Georgia working on new reform for development of small and medium business

Georgia’s Ministry of Economy, the Ministry of Finance, Parliament, the National Bank, the Partnership Fund, the local banking sector and a Turkish delegation are teaming up to develop new initiatives for promoting small and medium-size business and make access to finances easier for them.

Representatives of the Turkish delegation talked about their experience in economic development and access to finance.

The Turkish Credit Guarantee Fund offered a credit guarantee mechanism for small and medium-size businesses. This mechanism successfully functionins in Turkey which is reflected on by employment and the economic growth of the country.

"We are starting a new reform for the development of small and medium-size business and access to finances for this segment”, Georgia’s Economy Minister Dimitry Kumsishvili said.

"The credit guarantee mechanism is a guarantee fund that serves as a guarantor for commercial banks, small and medium-size businesses. We are deeply convinced that this reform will give even more stimulus to the development of small and medium-size business in Georgia and thus create new jobs”, he added.