ECONOMY
19.12.19 11:30
European Investment Bank (EIB) is allocating €65 million in total to support Georgian small and medium-sized businesses.
Under the EU4Business initiative, Bank of Georgia will get a loan of €50 million, while Liberty Bank will get a loan of €15 million.
By these operations, it is expected to create 7,800 new jobs in total.
Support for economic development and smart, sustainable and inclusive growth is a key priority of the EU’s work with Georgia… SMEs play a significant role in Georgia’s economy and our transactions will pave the way for better business prospects for those companies and the country in general,” said EIB Vice-President Lilyana Pavlova.
Minister of Finance Ivane Matchavariani said that he is extremely glad to observe the expansion of EIB’s portfolio in the private sector.
Private sector-growth is the only suitable growth model for Georgia…[The government] wants to make the SME sector an important growth driver and rap its potential to support sustainability, inclusivity, and robustness of the country’s economic development,” said Matchavariani.
Matchavariani noted that this is EIB’s first local currency operation in Georgia which will support the country’s de-dollarisation policies.
The EU is a strong supporter of SME development in Georgia with a number of projects implemented under the EU4Business brand. With this initiative, we aim to address the needs of promising SMEs that are unable to get financing for their investments from commercial banks,” said EU Ambassador to Georgia Carl Hartzell.
EU4Business is an EU initiative that supports SMEs in the Eastern Partnership countries (Georgia, Armenia, Azerbaijan, Belarus, Moldova, and Ukraine) to support their economic growth.
source: AGENDA
Read: 91
Write comment
(In their comments, readers should avoid expressing religious, racial and national discrimination, not use offensive and derogatory expressions, as well as appeals that are contrary to the law)
News feed
-
Is Georgia between 'Euromaidan' and 'green men'?
13:4516.05.24
-
Irakli Kobakhidze went on an official visit to the Republic of Turkey
13:0016.05.24
-
12:1316.05.24
-
11:3716.05.24
-
10:5516.05.24
-
Charles Michel reports on the telephone conversation with Salome Zurabishvili and Irakli Kobakhidze
10:0016.05.24
-
Opposition MPs meet FMs of Iceland, Latvia, Lithuania, Estonia
18:0015.05.24
-
17:3715.05.24
-
16:4915.05.24
-
16:0715.05.24
-
15:3515.05.24
-
Separatist South Ossetia may be abolished due to total absence of people
14:5315.05.24
-
14:0015.05.24
-
NATO Spokesperson: We urge Georgia to change course and to respect the right to peaceful protest
13:1515.05.24
-
Estonian Foreign Minister: This law is a symbol of the choice between Russia and the European Union
12:3015.05.24
-
11:3915.05.24
-
11:0815.05.24
-
10:3515.05.24
-
Will France recognise Georgia's territorial integrity?
19:2414.05.24
-
In January-April, Georgia bought 1.1 billion cubic meters of gas from Azerbaijan
18:0014.05.24
-
17:3014.05.24
-
17:0014.05.24
-
Charles Michel: I am disappointed with what is happening in Georgia
16:3714.05.24
-
16:0014.05.24
-
15:1114.05.24
-
Levan Khabeishvili: The reputation of this government will never be restored
14:2914.05.24
-
13:4714.05.24
-
PM expects James O’Brien's visit to cover visa liberalization, free trade agreement, direct flights
13:0614.05.24
-
European Integration Committee participates in parliamentary conference of EU candidate countries
12:2614.05.24
-
11:5314.05.24
-
Foreign Ministers of Latvia, Estonia, Iceland and Lithuania will visit Georgia on May 15
11:0214.05.24
-
10:0014.05.24
-
18:0013.05.24
-
Tbilisi Mayor: It's evident President follows instructions
17:1513.05.24
-
16:3013.05.24
-
15:5613.05.24