Georgian President Pays Cartu Bank GEL 1m Loan Taken During Election Campaign

Georgian President Salome Zourabichvili has paid GEL 1 million loan back to Cartu Bank, taken in mid-October 2018 during the election campaign.

“President Salome Zurabishvili has covered the loan in the amount of GEL 1 million that she took from Cartu Bank for her campaign expenses,” the President’s Press Office confirmed.

Zourabichvili covered the loan after receiving GEL 1 million from the state budget on January 8.

Georgian Election Code reads that candidates, who obtain at least 10% of votes in the elections, can receive GEL 1 million from the state budget to cover their election campaign expenses.

Two opposition parties, European Georgia and the United National Movement (UNM), whose candidate came second in the race, also received GEL 1 million each, because their candidates received more than 10% of votes in the October 28 presidential elections.

The information was confirmed by the Central Election Commission (CEC).

“The electoral subjects have already received money to cover their election expenses. The candidates who obtained at least 10% of votes [in presidential elections] received the reimbursement. Accordingly, Salome Zourabichvili, European Georgia and the United National Movement received it,” Ana Mikeladze, spokesperson of the CEC stated on Wednesday.

The owner of Cartu Bank, which gave the loan to Zourabichvili, is billionaire Bidzina Ivanishvili, Georgia’s former Prime Minister and the founder and Chair of the GD party, which supported her during the elections.

When taking the loan from the bank, Zourabichvili stated that she was sure she would get around 70% of the vote, receive money from the budget and pay back the loan.

In the November 28 run-off, now president of Georgia managed to get up to 60% of votes, leaving the UNM’s Grigol Vashadze behind.