EIB to lend €4.1 mln to Georgian microfinance organization Crystal for micro loans
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Micro enterprises will receive loans up to €25,000 which will be oriented to fund women, young people and entrepreneurs living in rural areas. Photo: Nino Alavidze/Agenda.ge.
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The European Investment Bank (EIB) will fund Georgian microfinance company Crystal with €4.1 million to support Georgian micro enterprises with fewer than 10 employees.
Micro enterprises will receive loans up to €25,000 which will be oriented to fund women, young people and entrepreneurs living in rural areas. As a result, about 10,000 entrepreneurs should receive long-term financing.
This microfinance operation will support microbusinesses, representing the most vulnerable segment of the Georgian economy. This type of funding… helps entrepreneurs develop their activities, which ultimately boost the economy and general wellbeing in the country,” said EIB Vice-President Vazil Hudák.
Today's partnership with Crystal aims at assisting an additional 10,000 local entrepreneurs to start and develop their businesses and create additional income and jobs in the country”, said EU Ambassador to Georgia Carl Hartzell.
New opportunities for entrepreneurs in ????????!
— Carl Hartzell (@CarlHartzellEU) October 30, 2019
Today microfinance company Crystal signed agreement with EU/EIB to provide up to 10,000 predominantly #women & #young_people in Georgia’s regions w/ long-term micro loans to launch or develop their businesses.
➡️ https://t.co/QvlnGsrLl7 pic.twitter.com/70dlU5zZ0f
We are delighted to start long-term cooperation with the European Investment Bank…This agreement aims to reach and support local entrepreneurs and consists of the financing of micro and small enterprises operating in Georgia”, said the CEO of Crystal Ilia Revia.
Over 30,000 Georgian small and medium businesses have benefited from EU funding or technical assistance so far.
Financing Crystal is the second EIB microfinance investment in Georgia under the framework of the EU4Business initiative, after the investment in Credo Bank in November 2017. Both initiatives are partially financed by the Neighbourhood Investment Facility of the European Union.
EU4Business is an initiative of the European Union, which aims to help SMEs in the six countries of the Eastern Partnership (Armenia, Azerbaijan, Belarus, Georgia, Moldova and Ukraine) to finance their development and increase economic growth.
EU4Business support is delivered by the EIB together with other organisations such as the European Bank for Reconstruction and Development.
The European Investment Bank (EIB) and the government of Georgia have signed a deal on the allocation of €250 million loan for “vitally important” infrastructure projects in Georgia, the government of Georgia says.
The European Investment Bank (EIB) will finance public sector development projects over the next five years in Georgia.
Vice President of the European Investment Bank (EIB) Vazil Hudak said that Georgia is a key partner of EIB in the Eastern Partnership and “we will continue supporting East-West connectivity, along with significant projects implemented in the energy sector of the country”.
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 priority of the Georgian government is to develop small and medium size businesses in order to strengthen the private sector, create jobs, promote innovation, increase exports and create modern entrepreneurial culture, said Minister of Economy Natia Turnava at the seminar ‘From Access to Finance towards Inclusive Growth’ organized by the European Investment Bank (EIB).
European Investment Bank (EIB) is allocating €65 million in total to support Georgian small and medium size businesses.
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