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Sovereign Wealth Funds Briefing - Categorized | Fund Profile/New Launches, Reserve Currencies

Georgia: For promoting investment, a prime minister and his billions are not soon parted

Posted on 26 March 2013

Where should the line be drawn between a government official’s personal wealth and his or her public responsibilities? Amidst promises to use his own cash to stimulate business investment, compensate storm victims and prop up the state budget, billionaire Georgian Prime Minister Bidzina Ivanishvili is making any distinction ever blurrier.
Since becoming prime minister in October 2012, Ivanishvili has repeatedly announced plans for three, new government-run investment funds: a $2-billion sovereign wealth fund, an agriculture fund and a venture capital fund. The first would control state assets like the railway and the Georgian Oil and Gas Corporation; the second aid Georgia’s ailing agricultural sector; and the third provide public investment for new business……………………………………….Full Article: Source


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