Leader of the Georgian Dream majority group in the Parliament, MP Davit Saganelidze, is quitting the legislative body to take the post of head of the state-owned investment fund.

MP Saganelidze, who has been a lawmaker for 14 years, was named as CEO of the Partnership Fund by PM Irakli Garibashvili on September 23.

It is not yet clear who will replace Saganelidze as new leader of the GD parliamentary majority group.

Position of the Partnership Fund’s CEO was vacant after Irakli Kovzanadze was confirmed by the Parliament as a board member of the Financial Supervisory Agency, a body which has been established after banking oversight functions have been removed from the National Bank of Georgia

“I hope together we will be able to carry out serious restructuring based on this fund; I hope we will able to create an institution, which will attract much more investments in the country and implement the plan, which we have launched in the economic sector under the leadership of [ex-PM] Bidzina Ivanishvili in 2012,” Saganelidze said.

Along with investment activities, the Partnership Fund also manages assets of some major state-owned enterprises, among them the Georgian Railway; Georgian Oil and Gas Corporation (GOGC); Georgian State Electrosystem; Electricity System Commercial Operator, as well as 24.5% shares in Telasi, an electricity distributor company in Tbilisi.