The Vice Prime Minister and Minister of Economy of Georgia Levan Davitashvili said on Monday, the Cabinet of Ministers approved the project of legislative changes regarding the "Partnership Fund", which would be sent to the Parliament.
The vice-prime minister noted that the legislative amendments adopted by the government must be finally approved by the parliament. Davitashvili hopes that this issue will be discussed and approved in the parliament in the spring session of 2023.
"The new structure of the fund will be formed in accordance with the legislative changes. It must be an independent organization, not dependent on the state budget. The fund will be free from fiscal obligations and fiscal risks don't arise from the activities of the Partnership Fund. As a result of prudent and correct activities, it will accumulate its capital, grow, finance and implement investment projects. Compared to the previous law, priorities are clearly defined here", - Levan Davitashvili said.
According to its final report, the assets of the partnership fund were GEL 4.6 billion, while its liabilities - GEL 3.17 billion. Currently, the fund owns two large enterprises, namely "Georgian Railway" and "Georgian Oil and Gas Corporation". In 2020, the consolidated income of the fund was GEL 1.49 billion, and the loss was GEL 195 million. Earlier, Georgian State Electrosystem, ESCO and a 25% share of Telasi were under the ownership of the Partnership Fund.
