Georgian Economy Minister Levan Davitashvili on Thursday told an official opening ceremony of the first Authorised Investment Fund in the country that its launch had been an “important alternative” for accumulating and investing savings.
Davitashvili said the country’s Government had been actively working on development of the capital market, with the work representing “one of the important directions of our reforms”, including a reform of investment funds, on which he said the Government “closely cooperated” with the state’s National Bank.
He added the establishment of the Fund marked a “very significant moment” in the development of the country's economy.
The Foresight GEL Money Market is launched by Foresight Investment Group, a licensed asset management company.
The Ministry said investors could increase their income by investing money the Fund using own financial resources, with the minimum contribution to the Fund being GEL 100 while benefits are added to the daily balance.
It is important for the country’s citizens to have alternative investment tools, which means in addition to qualified investors who have specific experience in investments, ordinary citizens, companies, any consumers will have the opportunity to direct their savings to the Investment Fund and get the maximum benefit”, the Minister said.
"This is a new, alternative tool that will interest the population, most importantly, it is an authorised fund, which means it is under the regulations of the National Bank and its trustworthiness or reliability will be very high”, he added.
Davitashvili noted his office was “actively working” on providing the country with new financial tools as the state needed more financial instruments at this stage of development, adding it was necessary to create more opportunities for both accumulation of savings and investment and new tools for placing savings of users should be created a lot.
"I think that the stable economic development in recent years has gained the trust of a large part of our society, as well as increasing the credibility of new tools, and we see that what was very foreign to us is becoming more and more understandable every day, so the Ministry of Economy is intensively involved in such initiatives”, he said.
"The official added the Ministry would continue to create “perfect financial instruments” in the country, develop the capital market and support investment funds, as their role in the domestic economy was “very large”.
