The Parliament of Georgia has supported the liquidation of the Development Fund of Georgia, formerly known as the Partnership Fund, approving the legislative initiative in its third reading.
The draft law was backed unanimously by 85 MPs at a plenary session.
The initiative, introduced by the Government of Georgia, stipulates the abolition of the fund and declares the relevant law invalid. The government says the move is part of efforts to optimize state structures.
The authorities state that the functions of the Development Fund will not be abolished, but instead transferred under the umbrella of the ‘Enterprise in Georgia’ agency. The reform aims to consolidate business support mechanisms within a single structure and improve the efficiency of resource management.
Following the adoption of the law, legal procedures for the liquidation of the fund will begin. Its assets and ongoing projects are set to be redistributed among relevant state agencies.
