Council of Europe Development Bank approves 5 million euros for new social projects in Georgia

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).