State-owned investment fund to change its name, functions under Georgia’s Development Fund
The Partnership Fund aims to promote investment in Georgia by providing co-financing in projects at their initial stage of development. Photo: Partnership Fund/Facebook
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Georgia’s state-owned investment fund known as the Partnership Fund since 2011 will change its name into the Georgian Development Fund and turn into a more modern structure, Economy Minister Natia Turnava has announced.
Minister Turnava said this would be ‘an important step’ forward.
The Partnership Fund as a tool plays a very important role for business which needs diverse mechanisms for financing in Georgia, including capital, which the Partnership Fund has been providing so far”, Turava said.
She further noted that following the rebranding, the state-owned fund will have an independent board of trustees comprised of professional members, instead of state officials.
Following the changes the Georgian Development Fund will be ‘stronger, self-sufficient and financially stable’.
Economy Minister Natia Turnava has announced the changes to the name and the function of the Partnership Fund. Photo: Economy Ministry press office
The Partnership Fund was created on the basis of consolidating the ownership of the largest Georgian state owned enterprises operating in transportation, energy and infrastructure sectors.
Its main objective is to promote investment in Georgia by providing co-financing in projects at their initial stage of development.
A joint representation of a state-owned shareholding company Partnership Fund (PF) and a Georgian Chamber of Commerce and Industry (GCCI) has been opened in the Chinese city of Guangzhou.
A state-owned shareholding company Partnership Fund (PF) has completed working on the concept of developing Georgia’s Racha region together with an international network of public accounting, tax and advisory firms, BDO.
Georgia is looking for ways to deepen cooperation with its partners in China and encourage more Chinese investors into the country.
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.
The Government of Georgia has become a 100 percent shareholder of Georgian Railway, marking a change in the major company operating rail services across the country.
Besik Bugianishvili, the Executive Director of the Development Fund of Georgia, on Thursday said his office had started working with international development banks and foundations to raise capital and implement a new investment strategy.