Development Fund of Georgia (formerly Partnership Fund) has never been dependent on the state budget. This is now explicitly and strictly defined in our new charter. Accordingly, the fund ensures its investment policy and activities with its own resources," said Besik Bugianishvili, Executive Director of the Development Fund of Georgia, on the "Businesspartner" TV program.
According to him, the fund has an existing portfolio that is quite modified; however, this portfolio allows for the establishment of specific plans. As Bugianishvili explains, efforts have been intensified to initiate very focused and concrete activities.
"I have already had discussions with several international financial institutions. They were closely monitoring the fund’s reform process, as it is very important for them who will be their future partner. The management system that currently exists in the fund, now reformed, provides them with more comfort. Therefore, this work will continue, and I sincerely hope that in the future, I will have the opportunity to return with good news," says Bugianishvili.
As he stated, there is significant interest, with financial institutions that previously did not consider Georgia as a scope of their operations. However, as geopolitical situations change, their strategic visions and outlook for the future are also undergoing transformation.
"They are considering Georgia as their operational territory. We also want to use this opportunity to strengthen consultations with them. We want to work with specific, potential investors for whom the Georgian market could be interesting and, in a way, present ourselves in such a way that they can comfortably enter, establish themselves, and operate in the Georgian market."
The fund has a new name, and the goal of this organization is embedded in the name itself. Accordingly, any investment activity carried out by the fund will be fully aligned with Georgia’s development and economic policy," says Bugianishvili.
Let me remind you, the "Partnership Fund," under its new name (Development Fund of Georgia), continues its activities with a new structure and updated management. With the recommendation of the Supervisory Board, Besik Bugianishvili has been appointed as the Executive Director of the fund, and he also performs the functions of the Chairman of the Board of Directors.
By the decision of the board members, Davit Saganelidze was elected Chairman of the Supervisory Board, Merab Kakulia was appointed Deputy Chairman, and Avtandil Silagadze was elected Chairman of the Audit Committee.
A member of the Supervisory Board (and also a member of the Audit Committee) is Vasil Hudak, who has many years of experience working in the financial and investment sectors, both in the public and private sectors. Among his roles, he served as Vice President of the European Investment Bank (EIB) from 2016 to 2019.
A member of the Board (and also a member of the Audit Committee) is Nana Adeishvili, who has many years of experience in economic policy, private sector development, competitiveness, investment climate research, the development of innovative policies, and European integration issues in 13 developing countries in Europe and Asia, both as a manager and as an expert and consultant.
