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Georgia moving to new stage in terms of reforming state-owned enterprises

Business Materials 29 January 2021 23:58
Georgia moving to new stage in terms of reforming state-owned enterprises

BAKU, Azerbaijan, Jan. 29

By Tamilla Mammadova – Trend:

Georgian government is moving to a new stage in terms of reforming state-owned enterprises, said Natia Turnava, the Minister of Economy and Sustainable Development, Trend reports via Georgian media.

"Georgian State Electrosystem will be the first state-owned enterprise, which reforming started a year and a half ago," Turnava said.

According to her, the Ministries of Economy and Finance are cooperating with the World Bank and the Asian Development Bank on this issue.

The minister notes, that the enterprise was in bankruptcy for years.

"This enterprise will be full-fledged. Our task is to establish a transparent and attractive corporate structure that will be able to attract funds independently and fulfill the important mission of building high-voltage infrastructure for the country's energy security," said Turnava.

According to the minister, a competition commission will be set up, which selects candidates for the Supervisory Board through an open and transparent competition.

"The Supervisory Board is an important attribute of corporations, which makes transparent decisions in accordance with the international standards. So, a modern corporate structure will be enacted at the enterprise", said Turnava.

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