Development Fund of Georgia ends the year of 2023 with a net profit of GEL 26.8 Million. The Fund has published its individual and consolidated financial statements for 2023. The financial audit of the Fund was performed by KPMG, a member of the so-called Big Four international auditing firms.
According to the individual audit report, the Fund’s revenue in 2023 exceeded GEL 33.5 million, while its net profit amounted to GEL 26.8 million. A positive result was also recorded in terms of operating profit, which reached GEL 21.6 million for the Development Fund of Georgia.
As for the consolidated financial statement, the fund’s revenue in 2023 totaled GEL 62.6 million, while its net profit stood at GEL 15.2 million.
Notably, in December 2022, the Development Fund of Georgia (formerly the Partnership Fund) transferred 100% of the shares of Georgian Railway and the Georgian Oil and Gas Corporation to the state. Accordingly, 2023 was the first reporting year for the reformed Development Fund of Georgia.
In line with recommendations from the International Monetary Fund, the Fund did not undertake new projects until the completion of the reform process. Following the completion of reforming, the Fund has taken the opportunity to implement new projects, including the largest strategic project for constructing the first full-cycle oil refinery in the South Caucasus, located in Kulevi. The first phase of the project has an investment volume of USD 110 million, with the Fund contributing USD 5 million and creating up to 300 jobs. Additionally, with the financial support of the Development Fund of Georgia, the construction of Georgia's first ultra-modern, high-tech radiopharmaceutical facility plant is planned. The investment size of this project is EUR 9 million, of which the Fund’s contribution will be EUR 1.8 million.
The Fund’s goal is to implement commercially profitable projects and attract local and foreign direct investments in strategic economic sectors to unlock the country’s investment potential. Through these efforts, the Fund supports the diversification of Georgia’s economy and the development of economically significant industries.
Development Fund of Georgia continues to assess and develop investment projects. Following recent reforms and new charter, the Fund has identified priority areas for financing, which include high-technology and eco-friendly production, innovative manufacturing and start-ups, as well as export-oriented industries.
