US, Sweden to support economic recovery from Covid-19 in Georgia with $15 mln loan guarantee programme
The programme, facilitated by USAID, will allow Crystal to issue $15 million in US and Swedish-guaranteed loans to more than 5,000 Georgian micro, small and medium-sized enterprises. Photo: Nino Alavidze/Agenda.ge.
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The United States and Sweden are partnering with Georgian micro-financing organisation Crystal to support economic recovery from Covid-19 with a $15 million loan guarantee programme for micro, small and medium-sized enterprises in Georgia.
This new partnership will help Georgian entrepreneurs get back on their feet and spark a post-Covid economic recovery. The guarantee advances one of the key goals of USAID’s new strategy for Georgia: empowering the private sector to develop new products and innovative methods for doing business, create higher-value jobs, and contribute to long-term economic growth that benefits all Georgians", said USAID/Georgia Mission Director Peter Wiebler.
The programme, facilitated by USAID, will allow Crystal to issue $15 million in US and Swedish-guaranteed loans to more than 5,000 Georgian micro, small and medium-sized enterprises.
???????? ???????? ???????? ”Sweden aims 2 contribute 2 poverty reduction in ????????, directly&indirectly by sustaining&generating jobs in small companies in all corners of ????????. Improved opportunities of access 2 finance will be available through our partner MFO Crystal..” Erik Illes, Embassy of Sweden. https://t.co/ljKKALqfIr
— Sweden in Georgia (@SwedeninGE) November 13, 2020
Crystal will focus on lending to underserved borrower groups including women-owned business, startups, and businesses located outside of major urban centers, stimulating economic growth in Georgia’s regions.
The guarantee has a tenure of eight years.