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Nika Koyava

Through&nbsp;the&nbsp;active engagement&nbsp;of SavvY's team, Gazelle Finance Georgia LLC, an investment fund, has committed to invest a substantial investment of $2,500,000 in Camex Airlines LTD.&nbsp;Gazelle Finance operates as a financing company serving small and medium enterprises (SMEs) in the Eurasia Region, with a particular focus on entities showcasing&nbsp;the&nbsp;remarkable potential for high-growth. Camex Airlines, a cargo airline with nearly two decades of experience in the transportation industry, offers ACMI leasing services and charter/ad-hoc solutions.This is Gazelle Finance's first investment in the transportation sector in Georgia, which marks a significant milestone for the company.&nbsp;Camex Airlines can now enter into lease agreements with multiple lessors, allowing them to acquire and operate four aircraft, including both narrow and wide-body freighters like the Boeing 737-800 BCF. This financial support also ensures the availability of the necessary working capital for the ongoing operations and maintenance of these aircraft. The company received its first aircraft, a Boeing 737-800 BCF, in July 2022 and began commercial flights in August after successfully passing all the necessary procedures. Furthermore, in 2023, two more aircraft were successfully integrated into the existing fleet.<figure class="table" style="width:100%;"><table class="ck-table-resized"><colgroup><col style="width:35.38%;"><col style="width:64.62%;"></colgroup><tbody><tr><td><h1>How we helped</h1></td><td>The project&nbsp;aimed to use Georgia's strategic location for initiating air transportation.&nbsp;To achieve this, SavvY's team prepared an investment package encompassing key tasks such as developing an optimal financing structure, conducting extensive research on potential investors, evaluating investments of potential routes, and performing thorough financial analyses of leasing companies of cargo suppliers (providers).</td></tr></tbody></table></figure>&nbsp;Additionally, our team actively participated in the air cargo value chain process, meticulously assessing the financial viability of partnership terms and requirements. Following&nbsp;careful evaluation of&nbsp;numerous international and local financial institutions and investors, Gazelle Finance, a local private investor, and a bank were ultimately chosen as the preferred sources of financing, each with distinct proportions and conditions.<figure class="table" style="width:100%;"><table class="ck-table-resized"><colgroup><col style="width:27.34%;"><col style="width:72.66%;"></colgroup><tbody><tr><td><h1>Impact and potential</h1></td><td>This investment presents an opportunity for Georgia to amplify its multimodal freight and cargo transit capabilities by establishing new air transportation corridors and trade routes.</td></tr></tbody></table></figure>It enables Camex Airlines to significantly increase the number of orders for additional destinations and become the first air freight company in the country to operate on a transcontinental route.&nbsp;<a href="https://www.interpressnews.ge/en/article/118264-gazelle-fund-lp-invests-in-camex-airlines-an-air-cargo-carrier-in-georgia">See article about our project</a>&nbsp;

Georgia

Camex

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Fundraising

SavvY supports CAMEX in access to finance

SavvY prepared a business plan for a private client. The main purpose of the plan was to determine the demand for the Aberdeen-Angus cattle breed steak on the Georgian market, to provide their transportation from abroad, and to arrange a recipient farm. Additionally, communication with private and public institutions to attract resources was provided. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;During SavvY’s consultation services, favourable and unfavourable conditions for business development in Georgia were assessed based on a PESTEL analysis. After that, the product was studied in detail and its supply and demand were determined according to the Georgian market. Then we defined the target market, where steak should be positioned and who were the main market competitors. Finally, a detailed financial model was prepared where various scenarios were discussed, after which the project was evaluated positively and implementation began. Using the business plan, it was possible to receive a bank loan, with the interest financed by the Enterprise Georgia project. Also, within the project, the government handed over the land on which the farm was built to the client.<h2 style="margin-left:0px;text-align:justify;">Business Plan for Meat Processing Factory</h2>During June 2019, SavvY developed a business plan for meat processing factory. In addition, our team made meat market research in Georgia and depending on market trends, created particular concept for a factory. Also SavvY developed financial model, which provides information about raw materials purchases and includes potential sales assumptions. As a result, client was provided by a detailed business plan document.

Naturveli

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Business Plan

Business Planning & Financial Modeling for Black Angus Farm

The main operating activity of “Meghvineoba Mukuzani LTD” is winemaking and viticulture. The vineyards are located in the village of Mukuzani. The village of Mukuzani is recognized as a micro-zone of “Mukuzani” and has a unique grape harvest, which gives the wine a special aroma.In 2020, under the project, SavvY provided business valuation consulting service to the company based on international valuation standards.

Meghvineoba Mukuzani 

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Asset Valuation

Business Valuation of Mukuzani

In 2020, SavvY prepared a business plan for the production of audio-video equipment, lithium-ion batteries. In the process of working on the business plan, the SavvY team studied key industry characteristics, local market consumption, key players in the world market, as well as import-export statistics. Within the framework of the project, a business concept was developed and financial calculations for 7 years were prepared.

Inovator 

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Investment Teaser

Business Plan For The Production of Audio-video Equipment

Business Plan&nbsp;SavvY prepared the business plan to re-equip and expand the winery in the Telavi municipality, Kakheti. Throughout this project, the team investigated the main characteristics of the wine industry, assessed local wine consumption, analyzed export data, selected potential target markets, developed the business concept, and came up with a 7-year financial projection. The project also included a site visit. SavvY helped Sanavardo raise up to 2 million dollars from international and local investment funds.ValuationDuring the Due Diligence process, the team assessed revenue growth and cost-reduction opportunities and determined the target’s full potential and fundamental value. SavvY’s team also provided a clear view of the target company’s Value and Risk profile based on International Valuations Standards.&nbsp;

Sanavardo

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SavvY supports Sanavardo in access to finance

News

On March 12–13 in Tbilisi, the International Transport and Logistics Exhibition was held for the second time, organized by SavvY and Expo Georgia bringing together leading companies and experts from the industry in one space.As part of the exhibition, companies were представлен through individual stands. Visitors had the opportunity to meet company representatives in person and receive detailed information about their logistics services.The business forum featured a series of panel discussions, where industry representatives discussed trends in the development of Georgia’s transport and logistics sector, regional challenges, and future perspectives.&nbsp;One of the key components of the exhibition was targeted B2B meetings, which enabled participating companies to engage in direct negotiations with pre-selected potential partners and clients, and to outline concrete steps for future collaboration.Exhibition partners and supporters:<ul><li>General Sponsor - TBC Bank</li><li>Sponsors – TBC Leasing, TBC Insurance, Tbilisi Dry Port</li><li>Media Partners – BusinessPressNews, PalitraNews</li><li>Supporter – Business Association of Georgia</li></ul>

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The International Transport and Logistics Exhibition in Georgia was held for the second time

SavvY and Dastafe have signed a partnership agreement to launch a joint service - SavvY powered by Dastafe. By combining SavvY’s financial expertise with Dastafe’s cutting-edge technology, the partnership will deliver comprehensive business intelligence and AI-powered analytics solutions. The initiative aims to help companies transform their financial data into a strategic advantage through advanced BI tools, data-driven insights, and AI-enabled analytics.&nbsp;

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SavvY and Dastafe have signed a partnership agreement to launch a joint service - SavvY powered by Dastafe

Central Asia is facing an increasing shortage of water resources driven by climate change, growing demand for water supply and irrigation, and the rising needs of both population growth and economic development. These pressures place additional strain on the agricultural sector and highlight the urgent need for rational and sustainable water use. Under these conditions, effective water resource management has become a strategic priority, directly influencing regional cooperation and Central Asia’s role within the global water cycle.A response to these challenges will come through the International Forum: Tashkent Water Week, to be held on 25–26 March 2026 in Tashkent. Initiated and organised by the Government of the Republic of Uzbekistan and convened in this format for the first time, the Forum will offer a unique platform for experience-sharing, discussion of innovative approaches, and the development of joint strategies for sustainable water resource management.The Forum programme, themed “Technologies and Innovations in Water Resource Management. Central Asia and the Global Water Cycle,” will feature high-level plenary and panel sessions. Discussions will focus on water and sustainable development, trust-building, and the search for joint solutions. Particular attention will be given to transboundary water cooperation and interstate coordination, as well as sustainable water use and the development of resilient agricultural systems.Participants will examine technological and digital innovations in water supply, global trends and key challenges in water governance, the role of water in ensuring food security, and the strengthening of cross-sectoral cooperation. Additional topics will include the implementation of green standards, sustainable land use practices, human capital development, and the training of qualified professionals for the water sector.Complementing the Forum’s strategic agenda, the Tashkent Water Week will also host the Tashkent Water Security Conference and an Academic Competition – the International Subject Olympiad in Water Management Disciplines, strengthening the link between strategic dialogue, scientific expertise, and the development of a new generation of water professionals.Tashkent Water Week 2026 will bring together government authorities, international organisations, leading scientists, businesses, and the expert community, providing a comprehensive platform to address transboundary water security challenges, showcase innovative governance and technological solutions, and develop practical strategies for the rational use of water resources. The Forum aims to strengthen regional cooperation and promote sustainable water use models, contributing to Central Asia’s long-term water resilience and economic development.In recent years, countries across the region have hosted numerous international conferences, consultative meetings, and expert dialogues focused on the efficient use and conservation of water resources. In this context, Tashkent Water Week 2026 is designed to complement and build on the existing formats of cooperation by establishing a multilateral platform for experience exchange and discussing modern approaches to water governance on the regional and global level.For more information on participation in the Forum, please visit the official website: <a href="http://www.tashkentwaterweek.uz">www.tashkentwaterweek.uz</a> <a href="http://www.kamillasultanova.com/?fbclid=IwZXh0bgNhZW0CMTAAYnJpZBExdVNHbHA3a240VXZDbldma3NydGMGYXBwX2lkEDIyMjAzOTE3ODgyMDA4OTIAAR6-WKeX6pHXTiEw-aoC75LEtefrlIZtgNIIKZDL3Vje_FjtN20PnghdfAcg0g_aem_ptrZvC9XnxSj8e1aD5lUQg">www.kamillasultanova.com</a>&nbsp;&nbsp;

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Tashkent to Bring Regional Leaders Together to Address Water Scarcity in Central Asia

<img src="/uploads/PHOTO_2025_12_09_13_32_16_ce17588ec0.jpeg" alt="PHOTO-2025-12-09-13-32-16.jpeg">Mariam Koyava became the member at the BARTA’s &nbsp;panel of judges. BARTA is the Best Annual Report and Transparency Report. This initiative is supported by the World Bank's Enhancing Accounting, Auditing, and Sustainability Reporting Program &nbsp;(EAASURE) regional program implemented by the Centre for Financial and Sustainability Reporting Reform (CFRR).

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Mariam Koyava became the member at the BARTA’s  panel of judges

Insights

<img src="/uploads/What_is_IFRS_for_SM_Es_1ff56f73e8.jpg" alt="What is IFRS for SMEs">The International Financial Reporting Standards (IFRS) represent a globally recognized framework for preparing and presenting financial statements. Their purpose is to ensure consistency, transparency and comparability of financial reporting across countries. However, for small and medium-sized enterprises (SMEs), the application of full <a href="https://wesavvy.co.uk/services/ifrs-transition-and-implementation">IFRS</a> can be challenging due to its technical complexity and high compliance costs.To address this challenge, the IFRS for SMEs standard was developed by the International Accounting Standards Board (IASB). It provides a simplified, yet internationally consistent, reporting structure designed specifically for smaller entities that do not have public accountability. IFRS for SMEs keeps the main ideas of full IFRS but removes parts that are not relevant for smaller businesses, making reporting simpler and requiring fewer disclosures.<h2 style="text-align:justify;">IFRS Adoption in Georgia and Uzbekistan</h2>In Georgia, the adoption of IFRS standards became a legal requirement following the implementation of the Law of Accounting, Reporting, and Auditing. The law, enforced by the Service for Accounting, Reporting and Auditing Supervision (SARAS), established a clear classification of entities by size and introduced mandatory reporting under IFRS or IFRS for SMEs. This reform aimed to align Georgia’s accounting practices with international standards, enhance the credibility of <a href="https://wesavvy.co.uk/services/financial-reporting">financial reporting</a> and improve access to foreign investment.Similarly, Uzbekistan has also undertaken significant reforms in this area. Since January 2021, IFRS standards have become mandatory for commercial banks, insurance organisations, large taxpayers and state-owned enterprises. Other businesses may adopt IFRS voluntarily, while SMEs remain under national accounting standards. This transition reflects Uzbekistan’s broader effort to harmonise its financial reporting with international practices and strengthen transparency for investors.<h2 style="text-align:justify;">Key Benefits of IFRS for SMEs</h2>1. Simplified compliance with international standardsIFRS for SMEs provides a simplified reporting system that meets international expectations without the technical complexity of full IFRS. It simplifies recognition and measurement principles, reduces disclosure requirements and offers a logical structure that can be applied by smaller accounting teams. Despite being simplified, it ensures that financial statements remain consistent with global norms, which is vital for companies engaged in cross-border trade or seeking international financing.2. Improved transparency and comparabilityFinancial statements prepared under IFRS for SMEs are more transparent and comparable, both domestically and internationally. This enhances stakeholders’ ability to assess a company’s performance and financial position objectively. For investors, lenders and regulators, transparent reporting reduces risk and builds confidence in the enterprise’s governance. For SMEs in emerging markets like Georgia, such credibility can significantly improve access to investment and partnership opportunities.3. Efficiency and reduced administrative burdenCompared to full IFRS, the SME framework reduces compliance costs and administrative pressure. Smaller businesses often lack dedicated financial departments and the IFRS for SMEs allows them to meet reporting requirements without overextending their resources. This practical balance between simplicity and international alignment makes it an essential tool for sustainable business growth.<h2 style="text-align:justify;">Challenges in Adoption for SMEs</h2>Despite its advantages, the transition to IFRS for SMEs presents several challenges, particularly in developing and transitional economies.1. Limited expertise in IFRS applicationMany SMEs lack in-house professionals with IFRS knowledge. Accountants previously trained under national standards must acquire new competencies, often requiring substantial investment in education and training. These challenges are not unique to Georgia. Uzbekistan is facing similar barriers during its IFRS adoption process, particularly in SMEs, where accountants traditionally rely on national standards. Limited training resources and the need for large-scale capacity building remain key issues, prompting the government to introduce multi-year transition plans and targeted professional education initiatives.2. Insufficient local-language materialsInitially, most IFRS documentation was available only in English. This language barrier created obstacles for practitioners in non-English-speaking countries. Access to translated and contextually adapted learning materials became a critical requirement for effective implementation.3. Transition from national standardsAdopting IFRS for SMEs involves significant procedural and conceptual changes. Companies must revise their accounting policies, adapt internal systems and ensure that staff understand new reporting principles. The transition process requires not only technical training but also a change in mindset toward international best practices.<h2 style="text-align:justify;">SavvY and SARAS Initiative</h2>To address these challenges, the IFRS for SME Capacity Building Project was initiated by the Ministry of Finance of Georgia’s Service of Accounting, Reporting, and Auditing Supervision (SARAS), with the support of the United States Agency for International Development (USAID) through the Governing for Growth (G4G) program. The implementing organization of this national reform initiative was SavvY.The project was designed to build professional capacity, ensure access to learning materials in Georgian and prepare the business sector for full compliance with the new legal requirements on accounting and financial reporting.Key project outcomes included:<ul><li>Creation of an IFRS trainer network: A pool of 88 qualified IFRS trainers was established - 30 English-speaking and 58 Georgian-speaking. This network became the foundation for long-term training delivery in Georgia.</li><li>Development of interactive training modules: Comprehensive and user-friendly training materials were designed, including a syllabus and 35 modules covering all IFRS for SMEs topics.</li><li>Translation of IFRS for SMEs materials: Over 2,500 pages of IFRS for SMEs content were translated into Georgian, ensuring accessibility for all accounting professionals.</li><li>Training of accounting professionals: 100 accountants completed intensive training programs based on the newly developed materials, enhancing their ability to apply IFRS principles in practice.</li></ul>SavvY, in collaboration with international experts such as Mike Wells, coordinated multiple stakeholders, ensuring that global expertise was effectively transferred to the local context. The project also established a Review Committee to oversee the quality and accuracy of the translated materials, maintaining alignment with international standards.In addition, the initiative created the IFRS Training Network - an open platform connecting trainers and practitioners nationwide. This network facilitates continuous knowledge exchange, sharing of new updates from IASB and coordination of future training sessions.<h2 style="text-align:justify;">Impact and Practical Lessons</h2>The IFRS for SME Capacity Building Project has had a long-lasting influence on Georgia’s financial reporting environment and professional development ecosystem.1. Strengthened professional capacityThe project significantly increased the number of qualified IFRS professionals in Georgia. Companies now have greater access to skilled accountants capable of producing internationally comparable financial reports. This has improved the overall quality and credibility of financial data across the SME sector.2. Sustainable access to knowledge resourcesThe translation of 35 IFRS for SMEs modules into Georgian created an enduring knowledge base. These materials remain publicly available on the SARAS website, serving as official resources for trainers, accountants and students. The availability of these tools continues to facilitate professional growth and ongoing education in financial reporting.3. Development of a sustainable training networkThe 88 trained IFRS instructors form a permanent infrastructure for continuous capacity building. Many trainers have since developed new educational programs and consulting services, ensuring that IFRS knowledge continues to spread and evolve within Georgia’s accounting community.The project also supported the private training and consulting market by creating new business opportunities for professionals offering IFRS-related services. This multiplier effect contributes to the country’s overall economic development by strengthening institutional competence and promoting transparency in financial reporting.<h2 style="text-align:justify;">Building a Sustainable Future for Financial Reporting in Georgia</h2>The implementation of IFRS for SMEs marks a significant milestone in aligning Georgia’s financial reporting system with International Financial Reporting Standards (IFRS). By simplifying compliance while ensuring global credibility, it enables SMEs to produce reliable financial statements that meet investor and regulator expectations.Its successful adoption relies on education, professional capacity and institutional cooperation. The partnership between SavvY, SARAS and USAID’s G4G Project proved to be an effective model for building national expertise in IFRS.Through targeted training, translation of IFRS materials and a strong professional network, Georgian companies have gained the tools to transition efficiently to IFRS for SMEs, improving transparency and strengthening their competitiveness in the global market.

What is IFRS for SMEs

What is IFRS for SMEs and why it matters for companies

Hey, I'm Nika Koyava and I'm gonna help you

Projects I've worked on

SavvY supports CAMEX in access to finance

Business Planning & Financial Modeling for Black Angus Farm

Business Valuation of Mukuzani

Business Plan For The Production of Audio-video Equipment

SavvY supports Sanavardo in access to finance

See All projects

Publications

The International Transport and Logistics Exhibition in Georgia was held for the second time

SavvY and Dastafe have signed a partnership agreement to launch a joint service - SavvY powered by Dastafe

Tashkent to Bring Regional Leaders Together to Address Water Scarcity in Central Asia

Mariam Koyava became the member at the BARTA’s panel of judges

What is IFRS for SMEs and why it matters for companies

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