BAKU, Azerbaijan, July 11. Together with the EU, the European Bank for Reconstruction and Development (EBRD) financed the purchase of modern efficient agricultural machinery for Georgian Olive company, Trend reports.
According to the EBRD, over the past 15 years, Georgian Olive company, which owns its own farm that covers 1,500 hectares, has planted about 1 million olive trees in eastern Georgia and built an olive processing plant in a local town.
The company produces high-quality extra virgin olive oil, as well as pickled green and black olives, which are sold in large supermarkets and supplied to large hotel chains.
The bank also notes that tapping into Georgian Olive’s success, farmers nationwide have swiftly followed suit and now cultivate the crop on around 4,000 hectares of land across the country.
Meanwhile, Georgian Olive is one of more than 300 companies that has benefited from the EU4Business-EBRD Credit Line, a joint initiative by the EBRD and the EU to support the growth of local small and medium-sized companies in Georgia and beyond.
As part of the program, the EBRD helps companies invest in new state-of-the-art equipment through partner financial institutions (TBC Bank in the case of Georgian Olive) to increase production volumes, efficiency and standards.
Companies receive up to 15 percent as a monetary incentive from the EU upon successful completion of their investments, combined with international technical assistance during the project.