€100 million for small, medium businesses in Georgia, Moldova and Ukraine
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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 EIB Group signed the first guarantee agreements with ProCredit Holding and its subsidiaries under the EU4Business initiative today.
These agreements will allow the ProCredit banks in these countries to facilitate access to finance for local SMEs by providing a 70 percent guarantee on each loan and subsequently extend financing at favourable conditions, including reduced collateral requirements.
The three guarantee transactions are expected to unlock additional financing to small and medium businesses and ultimately to sustain jobs and new business opportunities in Georgia, Moldova and Ukraine. These guarantees are funded by the European Union through the Neighbourhood Investment Facility in the context of the EU4Business initiative.
"Support for SMEs is one of the EIB Group’s priorities because by funding them we are boosting economic growth, innovation and employment,” said EIB Vice President Vazil Hudak, who is responsible for oversight in Ukraine and Georgia.
"These guarantee agreements with our longstanding partner Procredit Holding and its subsidiaries will help us to reach SMEs in the countries that have signed an Association Agreements with the EU, increasing access to crucial long-term financing in order to help them continue to develop new projects and to generate growth,” he added.
Georgia’s Prime Minister Giorgi Kvirikashvili hosted today the Vice-President of the European Investment Bank (EIB), Vazil Hudak, at the Administration of the Government of Georgia.
The European Investment Bank (EIB) is offering €250 million to help improve regional connectivity and road transport efficiency in Georgia.
The European Investment Bank (EIB) and the European Investment Fund are implementing two new programmes in Georgia which have been developed jointly with the European Commission.
Georgia has today signed a €450 million financing agreement with the European Investment Bank to implement three major projects that will raise living standards and boost the global competitiveness of Georgia.
Georgian President Giorgi Margvelashvili met with farmers at the Presidential Palace today. Margvelashvili believes agricultural development is the response to some of the challenges Georgia is facing nowadays.
The Vice Prime Minister of Ukraine, Pavlo Rozenko is visiting Georgia to learn from Georgia’s experience in social programs. Rozenko met with Georgian Prime Minister Giorgi Kvirikashvili earlier this afternoon.
The European Investment Bank (EIB) have signed three agreements which will make available up to 280 million GEL (about $103.24m/€87.35m*) to Georgian small and medium enterprises (SMEs).
The Black Sea Trade and Development Bank (BSTDB) has extended a new medium-term 75 million GEL (about $30m/€25m*) loan to the Bank of Georgia aimed at supporting small and medium-sized enterprises (SMEs) in Georgia.
The European Investment Bank (EIB) is offering an additional €250 million to help improve regional connectivity and road transport efficiency in Georgia. The EIB has already provided over €500 million for implementation of the ‘Georgian Transport Communication Project’.
The European Investment Bank (EIB) has lent €30 million to Georgia’s TBC Bank to broaden access to financing for small and medium-sized enterprises in the country (SMEs), which represent about 90 per cent of companies active in the country.
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.
The European Union (EU) and the European Investment Bank (EIB) are starting a new project with a total budget of €6,136,000 to contribute to Georgia’s road infrastructure development.