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Partnership Fund Ends the Year of 2017 in 441 million GEL Losses

Partnership Fund of Georgia has ended the year of 2017 in losses of 441 million GEL, according to the 2018 report on fiscal risks attached to the 2019 state budget bill.

According to the report on fiscal risks, the negative indicators were mainly preconditioned by the 354 million GEL losses of Georgian Railway. Total losses of 68 state-owned companies made up 562.937 million GEL.

“According to KPMG Georgia, the main reason is related to the so-called Tbilisi bypass railroad project”, the report reads. 

According to the conclusion of this company, LLC Energo Trans, a subsidiary of Georgian State Electrosystem, received less-than-planned money inflows. 

The same document describes the Partnership Fund’s activities and objectives: 

“Key functions of the Foundation are to attract investments and make investments in private and state companies in Georgia, through financing the stock capital and securing debts”.

The fresh materials regarding the Partnership Fund’s performance was published by Business Media Group.