European bank signs three deals, offers 280m GEL to Georgian business

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 first agreement was signed with Credo Bank. It will activate a 12 million GEL (about $ 4.42m/€3.74m*) credit line for Georgian micro and small enterprises (MSEs – business with less than ten employees) particularly in rural areas and with a focus on women entrepreneurs.

The other two agreements were signed with TBC Bank and include an agreement to provide up to 240 million GEL (about $88.50m/€74.87m*) of loans to innovative Georgian companies over the next two years.

Also the agreements include an additional 42 million GEL (about $15.49m/€13.10m*) financing specifically for small loans to SMEs, to sustain jobs and create new business opportunities in Georgia.

All agreements are made possible with financial assistance from the European Union's Innovfin and EU4Business programmes.

*Currency conversions reflect National Bank of Georgia values as of today.