SOCAR enters Georgian co-investment Fund
Georgia, Tbilisi, July 31 / Trend, N. Kirtzkhalia /
SOCAR (State Oil Company of Azerbaijan) entered Georgia's co-investment Fund, which was established on the initiative of the country's Prime Minister Bidzina Ivanishvili, the co-investment Fund reported.
According to the report, the co-investment Fund has already attracted $6 billion and its activity will begin in autumn of 2013. The resources of various companies and foreign investors are being accumulated in Georgia's co-investment Fund.
Currently, the Fund includes "Dhabi group", "RAKIA", SOCAR, Batumi terminal, "KazTransOIl", "Celik Holding", Milestone International Holdings Group Limited, as well as Bidzina Ivanishvili himself and the members of the family of the late billionaire Badri Patarkatsishvili.
"The Fund gives opportunity to investors to invest resources in Georgia's economy and to date, $6 billion has already been attracted. The Fund will invest in spheres such as energy, infrastructure, industry, agriculture and tourism. The Fund will operate as follows: it will invest in one or another facility, will manage it for some time, and then transfer it to a private company," the co-investment fund reported.
The idea of establishing this Fund was announced by Georgia's PM Bidzina Ivanishvili, few months ago. One of the goals of the Fund is the financing of around 25-75 percent of expenses on individual investment projects.