Export Promotion Agency will be established in Georgia
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State-owned shareholding company the Partnership Fund is starting to support export-oriented local companies in Georgia as a way to increase the country’s export potential.
For this purpose, the Partnership Fund has begun working on establishing Georgia’s Export Promotion Agency.
The Agency will be established in three months and will be a daughter company of the Partnership Fund.
Exports will be promoted in four main directions: export credit, investment protection, financial guarantees and factoring operations. For developing these areas, the Partnership Fund will work with export promotion Italian agency SACE.
The SACE group currently operates in 189 countries to ensure a more stable cash flow as well as transforming the insolvency risks of 25,000 business customers into development opportunities.
SACE has a rating of A- (Fitch).
SACE has 30 years’ experience, €70 billion of insured projects in 189 countries. The company said these figures "confirm our continuing commitment ... to support any type of company in the development of its business, in Italy and around the world".
Every small, middle or large-scaled enterprise in Georgia that has the potential to export its products will be offered financial support by the state.