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.
“Investors are really interested in Georgia”
The European Bank for Reconstruction and Development (EBRD) Director for the Caucasus, Moldova and Belarus, Bruno Balvanera, believes that investors are "really interested” in Georgia.
Georgia is striving to fortify energy security in the country and improve its economy by building the largest hydro power plant in the recent history of independent Georgia - the Nenskra Hydro-Electric Power Plant (HPP).
The European Bank for Reconstruction and Development (EBRD) is offering €28 million to help Georgia rehabilitate Enguri Hydro Power Plant (HPP).
“Georgia: Leader of Europe’s second wave reforms”
Georgia is leading the second wave of countries in eastern and central Europe, with its progressive reforms, believes the Vice President of the European Bank for Reconstruction and Development (EBRD), Alain Pilloux.
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.
Georgia’s capital of Tbilisi is hosting the 2018 European Bank for Reconstruction and Development (EBRD) Trade Finance Forum and 200 participants from 40 countries.
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 Bank for Reconstruction and Development (EBRD) is offering €15 million to finance the improvement of the solid waste collection and management system in Georgia’s capital of Tbilisi.
Achievements of a European Union and United Nations programme that aimed to train law professionals and improve access to legal aid have been celebrated this week.
The European Bank for Reconstruction and Development (EBRD) increasingly trusts the government of Georgia and its economic policy, says new Managing Director for Eastern Europe and the Caucasus Matteo Patrone.
The European Bank for Reconstruction and Development (EBRD) President Sir Suma Chakrabarti said Georgia is developing in the right direction at today’s meeting with Georgian Prime Minister Mamuka Bakhtadze in Tbilisi.
‘We are in search of new opportunities in Georgia’
The European Bank for Reconstruction and Development (EBRD) is in search of new opportunities to further increase its support in 2019, said the Vice-President of the EBRD Pierre Heilbronn at the 16th Batumi International Conference.
Georgian Prime Minister Giorgi Gakharia has met with the First Vice President of the European Bank for Reconstruction and Development (EBRD) Jürgen Rigterink and noted the key role of the EBRD in the development of Georgia.
The Financial Times has released an article by Suma Chakrabarti, the President of the European Bank for Reconstruction and Development (EBRD) titled Thirty years after the Berlin Wall, the region to watch is eastern Europe and the Caucasus.