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Fund for sustainability of cultural fields established

Netgazeti reports that upon the order of the Minister of Culture and Monument Protection of Georgia, an investment fund for ensuring sustainable development within the cultural field has been established. The fund will be financed from the state budget, private donations, local and international funds.

The mission of the fund will be to estimate the economic potential of Georgian culture and selection of the gaps in the local and foreign markets, support of the arts, the material support of cultural organizations, and the popularization of the field via media.

According to the minister’s order the fund will also finance commercially successful projects as well as organize exchange programs and workshops for the managers of culture.

The fund has been created with unlimited timeframes; it has its own property, independent balance, and accounts in the Georgian and foreign banks.

The investment fund will have the right to make independent decisions, strategy, methodology, etc. It will have to coordinate with the Ministry in taking credits, buying or selling the property, organizing the staff and defining the salaries.

The fund has been registered at the address of the ministry. It will have a director appointed upon the minister’s order. The fund’s activities will be under the ministry’s control