Head of the Partnership Fund of Georgia discussed priorities of the Fund activities with members of the Business Association

24 Sep '13

Executive Director of the Partnership Fund of Georgia Irakli Kovzanadze met with members of the Business Association of Georgia. With the presentation provided by the President of the Fund Irakli Kovzanadze at the meeting, leading businesspersons of the country were informed in detail about the mandate, capabilities, current and completed projects of the Fund. " I find it very important to meet with you in this format, given the fact that Business Association is an organization uniting basically all business actors the proper and unimpeded functioning of which largely defines economic development of the country. I believe our joint efforts will lead to rather optimistic outcomes. I am happy, that over the recent several months, several precedents of public-private partnership have been established.  I am confident that a lot more similar patterns will occur in the future'" - Irakli Kovzanadze pointed out at the meeting.
Businesses were especially interested in the approach of the Partnership Fund towards the business sector, particularly in terms of opportunities for joining investment projects, providing these projects with long-term capital or subordinate loans, project improvement and exit from the project. As stated by George Chirakadze, president of the Business Association of Georgia, "readiness for cooperation expressed by the government and transparency are positive messages for businesses. "We had a several years-long practice of government itself practically doing business, which made it clear that such a practice failed to ensure economic development of the country. We welcome the fact that the current government publicly declares, that it will distance itself from businesses as much as possible, and it will limit its role by activating actual leverages to support businesses. The work of the Partnership Fund, about which Irakli Kovzanadze briefed us today, is an excellent illustration of the above practice" - George Chirakadze pointed out. According to irakli Kovzanadze, meeting with businesses in this format is efficient, since businesses are introduced to the capacity of the state fund".  The main question businesses have is about the benefits they would get from cooperating with the Partnership Fund. I am confident, that they got a clear understanding once again, that the Partnership Fund is an organization providing long-term ventures to the Georgian market, which is in deficit in the financial market.  It is our objective to fill the deficit of stable long-term ventures in the country and share the risks with investors. This is the major issue that the Georgian Businesses are currently interested in" - Irakli Kovzanadze pointed out. 

Heads of the Business Association and the Partnership Fund agreed that such meetings will be held periodically and this practice will become a tradition.