Government to Restrict Investment Activity of Partnership Fund
The Government of Georgia plans to implement the conditions agreed with the International Monetary Fund (IMF), under which all financial activities of Partnership Fund, excluding the ingoing projects, will be zeroed.
“The Partnership Fund will not enter new projects and will not take new obligations”, the agreement reads.
We remind you that the Georgian Government started working on changing the Partnership Fund’s activity model in summer 2019. According to the spread information, the Government plans to change the Fund’s management structure and the enterprises owned by Partnership Fund will be transmitted to the Government in management.
As noted by Economy Minister Natia Turnava in December 2019, the reformation project would be introduced in spring 2020.
“Partnership Fund has fulfilled essential role in Georgian economy for several years: it has implemented various projects of more than 2 billion USD, thanks to its co-participation and active cooperation with foreign investors. Every 1 USD invested by the Fund and the Government has won 7 USD. This is a very important result, however, the economy changes, priorities and strategies are revised, and naturally, Partnership Fund, as an institution, requires further development.
We are developing a new mandate together with the very professional team of Partnership Fund and the new strategy will be introduced in spring 2020”, Natia Turnava noted.