Partnership Fund begins two major projects in Georgia

Georgia's state-owned shareholding company, the Partnership Fund (PF), is teaming up with local company Gino Invest to implement two major projects in Georgia.

One project envisioned building an Eco Green City near Tbilisi Sea territory while the other was about building several spa-hotels in different regions of Georgia.

The Tbilisi Sea development project included building kindergartens, schools, sport and recreation centres, medical and rehabilitation centres and a trade district. It also outlined the creation of residential villas, cottages and apartments.

The whole area will be classed as an Eco Green City where 90 percent of the energy used by all facilities will be generated from solar, wind, hydro power and bio gas.

As for the second project, plans were already in place to build the first spa-hotels in Bakuriani village and Mtskheta and Kakheti regions.

Additionally, the Partnership Fund was working on creating a new financial institution.

Georgia’s Economy Minister Dimitri Kumsishvili agreed that the country "really needed” a strong financial corporation. He said the Economy Ministry had been working on creating the corporation with German Development Bank KfW.

We should create a structure that will support promotion of exports. We have successfully finished the first phase and now are starting the second one,” said Kumsishvili.

Head of the PF David Saganelidze said a new financial institution should start its activities from next spring.