Partnership Fund is one of the largest public financial institutions of our country, which has been making its special contribution to the development of economy in our country for over a decade by attracting investments and introducing new technologies at large, said the Prime Minister of Georgia when delivering speech at the Summary Event of the Partnership Fund.

“It is my great honor to take part in the event today. I wish to dwell again on the significance of the Partnership Fund. You may well be aware that it is one of the largest public financial institutions that has been making its special contribution in the development of the economy in our country by attracting investments and introducing new technologies at large. Location chosen today belongs to a high-tech facility built with co-participation of the Partnership Fund together with an Israeli company. I remember that probably almost 8 years ago we broke ground for the construction of this plant and this facility is now supplying spare parts of airplanes to manufacturers. For instance, it is a supplier for Boeing 787, which is of course gratifying, as we took part in the construction of this high-tech facility. It is once again a clear example of significant projects implemented by the Partnership Fund.

Apart from these projects, it has carried very vital ones in the country and has participated in the implementation of viable projects, such as Gardabani Thermal Power Plant (TPP) and much-favored destination Radisson Collection Tsinandali Estate, along with spa resorts in Sairme, Borjomi, Likani and other real estate projects, including even Gino Centre in Rabati and others. A lot of projects have been designed and developed by the Partnership Fund.

You may well be aware that Partnership Fund is financing business start-ups by injecting equity and the result of such support is manifested in the several significant and vivid projects I listed – be that in the energy sector, high-tech manufacturing, tourism industry, agriculture or other. So far, the total value of projects carried out by the Partnership Fund amounts 1.8 BLN USD. If we take into consideration that its actual exposure is over 250 MLN USD, it means that each invested 1 USD has raised another 7 USD from domestic or foreign investment sources, which is a truly impressive outcome.

Also, I wish to note that the revenues to the State Budget of Georgia from projects implemented by the Partnership Fund and its daughter companies are in the hundreds of millions of GEL, which is very important. Also, almost 3000 new jobs were created as a result of implemented projects. A lot of youth is employed, including here – at this facility. I particularly wish to single out the performance of Start-Up Georgia, which is a separate agency and a daughter company of the Partnership Fund. I wish to note that they are engaged in the implementation of a lot of innovative projects.

You may well be aware that a structural reform was carried out at the Partnership Fund most recently. David noted that the Parliament of Georgia adopted a new law and we are planning certain changes. Government will no longer be represented through its ministers and neither will I be involved in the governance of the Partnership Fund. Instead, it will transition to have corporate governance structure and principles compatible with the best international standards. Greater focus will be made on the general investment operation. It is our vision for the future development of the fund. I wish to thank David on behalf of the Government for his service and I believe that he will be successful in continuing his future endeavors. I want to also thank each staff member of the Partnership Fund. I know that a lot of highly qualified specialists are working there and they have carried out a lot of projects for our country. Once again thank you and wish you further success”, - said Irakli Garibashvili.

Audience was also addressed by David Vidan, CEO of Airplane Composite Parts Facility ATC, which is a project carried out with co-participation of the Partnership Fund.

David Saganelidze, CEO of the Partnership Fund presented the summary slides depicting the operation of the fund. Presentation was titled as a Partnership Fund for the Development of the Country. David Saganelidze shared detailed information about the operation, past and present projects supported by the fund with the invitees. He spoke about the contribution made by the fund in the development of the economy in the country. Also, he summarized the financial results of the investment operation of the fund and spoke about the reform agenda and process, which will be completed in autumn.

Event was attended by the officials of the executive authorities of the country, along with representatives of partner companies.