According to Economy Minister Giorgi Kvirikashvili, the Partnership Fund (PF), managing state assets,  will be reorganized following the model of the Germany’s  state-owned  fund KFW.

Back in 2013, the then Prime Minister Bidzina Ivanishvili said that the Partnership Fund would be transformed into a Sovereign Fund, then it was initiated  to create a state development bank on its basis. A special working group was even set up to develop a draft law on the establishment of such a financial institution, but in August it was announced that the Partnership Fund would  betransformed  into a Financial Corporation. 

The Minister said that the assets concentrated in the Partnership Fund in 2013 had brought income of  GEL 1 billion,  consolidated profit amounted to more than GEL 70 million, which in his opinion, was a very good indicator.

 In general, the fund’s  profits in this period amounted to  GEL 73, 5 million, which is 8% more than in 2012. Total revenues amounted to GEL 979 million, assets increased by 3% in comparison with 2012 and exceeded  GEL 5 billion. 

 The structure of the Partnership Fund includes public stakes in the  companies such as "Georgian Railway " LLC,  "Georgian Oil and Gas Corporation", "Georgian State Electric System", "The Electricity System Commercial Operator" and Tbilisi electricity distribution company "Telasi".

Source:Commersant.ge