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.
The Asian Infrastructure Investment Bank (AIIB) has approved a loan of €45 million to Georgia to mitigate the negative economic and social impacts of Covid-19 and sustain the momentum of pre-pandemic reforms that support economic growth and resilience, announces the AIIB.
The EU has announced three new projects to help victims of domestic violence, IDPs, and persons with disabilities across Georgia cope with the Covid-19 crisis, the EU representation in Georgia stated earlier today.
The Asian Infrastructure Investment Bank (AIIB) is offering €91,340,000 to help Georgia prevent and respond to threats caused by the coronavirus pandemic, announces the Finance Ministry of Georgia. The loan agreement was signed today under the 'Emergency COVID-19 Response Project' for Georgia.
The United States Centers for Disease Control and Prevention (CDC) is providing an additional $3 million in assistance to the Georgian healthcare system in response to COVID-19.The US Ambassador to Georgia, Kelly Degnan, said that the CDC has been supporting Georgia to prepare for and response to the pandemic since January.
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.
Georgian state institutions, Public Defender’s Office, State Inspector’s Office and local authorities will be involved in the project.