Georgia: EIB approves first tranche of loans to SMEs

Published in Economics
Monday, 30 May 2016 16:59

The Georgian private sector will soon be able to benefit from lending recently approved by the European Investment Bank (EIB). The EIB loan will be used to provide access to finance for investment and working capital needs for small and medium-sized enterprises (SMEs) and midcaps, particularly in the areas of trade and commerce. This opportunity is highly relevant in the context of the EU-Georgia Association Agreement, which includes a Deep and Comprehensive Free Trade Agreement (AA/DCFTA), the EIB said on 27 May.
The EIB will be lending EUR 22.5 million – the first tranche of an approved loan of EUR 45 million – to a Georgia-based bank to finance SMEs and midcaps.
According to the EIB, its total lending commitments in Georgia amount to some EUR 820 million, including projects supporting urban reconstruction following last year’s devastating floods and for improving the country’s critical infrastructure. The EU Bank has also financed projects in Georgia in the transport, water and energy sectors. (EU Neighbourhood Info)

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  • Georgia: Leading MEPs react to the refusal of the political parties to reach an agreement

    In a joint statement, MEPs deplore that Georgia’s political leaders did not agree to EU mediator Christian Danielsson’s proposal and announce consequences in terms of EU-Georgia relations.

    Following a meeting on 1 April with Christian Danielsson, personal envoy of European Council President Charles Michel for the EU-mediated political dialogue in Georgia, leading MEPs issued the following joint statement:

    “We are deeply disappointed with the political leaders in Georgia for their inability to reach an agreement last Tuesday despite the best efforts deployed by the European Union to help put an end to the current political crisis. Both the ruling and the main opposition parties taking part in the discussions are to be blamed for this outcome and a special responsibility lies with the party in government.

    We reiterate our strong support to Christian Danielsson’s tireless work and welcome the publication of the proposal he made to the political parties, which further increased the transparency of the mediation process. It is essential to rebuild confidence between political party actors. The content of this proposal is indeed the right way ahead for Georgia: ambitious electoral and judicial reforms, meaningful sharing of responsibilities in the Georgian Parliament and, most importantly, a solution on future elections and on two cases of politicised justice. This solution is politically balanced and respects both the rule of law and the international assessment of the 2020 elections. We also welcome the idea of a Jean-Monnet Dialogue process supported by the European Parliament, when the political situation allows.

    Following the refusal from the political parties to compromise, Georgia’s leaders should not expect a return to business as usual from the European Union. The European Parliament in particular will call for consequences in terms of EU financial assistance, including both a suspension of further disbursements of and an increase in conditionality linked to EU Macro Financial Assistance and budget support programmes.

    In the meantime, the adoption of ongoing electoral and judicial reforms in the Georgian Parliament requires broad political support and the need to fully implement the recommendations of OSCE/ODIHR and the Council of Europe’s Venice Commission. These reforms are key to rebuild trust. We call on the ruling party to ensure a genuinely inclusive process to avoid the further undermining of both future elections and the judiciary, as well as unnecessarily closing the door to a possible agreement in the future.

    We call on Georgia’s leaders to take action immediately. The future of EU-Georgia relations is at stake.”

    Background
    The increasing frictions between political parties in Georgia following the November 2020 parliamentary elections and the arrest of the opposition leader in mid-February have sparked a major political crisis in Georgia. The EU is actively engaged to help overcome the tensions among Georgia's political parties. Christian Danielsson, European Council President Charles Michel's personal envoy, conducted in Tbilisi two rounds of mediation among the parties and presented a proposal for a way ahead for Georgia. The European Parliament strongly supports his efforts.

    The statement is co-signed by:
    David McAllister (EPP, Germany), Chair of the Committee on Foreign Affairs and the Co-Chair of the Democracy Support and Election Coordination Group;

    Marina Kaljurand (S&D, Estonia), Chair of the Delegation for Relations with the South Caucasus;

    Andrius Kubilius (EPP, Lithuania), Chair of the Delegation to the Euronest Parliamentary Assembly;

    Viola von Cramon-Taubadel (The Greens/EFA, Germany), lead member of the Democracy Support and Election Coordination Group for Georgia;

    Sven Mikser (S&D, Estonia), European Parliament’s Standing Rapporteur on Georgia;

    Michael Gahler (EPP, Germany), European Parliament’s Standing Rapporteur on Ukraine;

    Petras Auštrevičius (Renew Europe, Lithuania), European Parliament’s Standing Rapporteur on Belarus.

     

    Source: https://www.europarl.europa.eu/news/en/press-room/20210401IPR01301/georgia-leading-meps-react-to-the-refusal-of-the-parties-to-reach-an-agreement?xtor=AD-78-[Social_share_buttons]-[facebook]-[en]-[news]-[pressroom]-[statement-georgia]-

  • Joint press release following the 6th Association council meeting between the European Union and Georgia

    The European Union and Georgia held the 6th meeting of the Association council on 16 March 2021. The Association council took note of the 2021 Association Implementation Report on Georgia and assessed the state of EU-Georgia relations since the last Association council in March 2019.

    The Association council welcomed Georgia's progress on its European path, including in the challenging COVID-19 context, and recognised the efforts of the Georgian Government to contain the virus as well as to ensure targeted social assistance to those in need. Both sides acknowledged the crucial importance of the EU rapid assistance to Georgia in the fight against COVID as a vivid sign of solidarity.

    Both sides reaffirmed their continued commitment to bringing tangible benefits to the lives of Georgian citizens across key areas of cooperation: economic development and market opportunities; strengthening institutions and good governance; connectivity, energy efficiency, environment and climate change; enhancing mobility and people-to-people contacts.

    The Association council noted that the elections of 31 October and 21 November 2020 were competitive and that, overall, fundamental freedoms were respected. The Association council agreed on the importance of addressing all recommendations related to the shortcomings identified by international observers, including OSCE/ODIHR, through ambitious and inclusive electoral reform in order to strengthen the electoral environment and render it more favourable for the democratic conduct of elections.

    The Association council strongly regretted the deepening political polarisation in Georgia. The EU called for a swift resolution to the ongoing political situation, for all parties to step up efforts to de-escalate the situation and come together to identify and agree on common ground. The Association council agreed that it was vital for all actors to continue working, in the EU-supported mediation, to find an early resolution to Georgia's political crisis.

    The Association council reiterated its call on all political actors to work together and to maintain open dialogue in Georgia, including with civil society, in order to further strengthen democratic institutions, consolidate pluralistic democracy and advance reforms. Both sides stressed the need to continue the successful cooperation between the EU and Georgia on strategic communication and countering disinformation.

    The Association council recalled that a great number of Georgian citizens have benefited from short term visa free travel to Schengen countries in recent years. It welcomed the continuous efforts of Georgia to address violations of the visa-free travel requirements, including the latest legislative amendments to the Law of Georgia on ‘Rules for Georgian citizens on Leaving and Entering Georgia' and underlined the importance of its effective implementation. The Association council underlined the critical importance of sustained efforts by Georgia to continue to fulfil the visa liberalisation benchmarks, in particular in order to strengthen and maintain the recent decrease in the number of unfounded asylum applications lodged by Georgian nationals in the Schengen + area. The EU encouraged Georgia to further enhance cooperation with EU Member States to counter irregular migration and organised crime. Both sides welcomed a renewed working arrangement signed between Georgia and Frontex, as well as Georgia's acquisition of observer status in the European Migration Network.

    The Association council welcomed progress made in the implementation of Georgia's Human Rights Strategy and its Action Plan, as well as the important work of the Human Rights Protection Department of the Ministry of Internal Affairs. The EU recognised Georgia's efforts in this area and encouraged Georgia to continue efforts to effectively implement the anti-discrimination law and to ensure protection for all persons belonging to minorities, and to ensure gender equality. The Council recalled the commitment to the universality of human rights for all, regardless of religion or belief, race, ethnic origin, sex, language, sexual orientation, gender identity, ability or other. The Association council welcomed substantial progress made by Georgia to create an effective labour inspection system, in order to further improve working conditions and address the challenges in this area in line with international and European labour standards. It also discussed the importance of continuing efforts in this direction.

    Both sides welcomed the progress made by Georgia in the implementation of the Association Agreement, including its Deep and Comprehensive Free Trade Agreement (DCFTA). The EU continued to be the most important trading partner of Georgia. The EU and Georgia agreed to identify further products with export potential to the EU, for which EU can provide assistance. Both sides welcomed successful implementation of structural reforms and underlined the importance of ongoing reforms related to the improvement of the investment climate in Georgia. The Association council welcomed the ongoing work to draft a new SME Development Strategy 2021-2025 and the EU side confirmed its readiness to support its implementation.

    The Association council welcomed the disbursements of Macro-Financial Assistance to Georgia in November 2020 and urged Georgia to continue the implementation of outstanding agreed policy measures in order to enable the disbursement of the second instalment of COVID Macro-Financial Assistance to Georgia (of which 75 million EUR was disbursed in 2020). The EU encouraged Georgia to ensure the sustainability of already implemented reforms and maintain macro-economic stability.

    The Association council reiterated Georgia's strategic role in the field of energy, transport and connectivity and increasingly as a transportation and logistics hub in the region. The EU committed to continue engaging closely with Georgia on the connectivity agenda, including through the gradual completion of the indicative core Trans-European networks of Transport (TEN-T), as a step towards enhancing connectivity and international trade between Europe and Asia. The sides also highlighted the importance of Black Sea connectivity. The EU took note of Georgia's request for support in the elaboration and implementation of a plan for better Black Sea connectivity.

    The Association council reiterated Georgia's key role as a partner for European energy security and stressed the country's transit role for Caspian hydrocarbon resources to reach European markets, notably via the Southern Gas Corridor and through the Black Sea, with a view to strengthening EU-Georgia interconnections. The EU stressed its continued commitment to further supporting the roll-out of energy efficiency standards in public buildings, based on legislative reforms in key areas. The EU reiterated its continuous support to reinvigorating Georgia's agriculture and rural sector to improve living conditions in rural areas. The Association council noted the importance of enhanced cooperation in the area of civil protection.

    The EU recognised Georgia as a key partner in the region and acknowledged the importance of EU-Georgia cooperation in the field of foreign and security policy. The Association council recalled the issues discussed during the third EU-Georgia Strategic Security Dialogue in October 2019 and looked forward to the next meeting in this format. The EU expressed appreciation for Georgia's continued contribution to EU-led crisis management operations and missions in the Central African Republic and the Republic of Mali, as well as openness to supporting the strengthening of Georgia's capacities and resilience.

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    The Council expressed concern about signing a so-called programme on the creation of a common socio-economic space between Russia and Georgian region of Abkhazia as well as other steps further undermining Georgia's sovereignty and territorial integrity, deterioration of the security and human rights situation in the Georgian regions of Abkhazia and Tskhinvali/South Ossetia, especially with regard to intensified military build-up, installation of barbed wire fences and other artificial barriers along the dividing lines, long-term closure of "crossing points". Concerns also include the situation with ethnic discrimination of Georgians, restriction of freedom of movement, including for health care and access to other social services, arbitrary detentions, violation of property rights and education in mother tongue, the persistent obstacles to the safe and dignified return of internally displaced persons and refugees to their places of origin, and deprivation of life of Archil Tatunashvili and Giga Otkhozoria. In this regard, the Association council reiterated that justice should be applied.

    The Association council reiterated the obligation for the Russian Federation to fulfil its international obligations including under the EU-mediated 12 August 2008 Ceasefire Agreement, notably to withdraw its military forces from the territory of Georgia and remove all impediments for establishment of international security mechanisms therein. The Association council further urged the Russian Federation to provide EUMM access to the whole territory of Georgia, in line with its mandate. The Association council also called for access for international humanitarian and human rights mechanisms of relevant international organisations.

    The Association council stressed the importance of ongoing support to people-to-people contacts and confidence building measures across the divides. In this respect, the Association council recalled its support for the Georgian peace initiative « A Step to a Better Future».

    The EU commended Georgia's active participation in the multilateral dimension of the Eastern Partnership and underlined that continued reform efforts in the partner countries are key to the success of the Eastern Partnership and to the EaP Summit scheduled for later this year.

    The Association council was chaired by the High Representative of the European Union for Foreign Affairs and Security Policy, Mr Josep Borrell. The Prime Minister of Georgia, Mr. Irakli Garibashvili led the Georgian delegation.

    Press Service of the Government Administration

  • Team Europe: EIB immediate Covid-19 response support to the Georgian MSME sector reaches milestone with additional support to Liberty Bank
    • The EU bank will extend Covid-measures to the existing credit line at the Liberty Bank for a total of €17.5 million, including a €2.5 million multi-currency top-up.
    • Loan reinforces Team Europe support for the recovery of Georgian MSMEs from the COVID-19 pandemic as well as sustains jobs, maintains liquidity and operations, and fuels the economic recovery of Georgia.
    • In 2020 alone, EIB provided  €70 million to support faster recovery of Georgian businesses from COVID-19 pandemic

    The European Investment Bank (EIB), the lending arm of the European Union, and Liberty Bank agreed to expand an existing credit line for Georgian micro, small and medium-sized enterprises (MSMEs) with additional €2.5 million to a total of €17.5 million. With this signature, the EIBs total Covid-19 immediate response comprises additional lending exceeding € 70 million, and existing loans benefiting from Covid measures exceeding € 90 million.
     
    The EIB loans inject fresh capital into the national financial market at a time when the COVID-19 pandemic is burdening SMEs with liquidity issues and restricting their ability to access finance for maintaining daily operations or funding expansion plans.
     
    The loan agreement was signed in presence Charles Michel, the President of the European Council.
     
    Please find the video materials here: https://we.tl/t-HjPiBizZZK
     
    EIB President Werner Hoyer, said: Team Europe and the EIB will continue to build up our support for the Georgian MSMEs and fuel the economic and social recovery of the national economy from COVID-19. Last year alone we boosted Georgian recovery from COVID-19 with EUR 170 – 70 million in new lending for MSMES, and 100 million for the reinforcement of the national healthcare sector`s ability to deal with the pandemic. Today, the EIB increased both the amount and the attractiveness of our loans available to MSMEs, as this is the first loan the EU Bank provides to a counterpart in Georgia in local currency. We look forward maintaining our position as the trusted ally of the Republic of Georgia and a key source of support for sustainable social and economic development.”
     
    CEO of Liberty Bank Vasil Khodeli commentedI would like to thank EIB and the EU for their continuous support and the confidence they have shown in Liberty Bank. Thanks to the increased loan amount, Liberty Bank will unlock significant additional lending for MSMEs in Georgia. The coronavirus has hit MSMEs very hard and this facility will provide much needed support for our clients to overcome short-term liquidity shortages, maintain jobs and support economic recovery in the upcoming months. The additional multi-currency facility equivalent to GEL 10 million includes the possibility to make financing available in local currency, which provides us with greater flexibility to finance and support wider range of MSME businesses in Georgia. This is also a further sign of our commitment to help businesses of all sizes to get through the turbulent times.”

    Further increasing affordability of EIB loans
     
    The loan introduces the option to make funding available in synthetic lari, Georgia’s national currency, and increases the affordability of the loans for MSMEs. The expansion will help Georgian MSMEs sustain jobs, maintain liquidity to continue operations, and fuel the economic recovery of Georgia from the COVID-19 pandemic.
     
    The investment from the EU bank forms part of the EIB’s SME Outreach Initiative, which promotes access to finance for MSMEs by supporting smaller local banks to better service their clients. MSMEs are the backbone of the Georgian economy and major employers in the country. The loan expansion comes with a €450,000 in technical assistance to support Liberty Bank improve and expand its offer for MSMEs.
     
    Team Europe adds value for Georgian companies
     
    Covered by a guarantee from the European Union, the loan from the EU bank will enable increase in lending activities to MSMEs without jeopardising the long-term stability of the country’s financial sector or its ability to support the economic recovery from the pandemic in the long term.
     
    This credit line comes with increase attractiveness to SMEs benefiting from the more flexible lending terms enabled by the EIB’s COVID-19 emergency measures. These measures are extended as part of the Team Europe’s efforts to Georgia and other EU partner countries during the pandemic.
     
    To date, the EU bank has invested more than €290 million in credit lines for Georgian businesses, sustaining more than 54,000 jobs in the country.
     
    Background information
     
    About the EIB:
    The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals.
     
    The EIB in Georgia:
    The EU Bank has been supporting economic and social development of Georgia since in 2007, providing to date some EUR 1.85 billion to local economy. The EU Bank activities in the country supported key infrastructure projects (EUR 1bn), MSMEs and mid-caps (EUR 290m), Municipal infrastructure (EUR 280m) and green energy generation projects (EUR 23.5m). COVID-19 recovery activities in 2020 totalled EUR 170m.
     
    Georgia is among a few non-EU countries eligible to benefit from the European Investment Fund (EIF) operations, designed to support small and medium enterprises (SMEs) with risk-sharing instruments.  Today, the EIB Group portfolio of guarantees in Georgia cover EUR 382.9 million of SMEs loans.

    The EIB finances most projects in Georgia under the EU External Lending Mandate. This provides the EIB with a guarantee covered by the EU budget for projects in the fields of social and economic infrastructure, local private sector development and climate action. Projects may also benefit from EU grants made available under the DCFTA program funded by the NIP, which amongst others promotes EIB’s efforts to make funding available in local currency.
     
    About JSC Liberty Bank:

    Liberty Bank is one of the largest Banks in Georgia, with total Assets of over GEL 2 bln and Capital GEL 200 mln. The Bank operates the largest branch network comprised of over 360 branches and 570 ATMs. The Bank is the exclusive agent of the Government of Georgia for the distribution of pensions and social benefits. The Bank employs over 4600 employees serving over 1.7 mln customers. 

    For more information on the EIB’s activities in Georgia please follow: https://www.eib.org/en/publications/the-european-investment-bank-in-georgia

    Source: The EU Press Release

  • EIB and ProCredit to support faster recovery of Georgia`s SMEs from the COVID-19 crisis with €10 million

    The European Investment Bank /EIB/ will provide €10 million to the ProCredit Group to offer a new credit line for small and medium enterprises (SMEs) and midcaps.

    The EU bank and ProCredit create a €10 million credit line for the recovery of SMEs and midcaps from the COVID-19 pandemic in Georgia.
    EIB and ProCredit Group agree on similar credit lines in Ukraine (€25 million) and Moldova (€20 million), bringing the total support to companies to €55 million.
    The operation is part of the Team Europe’s COVID-19 emergency response to help sustain jobs, maintain liquidity and operations, and fuel the economic recovery of the EU partner countries.
    The European Investment Bank, the lending arm of the European Union, will provide €10 million to the ProCredit Group to offer a new credit line for small and medium enterprises (SMEs) and midcaps in Georgia and support their faster recovery from the COVID-19 pandemic. The credit line can be made available in multiple currencies, including in the local currency.

    The investment is a part of a €55 million regional agreement with the ProCredit, which allows creation of similar credit lines at ProCredit Group in Ukraine (€25 million) and Moldova (€20 million), all in support of faster economic COVID-19 recovery of the EU partner countries in the Eastern Neighbourhood.

    This transaction provides much-needed financing to companies in Georgia to address working capital issues created by the ongoing pandemic. The EIB loan also strengthens the national banking sector in Georgia and reinforces its ability to finance the economic recovery of the country.

    EIB Vice-President Teresa Czerwińska, who is in charge of operations in Georgia, Moldova and Ukraine, said: “Team Europe continues to support economic recovery of EU partner countries in the Eastern Neighbourhood from COVID-19, reinforcing pan-European solidarity in these difficult times. We have thus created new sources of financing at a moment when such aid is crucial for the survival of our SMEs. We look forward to expanding our partnership in the future, so as to allow even more companies benefit from our shared dedication to support SMEs and midcaps grow and develop.

    EU Ambassador to Georgia Carl Hartzell said: The EU stands by Georgia during the pandemic. The EU has mobilised an unprecedented GEL 1.5 billion COVID-19 support package for Georgia, of which economic recovery of businesses is a fundamental part. This top-up by the EU bank strengthens this component by providing more assistance via local Georgian banks. Thanks to this agreement, an additional number of Georgian small and medium businesses will be able to access finance to get them through these challenging times.

    The management of ProCredit Holding AG & Co. KGaA, the parent company of the ProCredit group, said:
    “Thanks to the well-established relationships with our clients and partners such as the EIB, we have been able to provide efficient support to numerous SMEs during these turbulent months. These EIB credit lines will support SMEs in Georgia, Moldova and Ukraine to overcome short-term liquidity shortages and will provide much-needed support in local currencies for their investment projects. We expect that this will open them up to new lines of business and opportunities and thus will support economic recovery in the coming years. We are confident that this will be stimulated by a structural shift towards investments that are climate-friendly as well as socially and ecologically sustainable.”

    Team Europe: Strengthening pan-European solidarity in times of crisis

    The EIB investment is a part of Team Europe’s overall response to COVID-19 and supports the sustainable social and economic recovery of the EU’s Eastern Neighbourhood. The operation reinforces both SMEs and mid-caps, which are the backbone of national economies and a major source of employment in three countries.

    Covered by guarantees from the European Union, the EIB investment enables the ProCredit Group to increase its lending activities without jeopardising the long-term stability of the local financial sectors or their ability to support the economic recovery from the pandemic in the long term.

    The credit lines will be even more attractive due to the more flexible terms enabled by the EIB’s COVID-19 emergency measures. These emergency measures are a part of Team Europe’s efforts to support partner countries in the Eastern Neighbourhood during the pandemic.

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  • Team Europe - EIB and Bank of Georgia expand credit line for SMEs and mid-caps with €25 million to aid recovery from COVID-19 pandemic
    • The EIB will top up its existing credit line at the Bank of Georgia €25 million to a total of €75 million to support the recovery of Georgian SMEs from the pandemic, extending coverage to include mid-caps.
    • The operation is part of the Team Europe’s COVID-19 emergency response to help sustain jobs, maintain liquidity and operations, and fuel the economic recovery of Georgia.
    • Since 2007, the EU bank has invested close to €2 billion in all key sectors of the Georgian economy, including connectivity, healthcare and SMEs.

    The European Investment Bank (EIB), the lending arm of the European Union, will invest €25 million to expand a credit line for Georgian small and medium-sized enterprises (SMEs) and mid-caps available at the Bank of Georgia, helping to accelerate the recovery of the national economy from the COVID-19 pandemic. The credit line can be disbursed in multiple currencies, including in lari, Georgia’s national currency. 

    The EIB loan will inject fresh capital into the national economy at a time when the COVID-19 pandemic is burdening SMEs with liquidity issues and restricting their ability to access finance and maintain daily operations or fund expansion plans. 

    The investment from the EU bank will reinforce SMEs and mid-caps, which are the backbone of the Georgian economy and major employers in the country, and the country’s financial sector, boosting their ability to drive the economic recovery from the pandemic.

    EIB Vice-President Teresa Czerwińska, who is in charge of operations in Georgia, said: As the bank of the European Union, we are proud to be bolstering Georgia and its economy in this hour of need, no matter how difficult the situation is. The EIB financing will support both Georgian SMEs and the country’s financial sector so that they can continue to operate despite the pandemic and drive the Georgian economy forward. This means we will save jobs, incomes and revenues. Together with our partners in the country’s public and private sector, we look forward to building a prosperous and sustainable future for Georgia.”

    EU Ambassador to Georgia Carl Hartzell said: The EU stands by Georgia during the pandemic.  The EU has mobilised an unprecedented GEL 1.5 billion COVID-19 support package for Georgia, of which economic recovery of businesses is a fundamental part.  This top-up by the EU bank strengthens this component by providing more assistance via local Georgian banks. Thanks to this agreement, an additional number of Georgian small and medium businesses will be able to access finance to get them through these challenging times.

    Bank of Georgia CEO Archil Gachechiladze commented: “I am very glad to see that our very successful partnership with the EIB is continuing. The multi-currency long-term facility gives us flexibility to utilise the funds according to the currency and maturity needs of our SME and mid-cap clients. Such facilities are key for the private sector, especially during these challenging times, and this further strengthens our position as a leading provider of long-term financial resources on the market. I would like to thank the EIB for its cooperation with us and look forward to many more successful deals in the future.”

    Team Europe adds value for Georgian companies

    Covered by a guarantee from the European Union, the loan from the EU bank will enable the Bank of Georgia to increase its lending activities without jeopardising the long-term stability of the country’s financial sector or its ability to support the economic recovery from the pandemic in the long term.

    The credit line is even more attractive due to the more flexible terms enabled by the EIB’s COVID-19 emergency measures, extended as part of the Team Europe’s efforts to support partner countries such as Georgia during the pandemic.

    This is the third operation between the EIB and the Bank of Georgia supporting the country’s SMEs and mid-caps. To date, the EU bank has invested more than €330 million in credit lines for Georgian SMEs and mid-caps, sustaining more than 54 000 jobs in the country.

    Source: https://www.eib.org/en/press/all/2020-367-team-europe-eib-and-bank-of-georgia-expand-credit-line-for-smes-and-mid-caps-with-eur25-million-to-aid-recovery-from-covid-19-pandemic

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