By Jamila Babayeva
Georgian government submitted a draft law "On Georgia's Development Bank" to the parliament on April 25.
Development Bank of Georgia JSC will be formed as a result of the reorganization of the country's Partnership Fund, according to the draft law. The law regulates the procedure of creation of the bank, the legal basis of its activity and its main functions.
The establishment of the Development Bank was initiated by former Prime Minister, billionaire and founder of the "Citizen'" NGO Bidzina Ivanishvili.
Development Bank will be authorized to issue loans through commercial banks, provide guarantees, issue bonds, as well as to carry out other activities envisaged by the country's law.
The bank will not be allowed to place the population's funds on deposits and carry out nominal transactions. The draft law also defines the structure of the bank management, the powers of its Board of Trustees and president.
Moreover, the draft law has a number of additional provisions on reorganization of Georgia's Partnership Fund.