In the Law of Georgia "On JSC Partnership Fund" the changes adopted on May 31 came into effect on September 10, 2023, and the fund will start its activities with a new charter, a new structure, updated management and a new name - "Development Fund of Georgia".
According to the new legislation, the governing bodies of the fund are the Supervisory Board and the Board of Directors. The government appointed a supervisory board with the following composition: Vazil Hudak, David Saganelidze, Merab Kakulia, Avtandil Silagadze and Nana Adeishvili, who were selected based on their successful previous experience in the financial/entrepreneurial sector. According to the decision of the board members, David Saganelidze was elected as the chairman of the supervisory board, Merab Kakulia as the deputy chairman, and Avtandil Silagadze as the chairman of the audit committee.
By submission of the Supervisory Board of, Besik Bugianishvili was appointed as the CEO of the Development Fund of Georgia, and he will also perform the functions of the Chairman of the Board of Directors. Besik Bugianishvili was the director of Peace Fund for a Better Future until now.
According to the charter, the priority areas of project financing by the "Georgian Development Fund" were defined as: high-tech and eco-friendly production, innovative production and start-ups, as well as export-oriented production.
