BAKU, Azerbaijan, June 5
By Tamilla Mammadova - Trend:
In Georgia European Investment Bank's (EIB’s) operations are based on the External Lending Mandate of the European Union, and are focused on development of social and economic infrastructure and support to private sector development, said Head of EIB’s Regional Representation for the South Caucasus Maciej Czura, Trend reports referring to Georgian media.
"Following the signing of the Association Agreement with the EU and creation of the Deep and Comprehensive Free Trade Area between Georgia and the EU, the EIB stepped up its support, effectively doubling its lending portfolio in the country," he said.
According to Czura, the most recent projects of EIB in Georgia include the East-West highway, as the main part of the country’s transport infrastructure, several municipal infrastructure projects across the country, including recovery projects after the flood in Tbilisi in 2015, and numerous operations supporting micro, small and medium enterprises. In the latter case, several operations blended EIB funding with grants provided by the EU under EU4Business and InnovFin initiatives.
"The EIB will further support the upgrade of municipal infrastructure in Georgian cities, as well as environmental infrastructure. We are ready to work towards increased unlocking of the renewable energy potential of Georgia, and ensuring its energy security, as well as financing projects related to the digital economy, education, and healthcare," Czura noted.
He added that development of the private sector, and in particular micro, small, and medium size enterprises, will remain a key objective of the EIB in Georgia, as the private sector that is the key driver of economic growth, job creation and innovation in Georgia.
Such projects are particularly important now, due to the worldwide economic crisis caused by the coronavirus pandemic.
"The EIB Group announced a comprehensive response package to the coronavirus pandemic outside the EU that will provide up to 5.2 billion euros in the coming months. In Georgia, this support will be translated into the re-allocation of funds towards the immediate COVID-19 response in the healthcare sector as well as potential new projects aimed at the long-term resilience of the healthcare system," Czura added.
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