Posted: 4 weeks ago
Partnership Fund to Repay 139 million GEL to CREDIT SUISSE
In September 2019 state-owned Partnership Fund must repay 139 million GEL to Swiss bank Credit Suisse, including the principal sum of 117.5 million GEL and 21.5 million GEL interest rate and commission fee.
According to the report, the Fund started the year of 2019 with the balance of 78 million GEL, while the figure was 255 million GEL in 2018, but the following investment and operational business decreased this balance to 78 million GEL.
According to Ministry of Economy, in 2018 the Partnership Fund’s revenues made up 85 million GEL, but in 2019 the incomes’ forecast will be lower by 34% and the figure will fall to 56 million GEL.
The 2019 investments portfolio makes up 152 million GEL and financial expenses will be 139 million GEL. As a result, the Partnership Fund’s positive balance of 78 million GEL will be replaced by the negative balance of 171 million GEL.
According to the report, Partnership Fund is a losing business and its IRR makes up 7.9%.
According to the 2018 financial report, the fund’s subsidiary Georgian Railway finished the year with 716 million GEL losses.