The performance of SOEs is also, almost universally, poorer than that for private firms that operate in the same space. Take, for example, the state-owned banks in Bangladesh, whose financial performance in comparison to Georgia, on the other hand, is considered to have good practices in place for managing fiscal risks from SOEs (Box12). Box 12. Managing Fiscal Risks: Georgia's State-Owned Enterprise Strategy 1. MOF has veto power over any investment or borrowing above GEL5 million by any of the large SOEs. The key transformational aspect of this reform is that it puts MOF as the guardian of fiscal risks undertaken by SOEs. SOEs are expected to establish independent supervisory boards with at least two independent members. This helps opportunity to dictate limits on profitability,liquidity, and solvency indicators. It also creates a useful platform for SOEs and MOF to discuss their business plans, and capital investment strategies. Most importantly, it creates accountability. Source: Country diagnostic study for the Georgia Country Partnership Strategy, 2023. mobilization, technological systems, and managerial innovations, public-private partnerships (PPPs) gain greater government budget). Increasingly, these PPPs have been seen in social sectors as well.68 68For example, ADB. 2017. PRC: Public-Private Partnerships Demonstration Program to Transform Delivery of Elderly Care Services in Yichang, Hubei (Loan 3506-PRC). The program focused on a pilot delivery of elderly care services in Yichang City, Hubei Province, People's Republic of China, with a total cost of almost $129 million, of which almost 43% was funded by the municipal government, 6% from the private sector, and the