Georgian authorities have been working hard to establish a Government-funded financial institution aimed to stimulate the country’s economy.

The financial organisation will be an investment institution and will be set on the foundations of the existing Government-funded investment funds.

The Ministry of Economy and Sustainable Development Giorgi Kvirikashvili said the Government had not yet made a final decision whether the organisation would be an investment fund or an investment bank.

"The Governmental funds, including the Partnership Fund, have to unite in one strong financial institute that will be more effectively managed,” Kvirikashvili said.

Kvirikashvili considered the fund would be called the Development Bank or the Development Fund.

The Ministry of Economy believed the forthcoming financial institute would not compete with commercial banks.

"The amendments in the laws have been considered. The financial institute will invest in those projects that need long term capital which are not in the interest of commercial banks to finance,” Kvirikashvili said.

The Government also discussed who would head the organization. Kvirikashvili mentioned Georgian Dream Member of Parliament Davit Saganelidze may become the chief of the institution.

Source: agenda.ge