State programme Produce in Georgia to support event companies, farmers in Georgia
Farmers who are engaged in growing grapes, citrus and other tropical fruit varieties will also be included in the credit-guarantee programme of Produce in Georgia. Photo: Nino Alavidze/Agenda.ge.
Tweet 
Share
Changes have been made to the state programme of Produce in Georgia that will benefit event companies and farmers in Georgia, announced Georgian Economy Minister Natia Turnava.
Following the changes, event companies will also be involved in a credit guarantee mechanism that will enable them to get subsidised bank loans for 12 months.
Turnava said this will help companies solve problems created by the coronavirus crisis.
As for the second change, farmers who are engaged in growing grapes, citrus and other tropical fruit varieties will also be included in the credit-guarantee programme of Produce in Georgia.
What is the credit-guarantee programme?
Enterprise Georgia agency which runs the Produce in Georgia state programme says that the credit-guarantee mechanism aims to improve access to finance for small and medium size businesses, facilitate lending and ensure inclusive economic growth.
The terms of the mechanism are:
- It will be based on portfolio guarantees and the loan will be evaluated by the commercial bank/microfinance organisation
- A security provided by the Agency for up to 90 per cent of the principal amount for each loan disbursed by commercial banks within the framework of the programme. Guarantee shall be issued for each bank participating in the program for up to 35 per cent of the disbursed loan portfolio within this programme, at any moment
- In the case of a commercial bank minimum loan volume – 50,000 GEL while maximum loan volume is 5 million GEL
- In the case of a microfinance organisation minimum loan volume – 20,000 GEL while maximum loan volume is 5 million GEL
- The maximum loan warranty period is 10 years
In August this year Enterprise Georgia announced that Produce in Georgia would support six new economic activities to tackle the economic challenges caused by Covid-19.
These activities are: creation of computer games, hospital activities, general medical practice activities, specialised medical practice activities, dental practice activities, purchase and leasing of film production equipment.
International investment location scouts from leading European and US companies KPMG, Conway, and GDP Global are visiting Georgia for the first time to discover the country's investment potential and state programmes oriented towards industrial development.
To tackle the economic challenges caused by COVID-19, some changes have been made to the state programme Produce in Georgia, which will now support six new economic activities in the country.
The Georgian government is launching a new programme 'State - Your Partner', which will allow individuals to receive state services and information in 81 community centers and 24 justice houses in more than 100 settlements throughout Georgia about programmes to help start or assist new business.
Beneficiaries will be able to use state programmes that support businesses in the regional centers of Georgia without coming to the capital city of Tbilisi, announces Prime Minister of Georgia Giorgi Gakharia.
Georgia’s export support agency, Enterprise Georgia, has announced the start of the forth stream of applications for the 'Co-financing Mechanism for Supporting Family-owned, Small and Medium-size Hotel Industries' to help industry players tackle the economic challenges caused by Covid-19.
Georgia has reported 3,504 news cases of coronavirus over the last 24 hours. The total number of cases confirmed since late-February has increased to 76,658. Head of the Task Force operating under the Interagency Coordination Council Aleksandre Khojevanishvili announced at a news briefing earlier today that 3,163 people have meanwhile recovered and 33 others have died of the coronavirus-related complications.
The government of Georgia has announced a new state programme, FDI Grant, under the auspices of Enterprise Georgia which will promote the growth of foreign direct investments, the inflow of technologies and the creation of new jobs in Georgia, announces Enterprise Georgia agency.
Food supplies have become a challenge for many countries amid the pandemic, said Agriculture Minister Levan Davitashvili earlier today when presenting the annual report, but noted that Georgia overcame these difficulties very well.