Partnership Fund Signs Memorandum with OPIC

WASHINGTON, D.C. – A memorandum of cooperation that provides project financing was signed by the US Government's Overseas Private Investment Corporation (OPIC), and Georgia’s Partnership Fund.

According to the memorandum, the fund and OPIC will jointly explore the possibility of financing a variety of commercial projects. According to the document, the parties will form a set of general principles for long-term cooperation for the implementation of various field projects.

According to Georgia’s Economy Minister Dimitri Kumsishvili, the two sides agreed to jointly determine Georgia’s Investment potential so it is easier to attract money from the OPIC.

“Within the framework of Georgian Prime Minister’s (Giorgi Kvirikashvili) 4-point reform plan, the Partnership Fund and OPIC are working on the funding of start-ups, where OPIC, as well as the Partnership Fund can contribute. Therefore, it will then be another support mechanism for our reforms,” said Kumsishvili.

The Partnership Fund and OPIC actively cooperate on several projects, including the Radisson Tsinandali, with SME investment firm Gazelle Finance to carry out a number of joint projects in the healthcare sector.

OPIC mobilizes private capital to help solve critical development challenges. Their services are available in more than 160 countries. Since it was founded in 1971, OPIC has carried out USD 200 billion worth of investment projects.
OPIC is one of the first development institutes that has heavily invested in Georgia since the country became independent following the collapse of the Soviet Union in 1991.

OPIC has carried out more than USD 500 million investments drives for more than 50 projects in Georgia. These have included agriculture, tourism, and franchise retail networks.

According to the current data, OPIC is financing more than 20 ongoing projects to support economic stability in the country.

The Georgian Government established the JSC Partnership Fund in 2011. The state currently owns 100 per cent of the fund, with assets exceeding 5 billion GEL.

By Ana Akhalaia

26 April 2016 22:18