According to Irakli Nadareishvili, Deputy Minister of Economy and Sustainable Development, negotiations with Eagle Hills spanned over nine months and proved to be a challenging yet highly engaging process.

Nadareishvili also highlighted the vital support provided by a robust international law firm throughout the negotiations.

“I believe that this model, where the state acts as a project partner, could prove to be very promising for future initiatives, including infrastructure and energy projects, where direct state involvement is crucial for the investor. This arrangement will encourage them to take certain necessary steps,” he explained.

The Deputy Minister highlighted the pioneering venture capital investment fund in the region, introduced in Georgia approximately two years ago, as a successful example of the state’s passive partnership in projects, which was previously considered quite difficult and even unthinkable.

According to Irakli Nadareishvili, the state is also participating in this project as a passive investor, and its involvement has resulted in the remaining investors being entirely from the private sector, including highly reputable international financial institutions and, most notably, an American asset manager ranked among the top five globally.

“Therefore, any speculation about the state entering the business directly is truly laughable. In the case of Eagle Hills, the company itself will manage the business, as this is its prerogative and area of expertise. However, the state will be represented at all levels, such as on the supervisory board and within the governance structure, but in a passive capacity.

At the same time, we have ensured that certain issues will require decisions to be made by consensus, meaning that some key decisions will not be made without the approval of the state,” the Deputy Minister of Economy stated.