News & Media

Representatives of WB Group met with the PF management

Posted on: 05 Feb 2014

Olivier J.L. Lambert, Regional Manager of Europe, Middle East and Africa at Multilateral Investment Guarantee Agency (MIGA), World Bank Group; Christopher Millward, Senior Underwriter, Infrastructure of Europe, Middle East and Africa at MIGA, World Bank Group and Ahmed Awaida, Sector leader of Sustainable Development, World Bank Group met with the senior officials of Partnership Fund on February 5. Irakli Kovzanadze, Executive Director of the Partnership Fund explained the Fund’s mission, structure and priority sectors. “The PF is a joint-stock company established by the Georgian Government two years ago with the goal to attract investors and help with efficient corporate management of state-owned strategic assets,” Irakli Kovzanadze told them adding that “infrastructure, energy, agriculture and manufacturing are the key sectors in which we are implementing the projects.” Representatives of the WB introduced to the PF management the MIGA guidelines and priorities. “MIGA’s goal is to promote foreign direct investment (FDI) into developing countries to help support economic growth, reduce poverty, and improve people's lives,” Olivier J.L. Lambert said. According to him, they provide political risk insurance quarantees to private sector investors and lenders. “Apart from the political risks, there are also problems with macroeconomic instability, access to qualified staff, access to finance and increased government regulation in the aftermath of the global financial crisis risks, which makes investors fearful about expanding their business in these countries,” he added. Lambert made a presentation on the already implemented projects by the support of MIGA in various countries including: Panama, Turkey, Kenya and Angola. The ongoing projects in the energy sector were also under discussion. “We are now seeking a reliable investor to implement $ 570 m Nenskra HPP, which will have 210 MW capacity and will generate 1.194 gigawatper hour annually,” Kovzanadze said. At the meeting WB Group representatives and the PF management expressed willingness to keep exchanging information and strengthen business relations.