Georgia's Partnership Fund to be Renamed 'Development Fund of Georgia' in Ambitious Reform Plan
Georgia's Partnership Fund is set to undergo a reform that will result in the fund being renamed the "Development Fund of Georgia". The proposed changes were discussed in the legislative body, and the draft law includes provisions to clarify the fund's goals, tighten the criteria for participation in its projects, and optimize its management structure.
Vakhtang Zorbenadze, the Deputy Executive Director of the Partnership Fund, discussed the proposed changes in a sectoral committee of the Parliament. He revealed that the financing criteria for future projects would be tightened and that the source of financing would not be the state budget.
The Development Fund of Georgia will prioritize investments in high-tech, eco-friendly, and innovative production, as well as start-ups, export-oriented production, production with import substitution potential, and other permitted activities, except for gaming businesses. The criteria for the Partnership Fund's participation in projects will also become stricter.
The proposed changes will affect the conditions of project implementation, which will require co-financing. Additionally, the new composition of the Supervisory Board will be selected based on criteria determined by the government.
During the 90-day transitional period, the new edition of the charter will be approved, the Supervisory Board updated, and the fund will begin operating under its new name.
The proposed changes are aimed at optimizing the Development Fund of Georgia's operations and increasing its effectiveness in promoting economic growth and development in the country. The changes will ensure that the fund focuses on investing in high-potential projects that will benefit the Georgian economy and its people.