BAKU, Azerbaijan, Feb. 18
By Maryana Akhmedova – Trend:
Georgia has formed a working group to work on a new support program for the construction sector, the Vice Prime Minister, Minister of Economy and Sustainable Development, Levan Davitashvili said, Trend report via the press service of the Ministry.
The issue was discussed at the meeting between the Ministry of Economy and Sustainable Development and the representatives of the construction and banking sectors.
“We want the involvement of the private sector to be maximized in the development of this program, and, consequently, their views to be taken into account in order for the product to be effective, realistic and feasible,” the minister said.
According to Davitashvili, construction companies, banks have expressed various opinions on the matter, suggested various financial instruments.
This program is an additional opportunity to attract about 1 billion Georgian lari ($333 million) allocated by the banks to the private sector.
Under this initiative the government will be the client of a new real estate construction and, at the same time, the guarantor of loans, Georgia’s Prime Minister Irakli Garibashvili said earlier.
“The construction companies can attract additional financial resources from the banks with the government’s guarantee. The amount in installments is to be paid within 3-5 years,” the PM said.
According to the PM, this initiative will result in the additional economic growth of 1-2 percent.
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