Council of Europe Development Bank approves 5 million euros for new social projects in Georgia
The aim of the financing is to encourage the development of micro-enterprises. Photo: Pablo Andrés Rivero/Flickr
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The Administrative Council of the Council of Europe Development Bank (CEB) has approved eleven loans worth almost €1.1 billion yesterday for Georgia and other European countries.
A €5 million loan to JSC Credo Bank will finance the productive investments of small businesses throughout the country.
The aim of the financing is to encourage the development of micro-enterprises and support income-generating activities and self-employment in the country.
Through the financing, the CEB hopes to improve the unemployment rate which is considerably higher in Georgia (13.9% in 2017) than the EU average (7.6% in 2017).
The European Bank for Reconstruction and Development (EBRD) and the European Union (EU) are stepping up their efforts to support small and medium-sized enterprises (SMEs) in Georgia, Ukraine and Moldova.
The European Investment Bank (EIB) and the European Investment Fund (EIF) – jointly the EIB Group – will allocate €100 million in loands to small and medium-sized enterprises (SMEs) in Georgia, Moldova and Ukraine.
The EBRD and the EU are extending their support to small and medium-sized enterprises (SMEs) in Georgia, Moldova and Ukraine to the total of almost €1.1 billion in credit lines and trade finance and €58.3 million in EU grants.
The European Commission has signed a memorandum of understanding with Georgia for macro-financial assistance (MFA) of up to €45 million to help Georgia cover part of its external financing needs and support economic reforms.
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The European Commission has disbursed €15 million in loans to help Georgia cover part of its financing needs and support the implementation of economic reforms.