EU’s financial assistance will stimulate female entrepreneurship in Georgia

Stimulating female entrepreneurship is one of the goals Georgia hopes to achieve after the country receives further financial assistance from the European Union (EU).

A decision by the European Commission stated the EU will allocate €85 million to help small and medium-sized enterprises benefit from the opportunities offered by the Deep and Comprehensive Free Trade Area (DCFTA) agreements in which the EU signed with Georgia, Moldova and Ukraine.

The funds will also be spent on stimulating female entrepreneurship in the Eastern Partnership region.

These specific projects targeting the East Neighbourhood were expected to generate more than €1.3 billion of investment.

The European Commission stated on its website that the financial resources will be mobilised from the Neighbourhood Investment Facility (NIF).

NIF is financial mechanism aimed at mobilising additional funding to cover the investment needs of the EU Neighbouring region for infrastructures in sectors such as transport, energy, the environment and social issues (such as the construction of schools or hospitals). The NIF also supports the private sector particularly through risk capital operations targeting small and medium-sized enterprises.