EBRD to finance modern municipal infrastructure in Bakuriani, Georgia

Published in Economics
Wednesday, 29 July 2020 13:28

The population of Bakuriani, a city in the Borjomi municipality of Georgia, will benefit from improved public transport and services thanks to a €5 million loan provided by the European Bank for Reconstruction and Development (EBRD).

The financing will help to acquire special vehicles for street cleaning, snow removal and waste collection, as well as to purchase multi-purpose trucks, and 10 modern buses for passenger transport.

The new low-floor buses will considerably reduce emissions in this popular mountain and ski resort and offer more comfortable journeys. The EBRD is also providing technical cooperation funding aimed at training and promoting women for bus-driver roles.

Bakuriani is a small town in the central part of the country. It is one of the most-visited mountain and ski resorts in Georgia and famous for its climate and natural environment.

The technical cooperation will make recommendations for safe, accessible and inclusive transport that integrates the needs of passengers into urban transport services. Additional technical assistance funded by the donors of the Early Transition Countries Fund (CanadaFinlandGermany, Ireland, JapanSouth KoreaLuxembourg, the Netherlands, NorwaySpain, SwedenSwitzerland, Taipei China and the United Kingdom) will help the company improve its corporate development.

“This project will help to improve the quality of municipal services and safety measures in an important resort town. Improving Georgia’s municipal infrastructure, especially in the regions, is of paramount importance for the EBRD. The project will also help promote gender equality across the workforce,” said Catarina Bjorlin Hansen, EBRD Regional Director for the Caucasus.

The EBRD is a leading institutional investor in Georgia. Since the start of its operations in the country, the Bank has invested over €3.8 billion in 252 projects there, in the financial, corporate, infrastructure and energy sectors, with 89 per cent of these investments in the private sector.

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Source: https://www.ebrd.com/news/2020/ebrd-to-finance-modern-municipal-infrastructure-in-bakuriani-georgia.html

 

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    The European Bank for Reconstruction and Development (EBRD) has adopted a new country strategy for Georgia for 2022-27, with three key priorities:

    Enhancing the competitiveness of Georgian companies

    The EBRD stands ready to help companies, including small and medium-sized enterprises (SMEs), boost their productivity and resilience by enhancing their competitiveness and improving their access to finance, for instance, through investments in digitalisation. The Bank will also continue its work to deepen the local capital market to provide companies with a wider variety of financing options.

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    The Bank will step up its efforts to support access to skills development, especially for young people, women and other marginalised groups, supporting job creation, also in regions outside the capital, Tbilisi. Better access to finance and essential municipal services for regional populations is a key focus of the EBRD’s work.

    Supporting Georgia’s green economy transition

    The EBRD is well positioned to help accelerate Georgia’s green economic transition by supporting initiatives to reduce greenhouse gas emissions and increase the use of renewable energy. Based on the EBRD’s Green Economy Transition approach and building on its strong track record in this field, the Bank will combine investments in renewable energies with policy engagement. It will support the reform of state-owned enterprises, including greater energy and resource efficiency, and continue to expand its Green Cities framework.

    Georgia has made great efforts in recent years to advance reforms and create a sustainable market economy. The new EBRD strategy will support the Georgian economy, significantly affected by the Covid-19 pandemic, in its recovery and further development.  

    The EBRD is a leading institutional investor in Georgia. Since it started operating in the country, the Bank has invested more than €4.53 billion in 269 projects in the financial, corporate, infrastructure and energy sectors, with 78 per cent of these investments in the private sector.

    By This email address is being protected from spambots. You need JavaScript enabled to view it.

    Source: https://www.ebrd.com/news/2021/ebrd-adopts-new-country-strategy-for-georgia.html

     

  • Sebastian Molineus: I am really pleased to see many very important reforms in Georgia

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    Irakli Garibashvili and Sebastian Molineus reviewed the projects currently implemented and planned in Georgia with support of the World Bank, along with the assistance received by the country during the COVID pandemic. Significant support of the World Bank demonstrated in the fight against the virus was particularly highlighted.

    The Prime Minister of Georgia expressed gratitude to Sabastian Molineus for the effective and productive cooperation with the Government of Georgia, thereby noting that engagement of the World Bank in various sectors of the economy are genuinely appreciated.

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    Press Service of the Government Administration

  • TBC Bank in Georgia to receive EBRD and EU funding to boost small companies

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  • How to help your business recover after COVID
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    The EU offers financing and guarantees to local financial institutions to unlock lending. This makes it possible for the local lender to provide more affordable financing to SMEs. For instance, you could benefit from lower-interest loans, longer repayment terms, lower collateral requirements, including some loans based in lari instead of foreign currencies. Check what these banks in Georgia have to offer under the EU4Business Initiative:Microfinance Organisation Crystal, Basisbank, Bank of Georgia, TBC Bank, TBC Leasing.

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    Mikheil Melua expanded production capacity of his bay leaf production company Black Sea Laurus, acquired modern equipment, and established food safety standards in line with EU practice with support from the EU4Business-EBRD Credit Line. As a result, Black Sea Laurus generated 8 new permanent and some 100 seasonal local jobs, and launched exports to European markets, doubling production and income both.

    1. 2.       How do I apply for a bank loan? What are the requirements?

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    Under the project “EU Innovative Action for Private Sector Competitiveness in Georgia”, nursery owners can attend a series of trainings and workshops to receive practical knowledge on how to align the Georgian production of seedlings with the international standards and best practices of European countries.

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     1.6.       Are there SMEs like me that got help?

    There are more than you can imagine!

    Between 2019-2020, 55,181 SMEs in Georgia received support through the EU4Business Initiative. Among those, a total of 5,621 entrepreneurs received loans for a total value of €307.25 million under EU programmes that support SMEs. Over 48,642 consultancy services were delivered to SMEs. The income of these supported SMEs rose by 9.4% in 2020 amounting to almost €69.86 million, and 10,055 new jobs were generated as a result of this support in 2020 alone.

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    Gano Melitaurireceived EU4Business support to procure new sewing equipment in the middle of the pandemicso that her company Kombinezona did not have to halt production. Instead, they shifted their focus to making antibacterial face masks and protective gear, were able to employ more people, and distributed a good number of free masks.

    Baia Saluqvadze and Levan Bolqvadze, co-founders of Agritrade,purchased a new calibration line, a vertical elevator, and conveyor with the support from the Food and Agriculture Organisation of the United Nations (FAO) and the EU as part of its ENPARD and EU4Business Initiative. Agritrade’s Kakheti hazelnuts can now be directly exported to China, generating more export opportunities.

    Click here for more success stories to learn about Georgian SMEs that are doing business in many different areas and have benefitted from EU support.

     The material is prepared within the project "EU NEIGHBOURS east"

  • World Bank pledges EUR 85 mln to support job creation and pandemic-affected firms in Georgia

    Micro, small, and medium-sized enterprises in Georgia impacted by the COVID-19 pandemic are to benefit from EUR 85 million in financing support, approved today by the World Bank’s Board of Executive Directors. The new Relief and Recovery for Micro, Small, and Medium Enterprises (MSMEs) project aims to help businesses and create jobs by expanding and strengthening programs that support MSMEs and by promoting the digitalization of Georgia’s economy.

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    “Development of small and medium enterprises is a priority for the Government of Georgia, as it is a precondition for private sector growth, the creation of new jobs and the strengthening of the entrepreneurial culture in the country,” said Natia Turnava, Minister of Economy and Sustainable Development of Georgia. “In this regard, the support of the World Bank and the allocation of EUR 85 million to help Georgia’s small and medium-sized enterprises in the post-pandemic period is invaluable.”

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