Parliamentary majority leader becomes Head of Partnership fund

By Tea Mariamidze

Friday, September 25

New Head of Partnership Fund intends to create financial development institution

Central Election Committee will consider who will replace majority leader, Davit Saganelidze and will present the candidates to the Parliament

The parliamentary majority leader, Davit Saganelidze, was appointed as the new head of the Partnership Fund on September 23.

The presentation was held in the Governmental Administration by the Prime Minister.

Saganelidze has quit the legislative body to take the post of head of the state-owned investment fund. He will replace Irakli Kovzanadze, who was recently appointed as the head of the Chairman of the Supervisory Agency, a body which has been established after banking oversight functions have been removed from the National Bank of Georgia (NBG).

During the presentation, PM Irakli Garibashvili thanked the former CEO of Partnership Fund, Irakli Kovzanadze for his activities and wished him success in his new post.

According to Garibashvili, Saganelidze is an experienced politician and an outstanding member of the majority, who has been a lawmaker for 14 years and was working in the two largest banks of Georgia - as a member of the supervisory board in the Bank of Georgia and as a member of the Management Board in TBC Bank.

“I am sure that Davit Saganelidze will use his experience and knowledge while working in the Partnership Fund. We have serious plans and visions about the development of the fund and many interesting projects will be implemented under his leadership,” stated the PM.

Davit Saganelidze thanked the Partnership Fund Council for their trust and expressed readiness to start his new job.

“I believe together we will be able to carry out serious restructuring based on this fund; I hope we will be able to create an institution, which will attract much more investments in the country and implement the plan, which we have launched in the economic sector under the leadership of the ex-PM, Bidzina Ivanishvili in 2012,” Saganelidze said.

Along with investment activities, the Partnership Fund also manages assets of some major state-owned enterprises, among them the Georgian Railway; Georgian Oil and Gas Corporation (GOGC); Georgian State Electro system; Electricity System Commercial Operator, as well as 24.5% shares in Telasi, an electricity distributor company in Tbilisi.

It should be noted that the position of the Majority leader in parliament is still vacant.

According to the Georgian Dream, after the inter coalition consultations, the candidates of the majority leader in Parliament will be named soon.