Georgia's National Bank's president said bank lending is expected to increase 7.5 percent year-on-year in 2021.

“The affirmation reflects our expectation that GOGC will be able to deleverage to within our rating sensitivities from 2022 on improved EBITDA from the electricity generation segment, following an expected leverage spike in 2021," Fitch said in a statement.

The project was conceived years ago but in the last year or so, Orthodox ecclesiastical authorities, who suddenly seem well-financed, have whipped up a storm of opposition, saying their rich and unique traditions are under threats from "foreign forces", namely Turkey.