Credo Holdings Ltd. said Tuesday it will begin raising $2 million for a new real estate development project in Georgia, one of the fastest developing nations in Eastern Europe. The project, set to begin construction later this year, will be marked for the development of a retail center in Tbilisi, the capital of Georgia. The company is looking to build on its successful construction and sale of residential units last year in the city. Earnings from the project are targeted at some $15m. Along with Tel Aviv-based Credo, which has contributed 60 percent of the funds, several local investors also have poured money into the project. "We strongly believe that Georgia is an excellent place to invest in and we are very happy about this project and we look forward to future opportunities to build in the country," said Credo CEO Yoram Shalit.