samTavrobo davalianeba, xolo rac Seexeba danarCeni 

ekonomikis davalianebas, igi saerTod mizerulia. 

rasTan gvaqvs saqme nuTu realur ekonomikas aRar 

Wirdeba sabanko krediti, rogorc sainvesticio resursi, 

Tu problema sxva sivrceSi devs 

qarTuli bankebisTvis 2010 wlis ianvaric wamgebiani 

aRmoCnda. saerTo zaralma 2 milion 720 aTasi 

lari Seadgina. vadagadacilebuli sesxebis moculoba 

51 milioniT, 210 milionamde gaizarda. 2009 weli 

qarTulma sabanko seqtorma 65 milioniani zaraliT 

daasrula. ra unda gakeTdes sabanko seqtorisa da 

mTlianad ekonomikuri situaciis gasaumjobeseblad 

qveyanaSi ra strategiiT SeiZleba bankebis daxmarebiT 

krizisidan Tavis daRweva 

faqtia, rom rigi optimisturi gancxadebebis 

miuxedavad, mdgomareoba qarTul sabanko seqtorSi 

kvlav mZimea. pirvel rigSi, mxedvelobaSi gvaqvs zaraliani 

sabanko weli da dabali sakredito aqtivoba. 

lokaluri Tu globaluri finansuri krizisis 

dros, bankebisTvis erT-erTi yvelaze mniSvnelovani 

mosaxleobis da, Sesabamisad, potenciuri klientebis 

ndobis SenarCunebaa, am amocanas qarTuli banke- 

54



bi arcTu warmatebiT arTmeven Tavs. 

sasurvelia, ekonomikuri krizisis dros bankebma 

maqsimalurad moaxdinon finansuri resursebis koncentrireba 

im korporatiul klientebze, romelTa 

gadarCenac SemdgomSi ekonomikuri winsvlisTvisaa 

aucilebeli, radgan bankebis aqtiurobisa da optimaluri 

saprocento ganakveTebis gareSe ekonomika 

ver gamococxldeba da win ver wava. sabrunavi saxsrebi 

ekonomikaSi bankebma unda Semoitanon. magram 

qarTulma bankebma gansxvavebuli strategia airCies, 

rodesac TiTqmis erTi mesamediT gazardes saprocento 

sargebeli. am nabijma fizikuri pirebis myidvelobiTi 

unaris katastrofuli vardna gamoiwvia. 

TiTqmis ganulda moTxovna ipoTekaze. amoRebulma, 

magram sistemaSi Caubrunebelma sesxebma, sagrZnoblad 

Seamcira fulis masa ekonomikaSi, ramac bevr 

bizness Seuqmna problema. biznes-garemo da biznessituacia 

imdenad myifea, rom gazrdili riskebis 

gamo, TiTqmis yvela banki Tavs ikavebs sesxebis gacemaze. 

Sesabamisad, ver aqtiurobs biznes-seqtoric. 

mogebis norma saqarTveloSi legalur biznesSi daaxloebiT 

15%-ia, Sesabamisad, biznesmens bankisagan 

kreditis aReba 20% da meti ganakveTiT ar uRirs. 

Sedegad, ekonomika, TiTqmis, gaCerebulia. didad saxarbielo 

arc uaxloesi periodis perspeqtivaa. 

kreditinfos `Sav siaSi~ 300 aTasamde kreditoria 

moxvedrili. vadagadacilebuli kreditebis Ti- 

Tqmis 80%-is moculoba 5 000 laramdea. rac niSnavs, 

rom es xalxi mcire da saSualo biznesSi dasaqmebuli 

adamianebi arian. sadamsjelo RonisZiebebis amoqmedebis 

Semdeg ki, maT arsebobis Sansi sabolood 

moespobaT, rac qveynis mcire da saSualo biznesis 

isedac savalalo mdgomareobas, kidev ufro daamZimebs. 

amiT Cven ar vgulisxmobT, rom bankma kreditorebs 

vali ar unda mosTxovos, Tumca, msoflios 

TiTqmis yvela qveyanaSi gatarda zomebi krizisiT 

dazaralebuli xalxis mdgomareobis Sesamsubuqeblad, 

saqarTveloSi ki jerjerobiT am mimarTulebiT 

araferi Secvlila. 

`evrobankis~ prognoziT, saqarTvelos ekonomika 

mciredi ryevebis SemTxvevaSi, SesaZloa, recesiaSi 

dabrundes. bankis eqspertebi aRniSnaven, rom 

2010 wels aRmasvlis tendencia, SesaZloa, sakmaod 

susti da fragmentuli iyos. ucxoeli eqspertebi 

gviwinaswarmetyveleben, rom globaluri ekonomikuri 

krizisis Sedegebs wels movimkiT, rodesac socialuri 

problemebi wamoiwevs, radgan kompaniebis 

gakotrebis da umuSevrobis tendencia gaizrdeba. 

gasaTvaliswinebelia, rom swored mcire da saSualo 

seqtors SeuZlia umuSevrobis problemis Semsubuqeba. 

magram problemuri msesxeblebi, uaxloesi 

7 wlis manZilze, komerciuli bankebidan kreditis 

miRebis Sanss kargaven, rac situacias kidev ufro 

arTulebs. rogorc biznesmenebi aRniSnaven, biznesaqtivobas 

sagrZnoblad aferxebs maRali saprocento 

ganakveTebi. 

msxvili biznesis warmomadgenlebi, wvril biznesze 

rom aRaraferi vTqvaT, qarTvel bankirebs 

ekonomikuri da biznesSi mimdinare procesebis xelovnurad 

Seferxebasa da arakompetenturobaSi 

Riad da daufaravad adanaSauleben. dabali sakredito 

aqtivoba da maRali saprocento ganakveTebi 

is mTavari pretenziebia, rasac bankebis mimarT biznesis 

warmomadgenlebi gamoTqvamen. biznesmenTa gancxadebiT, 

saqarTveloSi mcire biznesze 25-26%-ze 

dabali sesxi ar gaicema, dasavleTSi ki, ukve 14%- 

iani ganakveTi gangaSis safuZveli xdeba. biznesmenTa 

SefasebiT, sabanko sesxiT dRes biznesmenma SesaZloa 

mxolod gamouvali mdgomareobisas isargeblos, sxva 

SemTxvevaSi, is banks ar mimarTavs. bankirebis nawili 

ki, eWvqveS Tavad biznesmenebis profesionalizms 

ayenebs. isini acxadeben, rom sesxebze saqarTveloSi 

arsebuli saprocento ganakveTebis evropulTan Sedareba 

arasworia, radgan bankebi adgenen im saprocento 

ganakveTs, ris saSualebasac qarTuli ekonomika 

iZleva, saqarTvelos ekonomika gansxvavdeba 

evropuli qveynebis ekonomikisagan da, Sesabamisad, 

saprocento ganakveTebic sxvadasxvaa. maTi TqmiT, 

ganviTarebul qveynebSi meti resursia da, Sesabamisad, 

saprocento ganakveTebic naklebia. saqarTvelos 

ekonomika ki, ganviTarebuli qveynebis ekonomikas 

CamorCeba. zogierTi bankiris azriT, iafi fulis 

arsebobas fulis siWarbe gansazRvravs. qarTul komerciul 

bankebs didi resursi ar aqvT, moTxovna ki, 

maRalia. swored amitom, saprocento ganakveTebi, 

dasavlur qveynebTan SedarebiT, maRalia. erovnuli 

banki pirvelad aRiarebs, rom saqarTvelos sabanko 

sistemaSi sakredito aqtivoba dabalia. bankis 

SefasebiT, sakredito portfelis sasurveli zrdis 

tempi ar SeiniSneba, rac sabanko sistemaSi laris gr- 

Zelvadiani resursis deficitiT aris gamowveuli. 

Tumca, meores mxriv, bankebi depozitebis mzardi 

moculobiT iwoneben Tavs, rac TiTqosda krizisis 

dasrulebisa da ekonomikuri zrdis mauwyebelia. 

arsebobs sapirispiro mosazrebac - roca qveyanaSi 

ekonomika kvlav recesiul mdgomareobaSia, mniSvnelovani 

ekonomikuri vardna fiqsirdeba da sagr- 

Znoblad izrdeba umuSevrobis done, depozitebis 

moculobis maCveneblis zrda mxolod imis maniSnebelia, 

rom sazogadoeba ekonomikaSi fulis Cadebas 

gaurbis. finansuri TvalsazrisiT, arasaxarbielo 

tendenciaa sabanko sferosTvis da, zogadad, ekonomikisaTvis, 

roca depozitebis moculobis zrda 

sakredito aqtivobis zrdis proporciulad ar mimdinareobs. 

bankebisTvis sakmaod msxvili msesxebeli, Tanac 

saukeTeso pirobebiT, saxelmwifo gaxda (ix. diagrama 

5). finansTa saministro Tu erovnuli banki 

komerciul bankebze didi raodenobiT fasian qa- 

Raldebs yidis. marto 2009 wels erovnuli bankis 

sadepozito sertifikatebis auqcionze 902 milioni 

laris fasiani qaRaldi gaiyida. amas emateba finans- 

Ta saministros mier gayiduli 270 milioni laris 

saxazino valdebulebebi. Tu saSualo-Sewonili 4%- 

iani ganakveTiT viangariSebT, erovnul banks komerciuli 

bankebisTvis, uxeSi gaTvlebiT, daaxloebiT, 

36 milioni lari daubrunebia. 2008 wels erovnulma 

bankma 3.761 miliardi laris fasiani qaRaldi gayi- 

55


da. imave gaTvlebiT, procentis saxiT, seb-ma bankebs, 

daaxloebiT, 150 milioni lari gadauxada. yvelaze 

didi raodenobiT fasiani qaRaldebi bankma 2007 

wels gayida - 4.202 miliardi lari, xolo 2006 wels 

- 380 milioni lari. 

2010 wels finansTa saministrom 75 milioni laris 

saxazino valdebulebebi ukve gayida. bankebis 

mxridan fasian qaRaldebze moTxovna stabilurad 

mzardia. saxazino valdebulebebis pirveli emisia 

finansTa saministrom SarSan agvistoSi ganaxorciela. 

5 TveSi 270 milioni laris fasiani qaRaldi 

gaiyida. eqspertebis gancxadebiT, fasian qaRaldebze 

maRali moTxovna imiTaa ganpirobebuli, rom 

bankebma saxelmwifos saxiT myari msesxebeli naxes, 

mTavrobas ki, bankebis fuli biujetis deficitis 

dasafarad sWirdeba. marTalia, es, TavisTavad, sulac 

araa uaryofiTi movlena, magram, albaT, umjobesi 

iqneboda bankebs es fuli ekonomikis ganviTarebisTvis 

gamoeyenebinaT. 

`bankebisadmi mosaxleobis ndobis gasamyareblad 

aucilebelia, zedamxedveloba gamkacrdes~ - 

am rekomendacias evropis rekonstruqciisa da ganviTarebis 

banki iZleva. maTi gancxadeba erovnuli 

bankisadmia mimarTuli. EBRD amis aucileblobas 

sakuTari prognozidan gamomdinare xedavs. evrobankis 

gaTvlebiT, ekonomikuri vardnis Sedegad vadagadacilebuli 

kreditebis moculobis zrda da 

uZravi qonebis sferoSi problemebi, isev mosalodnelia. 

maTi gancxadebiT, bankebisTvis aseve mniSvnelovan 

garemoebad rCeba savaluto riskebi. am 

negatiuri Sefasebebis garda, EBRD-is prognoziT, 

SesaZlebelia pirdapiri ucxouri investiciebis da 

fuladi gzavnilebis ufro mkveTri dacemac. aman ki, 

SesaZloa, erovnul valutasa da bankebis balansze 

zewola moaxdinos. ase ar fiqroben evropasa da aSS- 

Si. globalurma finansurma krizisma, bevri ram daayena 

Tavdayira - maT Soris, Tavisufali sabazro 

ekonomikisa da demokratiis ZiriTadi principebic. 

2008 wlis finansuri kolafsidan dRemde msoflioSi 

ar wydeba saubari bankebisa da finansuri institutebis 

ufro meti regulirebis saWiroebis Sesaxeb. 

msoflios wamyvani qveynebi axlos arian SeTanxmebasTan, 

romelic bankebze msoflio gadasaxadebis 

dawesebas iTvaliswinebs. Sesabamis SeTanxmebas qveynebma, 

SesaZloa, kanadaSi dagegmil 20 ivnisis samitze 

miaRwion, ris Sesaxebac didi britaneTis premier-ministrma, 

gordon braunma ganacxada. ganviTarebuli 

qveynebis liderebs Soris yalibdeba saerTo mosazreba, 

rom bankebma, momavalSi, safinanso institutebis 

dasaxmareblad aucilebeli RonisZiebebi unda 

miiRon. ekonomikuri TanamSromlobisa da ganviTarebis 

organizaciis SefasebiT, krizisis dros bankebis 

daxmarebisTvis gaweulma xarjebma 11 trln. dolari 

Seadgina. didma britaneTma sabanko bonusebi 50%-iani 

gadasaxadiT ukve dabegra, Sveicariam ki, krizisiT 

dazaralebuli safinanso institutebis gadasarCenad 

bankebis mier dafinansebuli fondi Seqmna. 

Tumca, dasavleTis gamocdilebasa da tendenciebs 

saqarTveloSi yovelTvis rodi iziareben. fondebis 

Seqmnas rom Tavi davaneboT, CvenTan bankebi 

pirdapir movaleobasac ki ar asruleben da dakreditebas 

Zalian arTuleben, rac, moklevadian perspeqtivaSi 

- biznesze, saSualo da grZelvadian perspeqtivaSi 

ki, mTlianad qveynis ekonomikaze da, maT 

Soris, sabanko seqtorzec uaryofiTad aisaxeba. 

amave dros, situacia saqarTvelos sabanko sistemaSi 

dRes gacilebiT ufro mdgradia, vidre 2008 

wlis Semodgomaze iyo. saerTaSoriso safinanso institutebis 

mier gamoyofili seriozuli daxmarebis 

Sedegad, wamyvanma komerciulma bankebma SeZles TavianTi 

vadadamdgari sagareo valdebulebebis gastumreba. 

`saqarTvelos bankma~ da `Tibisi~-m miiRes 

mniSvnelovani daxmarebebi. evropis rekonstruqciisa 

da ganviTarebis bankisgan da sxva institutebisgan 

mozidulia naxevar miliard dolaramde da gadaxdilia 

sagareo valdebulebebi. 

SeiZleba iTqvas, rom yvela problema, rac bolo 

periodSi saqarTvelos sabanko sistemaSi arsebobs, 

2008 wlis agvistos movlenebamdea dawyebuli. jer 

kidev omamde da finansur krizisamde, praqtikulad, 

ramdenime problemis gamokveTa SeiZleboda. pirvel 

rigSi, es iyo maRali inflacia, rac saqarTvelos 

ekonomikisTvis qronikul daavadebad iqca, gansakuTrebiT 

2005 wlis Semdeg periodSi. 2006 wlis 

ivlisSi inflaciis wliurma maCvenebelma 14.5%-s 

miaRwia. araoficialuri monacemebiT ki, inflaciis 

maCvenebeli kidev ufro maRali iyo. aman, bunebrivia, 

kreditebis gaZvirebazec moaxdina gavlena. 2006 

wlidan gansakuTrebiT SesamCnevi gaxda saprocento 

ganakveTebis zrda. 2007 wlis ivlisidan ukve sabazro 

saprocento ganakveTi sesxebze mTeli wlis ganmavlobaSi 

TiTqmis 5 erTeuliT gaizarda. 2008 wlis 

ivlisisTvis is daaxloebiT 22,2%-s Seadgenda, rac 

26%-iani zrda iyo. es erT-erTi mniSvnelovani problema 

iyo saqarTvelos sabanko sistemisTvis. 

bankebs sul ufro da ufro uWirdaT saxsrebis 

mozidva, rogorc Sida, aseve gare bazrebze da 

kreditebze gazrdili moTxovnis dakmayofileba. Tu 

agvistos Tvis movlenebamde periods vnaxavT, mozidvis 

TvalsazrisiT, adgilobriv bazrebze 2008 

wlis ramdenime TveSi SeiniSneboda depozitebis Semcireba, 

magaliTad, mTliani depozitebi TebervalSi 

2,5%-iT Semcirda, xolo maisis TveSi fizikur pir- 

Ta depozitebi 0,5%-iT Semcirda. esec maCvenebeli 

iyo imisa, rom bankebi likvidurobis seriozuli 

problemis winaSe dadgnen. aseve problema iyo sasesxo 

portfelis xarisxis gauareseba. oficialuri 

monacemebiT, 2008 wlis ganmavlobaSi rezervebis Sefardeba 

mTlian sakredito portfelTan 4,3%-mde, 

xolo vadagadacilebuli wili ki 1,7%-iT gaizarda. 

mxolod am problemebis CamoTvliTac naTlad Cans, 

rom sabanko sistemaSi problemebi 2008 wlis agvistomde 

gvqonda da cxadia, rom sabanko sistema am 

periodisaTvis aSkarad amuxruWebda. agvistos ruseT-saqarTvelos 

omma, praqtikulad, es problemebi 

daamZima. sabanko sistemis aqtivebi 2008 wlis agvisto-oqtomberSi 

TiTqmis 13%-iT Semcirda - 1, 026 

mln. lariT. xolo 2009 wlis 1 ianvrisaTvis sistemis 

56



zaralma 215 mln. lari Seadgina. 

bolo periodSi ekonomikis dakrediteba, miuxedavad 

yvelafrisa, mainc mcirdeba. 2008 wlis bolos 

mTlianad sistemas hqonda 5 992 000 000 laris 

sakredito portfeli. 2009 wlis pirveli dekembris 

mdgomareobiT, mTliani sakredito portfeli 5 194 

000 000 laria, anu Semcirebulia TiTqmis 800 mln.- 

iT. sakredito depresia jer kidev daZleuli araa 

da garkveuli periodi, saSualod, 2 weli dasWirdeba, 

rom bankebma moaxerxon dakreditebis Zveli 

moculobiT aRdgena. ekonomikuri garemo qveyanaSi 

jer kvlav arastabiluria, ekonomikuri subieqtebi 

eridebian kreditebis aRebas, bankebi ki piriqiT, 

eZeben kargi sakredito istoriis mqone msesxebels, 

romelTa raodenobac didi ar aris. swored amitom 

Seamcires saprocento ganakveTebi rogorc depozitebze, 

aseve kreditebze, magram sanam saqarTveloSi 

ar gamoikveTeba ekonomikuri, krizisidan gamosvlis 

mkveTri niSnebi, Warbi likvidurobis problemis mogvareba 

bankebisTvis seriozuli gamowveva iqneba. 

dRes yvelaze naklebad riskiania saxelmwifos 

mier saerTaSoriso safinanso institutebis xarjze 

dafinansebuli infrastruqturuli, sagzao, energetikuli 

da municipaluri proeqtebi, raSic bankebi 

Tamamad monawileoben, radgan iq SedarebiT naklebia 

riski, Tumca aseTi proeqtebis ricxvi arc ise didia. 

bankebi aseve aqtiurad iZenen saxazino valdebulebebs 

da SeiZleba iTqvas, rom yvela saxelmwifo 

proeqtSi warmatebiT da Tamamad monawileoben. aqedan 

gamomdinareobs, rom qarTuli biznesis mTavari 

sayrdeni saxelmwifo investiciebia. 

saqarTvelos sabanko sistemasTan mimarTebaSi, 

miuxedavad imisa, rom Cven 2009 wlis Sua periodidan 

aqtivebis zrda gvqonda, noemberSi mainc Semcirda 

sabanko aqtivebi. noemberSi, oqtomberTan SedarebiT, 

TiTqmis 90 mln.-iT Semcirda sabanko sistemis 

aqtivebi. pirveli noembris mdgomareobiT, sabanko 

sistemis aqtivebi 8 mlrd. 52 mln.-s, xolo pirveli 

dekembris monacemebiT sabanko aqtivebi 7 mlrd. 963 

mln.-s Seadgenda, mTeli wlis ganmavlobaSi ki sabanko 

sistema 900 mln.-iT aris Semcirebuli. marTalia, 

garkveuli progresi saxezea, magram es ar aris 

mkveTrad gamoxatuli tendencia. 

ssf-s (saerTaSoriso savaluto fondi) bolo 

daskvnac saqarTvelos sainvesticio mdgomareobaze 

naklebi optimizmis safuZvels iZleva. masSi miTi- 

Tebulia, rom regionulma da adgilobrivma politikurma 

viTarebam, SesaZloa, investiciebi Seaferxos. 

magram mTavroba jerjerobiT optimizms inarCunebs 

da momavali sainvesticio bumis imedi aqvs. 2010 

wels saqarTvelos ekonomikuri aRmasvla neli iqneba. 

savaluto fondis axal, 77-gverdian daskvna- 

Si am mimarTulebiT saimedo Zalze cotaa. fondis 

SefasebiT, ekonomikis gamococxleba gasuli wlis 

me-4 kvartlidan SeiniSneba. Tumca, kerZo kapitalis 

susti Semodineba da dakreditebis mZime zrda ekonomikurad 

nel aRmasvlas moitans. 

fondis SefasebiT, bankebis monetarulma politikam 

sakredito pirobebis Semsubuqeba ver SeZlo. 

Tavad bankebi ki vadagadacilebuli sesxebis da laris 

kursis cvlilebis gamo, kvlav riskis qveS arian. 

savaluto fondi wels qarTuli ekonomikis 2%-ian 

zrdas kvlav prognozirebs, Tumca ganmartavs, rom 

riski kvlav maRalia. 

fondis SefasebiT, regionulma da adgilobrivma 

politikurma viTarebam, SesaZloa, investiciebic 

Seaferxos. statistikis departaments pirveli kvartlis 

monacemebi jerac ar gamouqveynebia. amitom 

sainvesticio saagentos uWirs dakonkreteba sruldeba 

Tu ara sainvesticio gegma qveyanaSi. miuxedavad 

mTavrobis pozitiuri molodinebisa, misi zogierTi 

warmomadgenlis ucxouri vizitebis Semdeg investiciebis 

Semodinebas garkveuli dro - saSualod erTi 

weli dasWirdeba. 

amasobaSi ki, saqarTvelos wminda saerTaSoriso 

sainvesticio pozicia uaryofiTia da 2009 wlis 

meoTxe kvartlis bolos - 11.3 miliard aSS dolars 

Seadgens. erovnuli bankis informaciiT, aRniSnuli 

maCvenebeli 2008 wlis Sesabamisi periodis maCvenebels 

10.8%-iT aRemateba, xolo mimdinare wlis mesame 

kvartalTan SedarebiT 2.7%-iT metia. 

am periodSi mTliani aqtivebi 3.2 mlrd. aSS 

dolars Seadgens, aqedan 66.7% sarezervo aqtivebis 

wilze modis. sarezervo aqtivebi, wina wlis analogiur 

periodTan SedarebiT, 42.6%-iT gaizarda da 31 

dekembrisTvis 2.1 mlrd. aSS dolarze fiqsirdeba. 

pirdapiri investorebisadmi valdebulebebi, 

wina wlis Sesabamis periodTan SedarebiT, 11.2%-iT 

gaizarda da 7.6 mlrd. aSS dolars gautolda. portfelis 

investiciis valdebulebebma 869.4 mln. aSS 

dolari Seadgina. aqedan, 500 mln. aSS dolari samTavrobo 

evrobondebia. 

2008 wlis Sesabamis periodTan SedarebiT, saangariSo 

kvartlis bolosTvis, erovnuli bankis sasesxo 

valdebulebebi 49.3%-iT gaizarda saerTaSoriso 

savaluto fondis kreditebis xarjze da 687.1 

mln. aSS dolari Seadgina. 

saxelmwifo investiciebi 

saxelmwifo kapitaldabandebebi, sxva sainvesticio 

resursebisgan gansxvavebiT, araTu klebadi, 

aramed sagrZnoblad mzardi tempebiT xasiaTdeba 

(sainteresoa Sedareba samTavrobo davalianebis msgavs 

tendenciasTan). 2010 wlisaTvis saxelmwifo investiciebma 

saqarTveloSi 930,53 mln. lari unda Seadginos, 

anu 2008 welTan SedarebiT, saxezea 62,4%- 

iani zrda. 2009 wels ki amave maCvenebelma 52,3% 

Seadgina, maSin rodesac wina 5 wlis ganmavlobaSi 

es parametri 7-8%-is farglebSi meryeobda (ix. diagrama 

6). raze metyvelebs aseTi mdgomareoba unda 

gvixarodes, Tu piriqiT 

ra Tqma unda, sxva sainvesticio resursebis 

dakninebis fonze, kargia, rom gamoiZebna sxva wyaro, 

romelic, garkveulwilad, kvebavs qveynis ekonomikas. 

magram, amave dros, ar SeiZleba, rom es ar 

iyos safuZveli garkveuli SiSisa. cxadia, rom zrdadi 

saxelmwifo ineqciebi ekonomikaSi, niSnavs mis 

amave wiliT `nacionalizacias~. gasagebia, rom kri- 

57


saxelmwifo investiciebi 2006-2010 w.w. 

diagrama 6 

1000 

900 

800 

700 

600 

500 

400 

300 

200 

100 

0 

2006 2007 2008 2009 gegma 2010 gegma 

saxelmwifo investiciebi mln. lari 

zisis periodSi saxelmwifo Carevebis forsireba moxda 

TiTqmis mTels msoflioSi, magram saqarTvelos 

specifikur, centralizebul vertikalze agebul 

politikur sistemasTan mimarTebaSi, aseTi veqtori 

ekonomikis `socializmizaciis~ saSiSroebazec gvafiqrebs. 

magaliTad, amazeve kamaTobdnen aSS-s kongresSi 

`polsenis antikrizisuli gegmis~ ganxilvisas 

da evroparlamentarebi evrokavSiris analogiuri 

programebis SemuSavebisas. 

4. investirebis sagareo wyaroebi 

ucxouri kapitalis mozidva damaxasiaTebelia 

nebismieri ekonomikuri sistemisaTvis. XX saukunis 

bolos msoflio ekonomikaSi ucxouri investiciebis 

zrdam Zalzed maRali aqtivobiT iCina Tavi. 1980- 

1997 wlebSi marto pirdapiri investiciebis saSualo 

wliuri matebis tempi 13%-s Seadgenda, maSin, roca 

amave periodSi msoflio eqsporti da mTliani Sida 

produqti 7-7%-iT izrdeboda. 1998-2000 wlebSi pirdapiri 

investiciebis saSualo wliurma zrdam TiTqmis 

50% Seadgina da 2000 wlis ganmavlobaSi piks - 1,5 

trln. aSS dolars, miaRwia. Tumca, 2001 wlisaTvis 

es maCvenebeli TiTqmis ganaxevrda da 729,2 mlrd. 

aSS dolari Seadgina, rac, savaraudod, 90-ian wlebSi 

ruseTSi, aziisa da laTinuri amerikis qveynebSi 

ganviTarebul finansur krizisebs ukavSirdeba. amas- 

Tan, mTeli rigi qveynebis gamocdilebam daadastura, 

rom ucxouri kapitalis ama Tu im qveynis ekonomikuri 

zrdis samsaxurSi Cayeneba mxolod sainvesticio nakadebis 

swori marTvis safuZvelzea SesaZlebeli. 

rogorc cnobilia, ucxoeli investori kapitalur 

resursebs abandebs mxolod stabiluri ekonomikis 

mqone qveynebSi, romlebic, Tavis mxriv, adgilobrivi 

investoris ndobiTac xasiaTdebian. aqedan gamomdinare, 

SeiZleba danamdvilebiT iTqvas - rodesac 

saubaria saqarTveloSi ucxouri kapitalis mozidvaze, 

unda gvaxsovdes, rom misi Semosvla qveyanaSi 

moxdeba mxolod adgilobrivi kapitalis realurad 

amoqmedebis pirobebSi. 

gadavxedoT saqarTveloSi pirdapiri ucxouri 

investiciebis 2003-2009 wlebis struqturasa da dinamikas 

mTlianad da qveynebis mixedviT. 

bolo ori wlis ganmavlobaSi saxezea am parametris 

sagrZnobi, Tu ara sagangaSo kleba, Sesabamisad, 

22,4%-iT 2008 w. da 51,5%-iT 2009 wels. ra 

Tqma unda, am negatiuri tendenciebis axsna SeiZleba 

Cveni mTavrobisaTvis sabediswero Tu `mxsneli~ 

(mZlavri ucxouri daxmarebebis saxiT) ori mizeziT 

- globaluri msoflio krizisiTa da omiT. magram, 

marTebulia, kiTxvis dasma: zrunavs ki jerovnad 

mTavroba saqarTvelos sainvesticio mimzidvelobis 

asamaRleblad Torem, rac Seexeba Cvens `saamayo~ 

reitings biznesis keTebis TvalsazrisiT, Zalauneburad 

azrad modis aseTi Sedareba: Tuki saqarTvelos 

ekonomikas ganvixilavT, rogorc `sainvesticio 

sufras~, romlis swraf da advil gawyobas (`sainvesticio 

kerZebis~ saxiT) sTavazoben ucxoel (da adgilobriv) 

investors, rodesac gamaspinZlebis (anu 

`dividendebis miRebis~) dro dadgeba, SeiZleba realur 

investors magidasTan misasvleli arc adgili 

da aRarc survili aRar darCes. saubaria qarTuli 

biznesis supermonopolizebul `gasamTavroebul~ 

(`gaxelisuflebul~) orientaciaze da, Sesabamisad, 

maRal riskianobaze. 

sayuradReboa, rom Tuki niderlandebs ar CavTvliT, 

saqarTvelos yvelaze ufro msxvil investor-partniorebs 

arabeTis gaerTianebuli emiratebi 

da TurqeTi warmoadgenen, Sesabamisad: 22,4% 

58



Tarebadi qveynisa. 

amave dros, ar unda dagvaviwydes, rom xSirad 

ucxouri investiciebis Sedegad ganviTarebad qveynebSi 

inergeba moZvelebuli sasicocxlo ciklis mqone saqonlis 

warmoeba, Semodis moZvelebuli teqnologiebi da 

a.S., rac, bunebrivia, investiciebis mimRebi qveynis gr- 

Zelvadian ekonomikur interess ar unda warmoadgendes. 

ra Tqma unda, zemoT aRniSnuli ar unda iqnas gagebuli 

calsaxad. sainvesticio procesebs da maT Soris 

cxrili 4 

saqarTveloSi ganxorcielebuli pirdapiri ucxouri investiciebi qveynebis mixedviT 

(1000 aSS dolari) 

qveynebi 

2003 2004 2005 

weli 

2006 2007 2008 2009* 

sul 

340 499 449 1 190 2 014 1 563 759 

070 107 785 375 842 963 078,6 

maT Soris: 

29 69 66 

azerbaijani 

77 804,5 41 368,1 23 943 24 596,0 

697,5 099,4 920,2 

18 23 14 

avstria 

10 749,3 11 384,4 51 463 14 451,3 

108,4 157,2 732,2 

virjiniis k-bi 

187 

6 225,5 6 893,6 4 900,2 58 586,2 

156 847 5 691,8 

(brit.) 

815,5 

227 

CexeTi 249,8 276,6 1 279,6 15 032,2 

34 858 15 057,3 

926,4 

158 

dania - - 319,0 42 477,8 

256 139,8 

126,2 

16 22 14 

safrangeTi 

17 221,7 43 726,0 8 180 11 944,8 

709,5 854,3 383,3 

germania 4 144,9 5 140,5 5 031,8 20 380,8 56 987,8 40 591 3 658,0 

indoeTi - - 29,0 54,9 61,9 26 998 20 283,9 

italia 

15 

895,7 

32 

453,0 

22 

833,5 

47 219,1 15 228,1 6 048 1 172,5 

luqsemburgi 249,8 276,6 553,1 261,1 9 245,7 5 731 6 206,3 

299 

105 

niderlandebi - - 492,0 18 530,2 

135 870 

277,2 

679,7 

11 37 23 

norvegia 

77 894,8 34 200,1 2 693 1 877,3 

262,2 496,7 620,9 

panama - - - 3 391,6 6 177,7 -2 470 73 414,1 

42 43 38 

ruseTi 

34 210,0 88 996,5 26 212 2 049,5 

659,4 796,1 737,6 

arabeTis gaerT. 

130 

169 

291,1 - 280,5 422,6 

306 576 

emiratebi 

858,7 

784,0 

17 33 21 129 

TurqeTi 

93 871,1 164 526 89 506,3 

275,1 927,2 812,5 727,8 

gaerTianebuli 

37 87 132 186 145 

148 908 63 549,2 

samefo 

629,7 831,2 925,8 824,1 474,8 

saerTaSoriso 

- - - 8 741,7 14 293,9 23 651 30 141,1 

organizaciebi 

139 135 100 440 449 403 119 

danarCeni qveynebi 

671,4 904,1 933,7 844,2 821,4 081,9 875,7 

da 11,8%. anu bolo 2 wlis manZilze mniSvnelovnad 

Senelda dabandebis procesi msoflios ganviTarebuli 

qveynebis mxridan. es ki, garkveulwilad, saqarTveloSi 

Semosuli sainvesticio resursebis 

warmomavlobis xasiaTsa da teqnologiur donezec 

metyvelebs. 

amiT Cven imis Tqma gvinda, rom ganviTarebadi samyaros 

qveynebisaTvis pirdapiri ucxouri investiciebis 

ganxorcielebas gardamtexi cvlilebebis Setana 

SeuZlia im ufskrulis amosavsebad, romelic ganviTarebad 

da ganviTarebul samyaros Soris arsebobs. 

aqedan gamomdinare, rodesac saubaria, erTis 

mxriv, qveynis, sadac es investicia ideba, da, meores 

mxriv, investoris mier investiciebis ganxorcielebiT 

miRebul ormag sargebelze, unda gvaxsovdes, rom 

investoris sargebeli gacilebiT didia, vidre ganvi- 

pirdapir ucxour investiciebs udidesi mniSvneloba 

aqvs qveynis ekonomikuri winsvlisaTvis. zemoTqmulidan 

gamomdinare, saWiroa gaviTvaliswinoT ganviTarebadi 

samyaros mravalferovani speqtri da amis safuZvelze 

SemuSavdes is sainvesticio strategia, romelic konkurentul 

garemoSi saWiro investiciebis sasurveli pirobebiT 

mozidvis SesaZleblobebs Segviqmnis. 

marTlac, ganviTarebad qveynebSi, ucxouri kapitalis 

Semodinebaze mkacri SezRudvebis arsebobis 

59


miuxedavad, sainvesticio politika sruliad Seicvala, 

kerZod, ekonomikuri ganviTarebisa da zrdis pro- 

• mosaxleobis Semosavlebisa da qveynis ekono- 

procesebSi; 

cesSi ucxouri investiciebis CarTvis mimarTulebiT, mikis organizaciuli struqtura; 

diagrama 7 

saqarTveloSi ganxorcielebuli pirdapiri investiciebi 

aTasi aSS dol. 

2500000 2,500,000 

2,000,000 

1,500,000 

1,000,000 

500,000 

0 

2003 2004 2005 2006 2007 2008 2009* 

rasac Tan mohyva am tipis investiciebis regulirebis 

reJimebis uprecedento liberalizacia. am procesis 

miRma ver darCa verc yofili sabWoTa kavSiris qveynebi 

da maT Soris saqarTveloc. qveyanam ucxour investiciebs 

farTod gauRo kari erovnuli ekonomikis 

im dargebSi monawileobis misaRebad, razedac manamde 

qveynis ekonomikuri usafrTxoebisTvis strategiuli 

mniSvneloba hqonda miniWebuli (energetika, portebi, 

komunikaciebi da a.S.). 

Tumca, saerTo liberalizacia ucxouri investiciebis 

regulirebis saqmeSi ukve arasakmarisia, ganvi- 

Tarebadi qveynebis sainvesticio sastarto pirobebis 

identurobis gamo. amitom, ucxouri investiciebis 

mozidvis mizniT, saxelmwifo politikis interesebSi 

sul ufro mwvaved dgeba axali midgomebis SemuSavebis 

sakiTxi, rac pirdapiri ucxouri investiciebis 

bazarze am qveyanas konkurentuls gaxdis. 

am konkretul bazarze, qveyanaSi ucxouri investiciebis 

mozidvis saqmeSi gansakuTrebuli roli 

eniWeba sainvesticio garemos Sefasebas, kerZod, Zalzed 

mniSvnelovania qveynis sakredito reitingisa da 

saxelmwifo valis moculobis gansazRvra. sareitingo 

kompaniebi sxvadasxva qveynebis mTavrobebs sakredito 

reitings mianiWeben specialurad SemuSavebuli 

skalis mixedviT. 

sareitingo kompaniebis mier reitingis dadgenisas, 

ZiriTadad, gaanalizdeba Semdegi ekonomikuri 

da politikuri faqtorebi: 

• politikuri institutebis stabiluroba da 

mosaxleobis farTo masebis monawileoba politikur 

• sagadasaxado-sabiujeto politika da misi 

elastikurobis xarisxi; 

• fulad-sakredito politika da inflaciuri 

wnexis ganmsazRvreli faqtorebi; 

• saxelmwifo da kerZo seqtoris davalianebis 

(valis) parametrebi da misi momsaxurebis istoria. 

sainvesticio garemos gaumjobesebiT, eqsportis 

stimulirebis meSveobiT, qveynis ekonomikis stabiluri 

ganviTarebis uzrunvelyofa, mizanSewonilia, 

ramdenadac: 

• importis Canacvleba ucxouri valutis ekonomiis 

saSualebas iZleva, xolo eqsportis Canacvleba 

mas gamoimuSavebs; 

• nebismieri saqonlis Sida bazari msoflio bazarze 

mcirea, rac iZleva warmoebis masStabebis did 

ekonomias, codnis ganaxlebis SesaZleblobas da qmnis 

jansaRi konkurenciis garemos; 

• eqsportis Canacvleba moizidavs ufro met investicias, 

importis proteqcionistul Canacvlebas- 

Tan SedarebiT; 

• ufro efeqturad gamoiyeneba Sida resursebi 

(aRar arsebobs Warbi resursebis udieri moxmarebis 

stimulebi); 

• msubuqdeba sagareo valis uReli, umjobesdeba 

misi momsaxurebis maCveneblebi da izrdeba sagareo 

sesxebis SesaZleblobani. 

importis Canacvleba, garda zemoT aRniSnuli 

garemoebisa, qveyanaSi gamoiwvevs naklebad mimzidveli 

an naklebad konkurentuli dargebis ganviTarebas. 

marTalia, proteqcionizms SeuZlia am dargebs misces 

60



Sida bazari, magram Sida mwarmoebeli ver SeZlebs upiratesobis 

mopovebas saerTaSoriso bazrebze, amasTanave 

es dargebi Zalian mgrZnobiare iqnebian ekonomikuri 

ciklebisa da savaluto ryevebis mimarT. 

erovnul ekonomikaSi ucxouri kapitalis monawileoba 

damokidebulia qveynis ekonomikis mimzidvelobaze, 

rac ganapirobebs ucxoeli investoris mier 

kapitaldabandebas sxvadasxva mimarTulebiT - erovnul, 

regionul, saerTaSoriso proeqtebSi. 

ucxouri investiciebi, ZiriTadad, SeiZleba 

daiyos pirdapir da portfelur investiciebad. pirdapiri 

ucxouri investiciebi Semosilni arian garkveuli 

stabilurobis elferiT, vinaidan isini xels 

uwyoben sainvesticio procesebis aqtivobas, marTvisa 

da marketinguli srulyofili meTodebis danergvas, 

socialur-ekonomikuri stabilurobis zrdas, saeqsporto 

mrewvelobis ganviTarebas, Tanamedrove teqnologiebis 

mozidvas, axali samuSao adgilebis Seqmnasa 

da sxv., amis Tqma naklebad SeiZleba portfelur 

investiciebze. Tu pirdapiri ucxouri investiciebis 

SemTxvevaSi kapitalis gatana myisierad SeuZlebelia, 

portfeluri investiciebis dros kapitalis moZraobam 

SeiZleba didi uwesrigobebi gamoiwvios msoflio 

ekonomikaSi, vinaidan mogebis maRali ganakveTis Ziebis 

procesSi maT SeuZliaT swrafad gadainacvlon 

erTi qveynidan meoreSi da amrigad sakmaod mZime finansur 

mdgomareobaSi aRmoCndes investiciebis qveynebSi, 

saidanac es gaedineba. 

miuxedavad pirdapiri ucxouri investiciebis 

garkveuli mimzidvelobisa, maTi ekonomikuri mniSvneloba 

SeiZleba sxvadasxvagvarad Sefasdes. erTis 

mxriv, pirdapiri ucxouri investiciebis qveyanaSi Semosvla 

xels uwyobs Sida resursebis deficitis Semcirebas, 

axali teqnologiebisa da biznesis warmoebis 

axali standartebis danergvas, xolo meores mxriv, 

ucxoeli investorebi, romelTa rolSic xSirad gvevlineba 

transnacionaluri kompaniebi, aqtiurad erevian 

qveynis sakanonmdeblo procesebSi, ignorirebas 

uweven qveynis ekologiur Tu SromiT kanonmdeblobas 

da saWiroebis SemTxvevaSi arc korufciul garigebebze 

amboben uars adgilobriv CinovnikebTan. 

pirdapir ucxour investiciebTan dakavSirebuli 

kidev erTi safrTxe aris is, rom maT axasiaTebT adgilobrivi 

mrewvelobis „gamodevnis efeqti~, romelic 

ori formiT iCens Tavs: pirveli asaxavs mdgomareobas 

sasaqonlo bazarze, rodesac transnacionaluri kompaniebis 

filialebi iyeneben sakuTar konkurentul 

upiratesobebs da aviwroeben adgilobrivi kompaniebis 

ganviTarebas da meore, rodesac safinanso an sxva 

resursebis bazrebze transnacionaluri kompaniebis 

filialebi cdiloben Seisruton am resursebis Ziri- 

Tadi nawili da adgilobriv kompaniebs SeuzRudon 

maTi gamoyenebis SesaZlebloba. 

ucxouri kapitalis Semodinebis stimulirebis 

uzrunvelyofisaTvis udidesi mniSvneloba eniWeba 

Semdeg nabijebs: pirveli, qveynis, misi calkeuli regionebisa 

da ekonomikis sxvadasxva dargebis sainvesticio 

SesaZleblobis sainformacio uzrunvelyofa; 

meore, proeqtebis dafinansebis, miwebis gamoyofis 

da sxva mosaxerxebeli sqemis Camoyalibebis SesaZlebloba; 

mesame, proteqcionistuli tarifebi im saqonelze, 

romelsac awarmoebs ucxoeli investori; 

meoTxe, sainvesticio proeqtisaTvis saWiro ZiriTadi 

saSualebebis importis gadasaxadisgan ganTavisufleba; 

mexuTe, „savaluto koridoris~ SemoReba, rac 

garkveul CarCoebSi moaqcevs erovnuli valutis gacvliT 

kurss; meeqvse, sagadasaxado SeRavaTebi; meSvide, 

sakanonmdeblo garantiebi. 

zeviT aRniSnuli ucxouri kapitalis Semodinebis 

stimulirebis meTodebis arsi imaSi mdgomareobs, rom 

am investiciebiT gamowveuli saerTo Semosavali investoris 

Semosavalze didia. Tu ucxouri investiciebi 

zrdian erovnuli ekonomikis mwarmoeblurobas, maSin 

nameti produqcia nawildeba Semdeg subieqtebze: 

1. investorze, romelic iRebs Tavis wil Semosavals 

dividendebis, mogebis anaricxebis, lizingis an 

sxva saxiT; 

2. daqiravebul personalze (samuSao Zala), romelic 

iRebs sakuTari Sromis safasurs. rogorc saqarTvelos 

magaliTze Cans, ucxouri kapitaliT Seqmnil 

sawarmoebs gacilebiT naklebi davalianeba gaaCniaT 

aunazRaurebeli xelfasebis saxiT; 

3. sasaqonlo bazris gajereba, rogorc wesi, iwvevs 

fasebis Semcirebas. aqedan gamomdinare, mogebas iRebs 

yvela momxmarebeli, am qveynis rezidentebi; 

4. warmoebis gafarToeba, daqiravebul personalze 

xelfasebis gacema sagadasaxado Semosavlebis 

zrdis safuZvelze iwvevs saxelmwifo xazinis Sevsebas. 

metad mniSvnelovania imis aRniSvnac, rom arsebobs 

investiciebis stimulirebis meore mxarec. ker- 

Zod, qveyanaSi, an mis regionSi stimulebis zrda, savaraudod, 

konkurentebis Sesabamis reaqcias gamoiwvevs 

da sxva qveynebic adekvatur wamaxalisebel nabijebs 

gadadgamen. metic, stimulebis zrdis dros regionma 

SeiZleba gadaaWarbos da Semosavlis is nawili daikargos, 

romelsac igi miiRebda kapitaldabandebebis 

igive donis SenarCunebis SemTxvevaSi. amitom, saWiroa 

gvaxsovdes, rom sainvesticio garantiebi marTalia 

aCerebs antistimulebis warmoSobas, magram ar zrdis 

sainvesticio nakads regionul ekonomikaSi. 

ucxouri kapitalis mozidva, ZiriTadad, damokidebulia 

mogebis miRebisa da qveynis farglebs gareT 

gatanis SesaZleblobaze. rac Seexeba sagadasaxado 

stimulebs, rogorc praqtika cxadyofs, ucxoeli 

investori ufro metad dainteresebulia mogebis mi- 

RebiT, vidre mogebaze sagadasaxado stimulebis mopovebiT. 

amis gamo, sagadasaxado SeRavaTebi ar warmoadgens 

investiciis mozidvis umTavres stimuls, isini 

ufro aucilebeli pirobaa aseTi stimulebis warmoqmnisaTvis. 

sainvesticio pirobebis gauaresebisa da 

eqspropriaciisagan dazRvevis garda, ucxouri kapitalis 

eqsportiori, iTxovs garantias Sida saxelmwifoebrivi 

riskebisgan dasacavad. investiciis mimReb 

qveyanas SeuZlia sawyis etapze investors dauTmos 

proeqtis ganxorcielebis asprocentiani ufleba, 

Tumca momavlisaTvis moiTxovos proeqtis ganviTarebaSi 

qveynis Sida kapitalisa da erovnuli resursebis 

TandaTanobiT CarTva. 

61


aRsaniSnavia isic, rom sagadasaxado stimulebis 

siWarbem SeiZleba uaryofiTi Sedegebi gamoiwvios. 

magaliTad, ucxo qveynis firmas, romelic axorcielebda 

sainvesticio proeqts braziliaSi, amazonis 

regionSi kanonmdeblobiT hqonda ufleba am proeqt- 

Si reinvestirebis saxiT Caedo saxelmwifo xazinaSi, 

gadasaxadebis saxiT, Sesatani Tanxis naxevari. firmam 

isargebla am viTarebiT da Semosavals iRebda im Tanxidan, 

rac sxva viTarebaSi qveynis sakuTreba iqneboda. 

ra Tqma unda, saxelmwifosTvis ufro xelsayreli 

iqneboda, rom firmas wili erToblivi Semosavlidan 

mieRo, Tundac, mTlianad gaeuqmebinaT mis saqmianobaze 

dawesebuli gadasaxadebi. 

saerTaSoriso investiciebis mozidvas, SeiZleba, 

seriozuli winaaRmdegoba Seuqmnas savaluto SezRudvebma 

da kapitalis formirebaze dawesebulma 

saxelmwifo kontrolma, ris gamoc ararezidentebs 

xeli ar miuwvdebaT adgilobriv safinanso bazrebze, 

mcirdeba kapitalisa da dividendebis repatriaciis 

SesaZlebloba, izRudeba adgilobrivi firmis sawesdebo 

kapitali, raSic, SesaZlebelia, monawileobdes 

ucxoeli investori. Tumca, aseTi SezRudvebis ar 

arseboba asustebs kontrols ucxouri kapitalis 

moZraobaze. kompromisi am sakiTxSi uSualod garigebebis 

dros unda moiZebnos, rac orive mxarisTvis 

xelsayreli iqneba. 

aRniSnul sakiTxebTan dakavSirebiT kompromisis 

ar arsebobaze metyvelebs saqarTvelos ekonomikaSi 

dabandebuli ucxouri kapitalis moculoba. 

marTlac, saqarTvelos ekonomikaSi sainvesticio dabandebebisTvis 

damaxasiaTebeli maRali riskis gamo, 

ar SeiZleba didi imedi gvqondes saerTaSoriso kapitalis 

mozRvavebasTan dakavSirebiT. marTalia, am 

bolo dros qveyanaSi ganxorcielebuli reformebi 

arsebuli naklovanebebis aRmosafxvreladaa mimar- 

Tuli, magram qveynis politikuri situaciis SesaZlo 

arastabiluroba (magaliTad, teritoriuli mTlianobis 

aRdgenis procesebis dawyeba) kvlav erT-erTi 

umTavresi winaRobaa saerTaSoriso kapitaldabandebebis 

ganxorcielebis gzaze. garda amisa, rogorc 

uaxloesi warsulis analizi cxadyofs, saerTaSoriso 

daxmarebebi qveyanaSi araracionalurad nawildeboda 

an ubralod itacebdnen piradi gamdidrebis mizniT. 

aRniSnuli mdgomareobis gamosworebis erT-erTi saimedo 

gza aris saxelmwifoebrivi mowyobis problemis 

dauyovnebeli gadaWra da pirdapiri ucxouri investiciebis 

mozidva, rac Tavad warmoadgens realurad 

momuSave finansur dabandebebs qveynis ekonomikaSi. 

winaaRmdeg SemTxvevaSi, ucxouri investiciebis mozidva, 

sasurveli raodenobiTa da grZelvadiani moculobiT, 

ganuxorcielebel realobad darCeba. 

ganviTarebuli qveynebis gamocdilebidan gamomdinare, 

SeiZleba iTqvas, rom ekonomikuri maCveneblebi 

ucxouri investiciebis mozidvis ganmsazRvreli 

faqtori araa, radganac gadamwyveti mniSvneloba 

qveynis politikur stabilurobas eniWeba. sainvesticio 

nakadis sidideze aseve mniSvnelovan gavlenas 

axdens qveynis mzadyofna, gayidos arsebuli aqtivebi. 

Tumca, aseTi strategiis arCevis Sedegad (rasac 

adgili aqvs Cvens ekonomikur realobaSi), SesaZlebelia, 

qveyana sarezervo sainvesticio obieqtebis gareSe 

darCes, Sedegad, investorebis mosazidad axali, 

gacilebiT ufro rTuli proeqtebis ganxorcielebis 

saWiroeba Seiqmneba (anu Seiqnas situacia, rodesac 

gasayidi aRaraferi darCeba „sindisis garda~). 

gamomdinare zemoTqmulidan, ucxouri investiciebis 

mosazidad didi mniSvneloba eniWeba: pirveli, 

erovnul ekonomikaSi arsebul dagrovebis donesa da 

erovnuli investoris aqtivobas; meore, ucxouri investiciebis 

konkurentul bazarze frTxili da amasTanave 

novatoruli midgomebis gamoyenebas; mesame, iseT ekonomikur 

garemos, sadac mesakuTres (misi moqalaqeobis 

miuxedavad) gaaCnia kapitalis dacvisa da zrdis garantiebi. 

investiciebis mozidvis Sedegad, ucxouri investiciebis 

regulirebis mxriv ki, aucilebelia, SemuSavdes 

ucxoeli investoris da qveynis interesebisaTvis 

Tanabrad misaRebi zomieri midgomebi. 

sainvesticio garemo. saqarTveloSi investiciebis 

safinanso-sakredito regulireba ucilobel 

kavSirSia qveynis sainvesticio garemos, misi dadebiTi 

da uaryofiTi mxareebis SefasebasTan, vinaidan 

sainvesticio xasiaTis finansuri gadawyvetilebebi 

pirdapiraa damokidebuli mTeli rigi politikuri, 

socialur-ekonomikuri da kulturuli faqtorebis 

mowesrigebasTan. 

saxelmwifo sainvesticio politikis erT-erTi 

umniSvnelovanesi sakiTxia xelsayreli sainvesticio 

garemos formireba. cneba „sainvesticio garemo“ moicavs 

yvela im faqtors, romelsac iTvaliswinebs investori 

kapitaldabandebebis ganxorcielebamde da 

romelic, saboloo jamSi, aisaxeba iseT kompleqsur 

maCvenebelze, rogoricaa sainvesticio riski. 

xelsayreli sainvesticio garemos Sesaqmnelad 

metad mniSvnelovania ormxrivi sainvesticio SeTanxmebis 

ricxvis gazrda. didi mniSvneloba aqvs ormagi dabegvris 

Tavidan asacilebel xelSekrulebebs, vinaidan 

ucxouri investiciebiT Seqmnili sawarmo, erTi mxriv, 

ukavSirdeba im qveynis sagadasaxado kanonmdeblobas, 

sadac ganxorcielda investicia, xolo meore mxriv - im 

qveynisas, romlis rezidenticaa investori. qveynebs 

Soris Sesabamisi xelSekrulebis ar arsebobis SemTxvevaSi, 

aRniSnuli garemoeba iwvevs ormag dabegvras, rac 

metad uaryofiTad aisaxeba kapitalis moZraobaze da, 

Sesabamisad, investiciebis ganxorcielebaze. 

investiciebis ganxorcielebisas yvelaze didi 

Semaferxebeli problema, korufciasTan erTad, aris 

biurokratia, rac seriozul bariers uqmnis yovel 

investors. 

saqarTvelos sainvesticio garemos naklovanebas 

warmoadgens aseve e.w. damatebiTi xarjebis ma- 

Rali done, mxedvelobaSi gvaqvs: kavSirgabmulobis, 

transportis, eleqtroenergiis SeferxebiT miwodeba 

da aqedan gamomdinare, mewarmeebis damatebiTi xarjebis 

zrda mdgomareobis gamosasworeblad. 

ucxoeli mewarmeebi erTxmad acxadeben, rom 

62



yvelaze met problemebs isini sagadasaxado organoebTan 

urTierTobisas awydebian. aranakleb mniSvnelovani 

dabrkolebaa qveynis arasrulyofili sabanko 

sistemac. igulisxmeba, sesxebze maRali saprocento 

ganakveTebi da bankebis mier, ZiriTadad, moklevadiani 

kreditebis gacema. 

sainvesticio garemoze uaryofiTad moqmed faqtorebs 

Soris erT-erTi yvelaze mniSvnelovania 

qveyanaSi arsebuli socialur-politikuri mdgomareoba 

(korufcia, kriminaluri mdgomareoba da sxva). saqarTveloSi 

qveynis teritoriuli mTlianoba darRveulia, 

rac kidev ufro arTulebs viTarebas. aqve 

aRvniSnavT, rom arsebuli siZneleebis gamo mravali 

sainvesticio kompania ikavebs Tavs saqarTveloSi investiciebis 

dabandebaze. 

2005 wlisaTvis saqarTvelos sainvesticio reitingis 

analitikuri Sefaseba mocemuli aqvs sareitingo 

saagento Standard&Poor’s, romelic Tavis angariSebSi 

qveynebis sainvesticio garemos Sefasebisas 

did mniSvnelobas aniWebs sakredito reitingisa da 

saxelmwifo valis moculobas. 

reitingis mixedviT saqarTvelos mieniWa B+ pozitiuri 

sakredito reitingi. sakredito reitingis 

miniWebis pozitiuri faqtorebidan gamoiyofa saqar- 

Tvelos mTavrobis awon-dawonili finansuri politika 

da sabazro ekonomikis struqturuli cvlilebebis 

Catareba, saxelmwifo valis zomieri da klebadi done, 

dadebiTi ekonomikuri perspeqtiva, rac ganpirobebulia 

myari sabazro orientaciiT. uaryofiT faqtorebs 

Soris Standard&Poor’s miuTiTebs ekonomikuri 

zrdis Semcirebul bazas da dabal Semosavals erT 

sul mosaxleze, biznes garemoSi jer kidev arsebul 

problemebs, sagareo likvidurobis sust maCveneblebs, 

Camouyalibebel politikur, samarTlebriv da 

ekonomikur institutebs, regionul konfliqtebTan 

dakavSirebul politikur gaurkvevlobas. 

baqo-jeihanis proeqtis dasrulebis Semdeg, saqarTveloSi 

Semosuli ucxouri investiciebis mobilizeba, 

ZiriTadad, ganpirobebuli unda yofiliyo 

qveyanaSi mimdinare privatizaciis procesiT. unda 

iTqvas, rom privatizaciis procesSi CarTuli investoris 

motivacia, umTavresad, damokidebulia: pirveli, 

igi kapitals likvidur qonebaSi abandebs, 

riTac amcirebs kapitaldabandebis risks da meore, 

yidulobs qonebas nominalTan SedarebiT dabali Rirebulebis 

fasad. ase, rom warumatebeli biznesis 

SemTxvevaSi, investori SeZlebs minimaluri danakargebiT 

am qonebis gayidvas da Cadebuli Tanxebis ukan 

dabrunebas. Znelia gamovyoT sxva motivacia, ramac 

SeiZleba ucxoeli investori moizidos, vinaidan saqarTvelo 

ver gaakvirvebs veravis verc ganaTlebis 

doniT da muSa-xelis kvalifikaciiT, verc ganviTarebuli 

infrastruqturiT, verc socialuri uzrunvelyofis 

moqnili sistemiTa Tu sxva saxis pirobebiT. 

aqedan gamomdinare, umTavresia swored privatizaciis 

Semdeg mosalodneli sainvesticio aqtivoba, 

Tu ramdenad dainteresdeba ucxoeli investori 

privatizebis Semdeg warmoebis gafarToebiT, es 

mTlianad damokidebuli iqneba qveynis SigniT arsebul 

politikur-ekonomikur stabilurobaze, sakomunikacio 

infrastruqturebis ganviTarebasa da ganaTlebis 

doneze. 

saqarTvelos ekonomikis zogadi ekonomikuri 

maCveneblebis mixedviT, ekonomikur krizisamde SeimCneoda 

mSp-s zrdis tendencia. miuxedavad amisa, jer 

kidev dabalia mSp-s mimarT sabiujeto Semosavlebis 

xvedriTi wili. Sesabamisad, dabalia erovnuli Semosavlis 

ganawilebis procesSi biujetis monawileobis 

done. sagareo vaWrobas saqonelbrunvis udidesi 

uaryofiTi saldoc axasiaTebs. sagareo vaWrobidan 

Semosavlebis dakargva da qveyanaSi damatebiTi finansuri 

saSualebebis mozidvis aucilebloba, garkveulwilad, 

ukavSirdeba krizisul wlebSi dawyebul kapitalis 

gaqcevis process, rac saqarTveloSi dResac 

grZeldeba da zrdis tendenciiT xasiaTdeba. adgilobrivi 

kapitalis gatanis mzardi tendencia erT-erTi 

umniSvnelovanesi xelisSemSleli faqtoria, ucxouri 

kapitalis mozidvis TvalsazrisiT. 

aRniSnulidan gamomdinare, vfiqrobT, arsebuli 

mdgomareobis gamosworebis TvalsazrisiT, aucilebelia, 

Seiqmnas kapitalis gatanis saxelmwifo regulirebis 

sistema, rac, garkveulwilad, kapitalis 

gatanaze konkretuli SezRudvebis dawesebas da adgilobrivi 

investorebisTvis saTanado pirobebis Seqmnas 

gulisxmobs. mxedvelobaSi gvaqvs, erTis mxriv, 

samamulo investorebis informaciuli da teqnikuri 

uzrunvelyofa, kerZo investiciebis dafinanseba, 

investiciebis dazRveva da, meores mxriv, garkveuli 

saxis investiciebis akrZalva, sazRvargareT ganxorcielebuli 

investiciebis licenzireba da Sesabamisi 

winapirobebis SemuSavebis safuZvelze kapitalis gatanaze 

dafinansebis SezRudva. sabolood, SeiZleba 

iTqvas, rom kapitalis gadinebis masStabebis Semcireba 

damokidebulia gonivruli ekonomikuri kursis 

gatarebaze. 

kapitalis eqsporti, romelic ar aris orientirebuli 

erovnuli meurneobis SesaZleblobebis gafarToeba-stimulirebaze, 

mosaxleobis dasaqmebaze 

da Semosavlebis zrdaze, bunebrivia, sagareo wyaroebidan 

saxsrebis mozidvis aucileblobas iwvevs. 

finansuri resursebiT kvlavwarmoebis procesis 

uzrunvelyofis Seferxebaze sagareo valis zrdiT 

gamowveuli uaryofiTi gavlenis Sesafaseblad arsebobs 

ramdenime kriteriumi. erT-erTi kriteriumia 

sagareo valis Tanafardoba da qveynis mosaxleobis 

odenobis, aseve biujetis saerTo SemosavlebTan an 

qveynis Sida produqtTan. magram yvelaze srulyofili 

maCvenebeli mainc sagareo valebis saeqsporto 

SemosavlebTan Tanafardobaa, Tundac imitom, rom 

Tu, magaliTad, romelime qveynis ekonomika dabali 

efeqturobiT funqcionirebs, mas, erT sul mosaxleze 

gaangariSebiT, gacilebiT naklebi valic rom hqondes, 

vidre meore qveyanas, romlis ekonomika swrafad 

viTardeba da saeqsportodac sakmarisi raodenobis 

saqoneli gaaqvs, ukanaskneli ufro advilad gadaixdis 

vals. qveynis sagareo valis saSiSroebis Sesafaseblad, 

miCneulia sagareo valis an masze daricxuli 

procentis Sefardeba (an orivesi erTad) eqsportis 

63


moculobasTan. saSiSroebis zRvarad miCneulia saprocento 

ganakveTebis Sefardeba eqsportTan, rac 

26-30 procents ar unda aRematebodes. saxarbielo 

mdgomareobiT aqac ver davikvexniT. 

5. daskvnebi da rekomendaciebi 

Cveni azriT, saqarTvelos mTavrobam unda moaxdinos 

saxelmwifo sainvesticio politikis seriozuli 

koreqtireba Semdegis gaTvaliswinebiT: 

1. Camoyalibdes pirobebi da meqanizmi sawarmoebis 

aqtivebis sabazro SefasebisTvis, rac am aqtivebis 

ufro racionalurad gamoyenebis saSualebas 

miscems; 

2. Seicvalos saamortizacio politika, misi 

liberalizaciis mimarTulebiT, reformirebuli sawarmoebisaTvis 

Tavisuflebis xarisxis gazrdiT; 

3. sainvesticio procesis TanamimdevrobiTi decentralizacia 

da sawarmoebis dagrovebis sakuTari 

Sida wyaroebis rolis gaZliereba, maTi sainvesticio 

proeqtebis dasafinanseblad; 

4. kompaniebis saxelmwifo mxardaWera centralizebuli 

investiciebis xarjze; 

5. SezRuduli raodenobis centralizebuli kapitaluri 

dabandebebis ganTavseba da sainvesticio 

proeqtebis saxelmwifo dafinanseba mkacrad miznobrivi 

programebisa da konkursis safuZvelze; 

6. sainvesticio proeqtebis erToblivi saxelmwifo-komerciuli 

dafinansebis praqtikis mniSvnelovani 

gafarToeba. 

64



gamoyenebuli literatura: 

1. Keynes John M. The General Theory of Employment, Interest, and Money. London, Palgrave Macmillan. 1936. 

2. Campbell, C.D., R.G.Campball and E.G.Dolan. Money, Banking, and Monetary Policy, The Dry-den Press, 1988. 

3. Friedman D. , Money & Banking, American Bankers Association, 1989. 

4. Miller, R.L. and D.VanHoose, Money, Banking & Financial Markets, Cincinnati, 2001. 

5. R.A.Brealey, S.C.Mayers. Principles of Corporate Finance. New York: McGrow Hill, 1988. 

6.Warren E. Buffett. The Essays of Warren Buffett: Lessons for Corporate America. The Cunningham Group. 2001. 

7. ZnelaZe g. finansuri nakadebis modelirebis meqanizmi saqarTveloSi, Jurnali „banki“, #16, 2003; 

8. ZnelaZe g. makroekonomikuri maCveneblebis gavlenis analizi mosaxleobis cxovrebis doneze – 

socialuri politikis warmarTvis safuZveli, sskgc-s biuleteni #102, 2007 weli. 

9. ZnelaZe g. finansuri usafrTxoeba – qveynis socialur-ekonomikuri stabilurobis aucilebeli 

piroba, sskgc-s biuleteni #107, 2008 weli. 

10. z. garayaniZe. S. murRulia. sainvesticio usafrTxoebis zogierTi problema saqarTveloSi. sskgc-s 

biuleteni #107, 2008 weli. 

11. ZnelaZe g. globaluri krizisis socialur-ekonomikuri Sedegebi saqarTveloSi da maTi 

kompensaciis gzebi. sskgc-s biuleteni #114, 2009 weli. 

65

biuleteni # 116 - csrdg

Create successful ePaper yourself

Delete template?

Save as template?