BAKU, Azerbaijan, Oct. 22
By Maryana Akhmedova – Trend:
The European Bank for Reconstruction and Development (EBRD) will provide loan in the amount of 25 million euros to Georgia for on-lending to companies, from which at least 70 percent is aimed at financing investments in green technologies, Trend reports via the EBRD.
The European Bank for Reconstruction and Development (EBRD) and the EU, in cooperation with Georgian TBC Bank are enhancing their support for micro, small and medium-sized enterprises (MSMEs) in Georgia.
“The EU is complementing the loan with grants and free technical assistance for borrowers under its EU4Business initiative,” the EBRD said.
This will allow companies to upgrade their products, bring them in line with the EU standards, modernize their production to increase domestic competitiveness, and operate more successfully on foreign markets.
“Since the launch of the program in 2016, 170 Georgian companies have benefited from the scheme, in sectors ranging from manufacturing and agriculture to hospitality and medical services,” the EBRD said
To date, the EBRD has invested more than 4 billion euros in 265 projects in the financial, corporate, infrastructure and energy sectors of Georgia, with 79 percent of those investments in the private sector.
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