Partnership Fund of Georgia and CEFC China Energy Company Limited, one of the major companies of People’s Republic of China, have signed an agreement on establishment of a joint fund, accordingly to Caucasus Business Week.

Official signing ceremony was held in Beijing on May 14-15 as part of “One Belt, One Road” for International Cooperation Forum. Under the agreement, National Fund for Revival of Georgia will develop a new investment platform and steady financial instrument for implementing business projects in Georgia. Infrastructure, power system, agriculture, industry, tourism and other are fields, where the fund will make investments. The authorized capital of the fund is 50 million USD.

CBW also announces that a one billion USD capital Chinese bank will be launched in Georgia that will be founded by CEFC and the company Eurasian Invest LLC, both companies being enabled to create new commercial banks in Georgia.

“Competition in the bank sector is crucial for the development of our bank system and economy”- declared Vice Prime Minster, Dimitri Kumsishvili after he signed the declaration. According to him, it is important that one more large bank in Georgia can contribute to the development of private sector.

CEFC and KazMunayGas, the Kazakh national Oil & Gas Company also signed in december 2016 an agreement for the takeover of 51% shares of KMG International, the Group that owns Rompetrol Georgia. The strategic partnership established the necessary framework for future joint projects and will contribute to the economic and social growth of the areas where those projects will be implemented.

CEFC ranks as Global Fortune 500 for the past 3 continuous years, in 2016 ranking 229th. CEFC carries out operations in energy, financial and investment services.

Rompetrol Georgia network operates 80 stations and invested 6.4 million USD in the reconstruction of the Tbilisi warehouse and the rebranding of the network in 2016. For 2017, the company announced earlier this year that aims to complete the reconstruction of the warehouse and complete the modernization of the entire gas station network.

Press Center of “Rompetrol Georgia”