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OPIC and Partnership Fund to Develop Mechanisms for Financing Startups

As part of the Georgian Prime Minister’s visit to the USA, the US Government development finance institute, the overseas private investment corporation (OPIC) and the partnership fund have concluded a memorandum on mutual understanding. The memorandum enables the partnership fund and OPIC to cooperate for financing projects.

The memorandum was signed by Georgian Minister of Economy and Sustainable Development Dimitri Qumsishvili, the partnership fund deputy executive director Natia Turnava and the OPIC administration head Cameron Alford.

Our cooperation with the OPIC is very important. As part of the 4-component initiative of the Georgian Prime Minister, the Partnership Fund and the OPIC are working on financing the startups fund. Both OPIC and the Partnership Fund will make contributions to this Fund. This will be additional support to our reforms, Dimitri Qumsishvili said.

The Georgian Party and the OPIC have reached an agreement to jointly expose the investment potential of Georgia and it will be easier to draw financial resource from the OPIC, the Georgian Economy Minister noted.

Under the memorandum, the Partnership Fund and the OPIC will jointly study various commercially interesting projects and finance them in case of a due decision taken. Under the document, the parties will determine general principles for long-term cooperation to promote efficient and fast implementation of projects in various sectors.

At this stage, the Partnership Fund and the OPIC provide tight cooperation as part of several projects, including Radisson Tsinandali project, the Gazelle Finance foundation for small and medium-sized enterprises, joint projects in the health sector and other projects.