EBRD, EU provide €1.15 billion to support business in Georgia, Moldova and Ukraine
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The EBRD and the EU are extending their support to small and medium-sized enterprises (SMEs) in Georgia, Moldova and Ukraine to the total of almost €1.1 billion in credit lines and trade finance and €58.3 million in EU grants.
We are pleased to announce the extension of our successful program of access to finance supporting reforms important for the Deep and Comprehensive Free Trade Area to function," said Deputy Director-General for Neighbourhood Policy and Enlargement Negotiations of the European Commission, Katarina Mathernova.
The EU4Business-EBRD Credit line has allowed SMEs in sectors such as manufacturing, retail, agriculture and food processing, transport, services and health care to improve their products, strengthen their export potential and adopt EU standards and technical norms. The combination of EBRD finance and EU grants has proven to be a perfect match for the needs of Georgian companies,” she added.
With DPM Dimitri Kumsishvili @Economygovge and @kmathernova DGG @eu_near we presented impressive results of @EBRD DCFTA EU4Business Credit Line: 121 projects, €62 M equivalent in GEL €19 million incentives pic.twitter.com/kjbVOJkF43
— Bruno Balvanera (@brunobalvanera) March 22, 2018
Through the EU4Business-EBRD Credit line – a joint EBRD-EU programme supported by the EU4Business initiative and active since September 2016 – over 100 Georgian companies have received €60 million in financing so far.
Concrete projects under the EU4Business-EBRD Credit Line range from investments in machinery to complex programs where companies had the opportunity to draw on free technical assistance provided by an international team of experts. Half of the projects financed in Georgia are with companies located in regions outside the capital, Tbilisi.
"We are delighted to see the first real results of our financing supporting Georgian companies. From hazelnut processing to road construction, from promoting local produce to succeeding in foreign markets – companies financed by the program have decided to invest in the European standards, and we are happy to be part of their success,” said Bruno Balvanera, EBRD Director for the Caucasus, Moldova and Belarus.