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Trump, Saakashvili Unveil Plans For Batumi Tower

Donald Trump's Georgia project will cost an estimated $250 million to build. (file photo)
U.S. real estate developer Donald Trump has joined Georgian President Mikhail Saakashvili to unveil plans for a luxury apartment complex along the Black Sea coast.

The plans call for the 47-storey Trump Tower to be built in Batumi by the Silk Road Group under a licensing agreement signed in New York last year.

Saakashvili said during the April 22 presentation in Batumi that the Georgian conglomerate expects to have the necessary funding by the end of this year, with construction expected to start in early 2013.

Georgia's Economy Minister Vera Kobalia says the project will encourage more foreign investment.

Saakashvili oversaw steady economic growth after becoming president in 2004. But the economy was hit in recent years by the global downturn and repercussions from the August 2008 war with Russia.

Based on reporting by Reuters, AP, and Interfax