BAKU, Azerbaijan, Nov. 29
By Maryana Akhmedova – Trend:
Georgia’s state Partnership Fund will be reformed in different directions and will be established in a more modern structure, the Minister of Economy and Sustainable Development of Georgia Natia Turnava said after the government session, Trend reports via the press service of the Ministry.
The relevant bill has already been prepared and will be submitted to the government and then to the parliament for approval, the minister said.
“According to this bill, first of all, the “Partnership Fund” will be rebranded, and will be called “Georgia Development Fund”. This is an important step, but it certainly does not fully reflect what we are planning to do with the Partnership Fund,” Turnava said.
“Georgian business needs various diversified financing mechanisms, including the state budget, which has been the source of the Partnership Fund until now, but a more modern structure should be created,” Turnava added.
According to the Minister, the reform will be established by an independent, professionally selected supervisory board.
“Until now, the members of the government participated directly in the Supervisory Board, which is no longer in line with modern realities. Instead of the members of the government, there will be an independent, professional board. The management of the state fund will be instructed for a period of time to prepare a financial audit of the partnership fund and a restructuring plan, which means that eventually, it will be financially stronger, self-sufficient, and sustainable in this regard. Therefore, this structure will be completely renovated,” Turnava stated.
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