TBILISI, DFWatch — Three new funds will be established in Georgia, which will be sovereign fund of Georgia, a private investment fund and a youth fund.

Prime Minister Bidzina Ivanishvili at a press conference Tuesday briefly outlined the three new funds, saying that a two billion lari sovereign fund will be formed on the basis of Georgia’s partnership fund.

JP Morgan Chase & Co will be the partner of this new fund, which is a company where Bidzina Ivanishivli holds shares in the amount of USD 425 600. The PM says the new fund will stimulate the influx of investment projects to Georgia.

Another fund will be dedicated to private investments in the amount of two billion USD.

“This was my idea, an old idea. Now we will restore and set up it,” Ivanishvili said, adding that the fund will be co-financing for each rentable project and will finance from 25 to 75 percent of them.

The third fund is a youth fund which will finance innovation projects for young scientists.