New USAID, Gazelle Finance programme to support over 30 SMEs, economic recovery in Georgia
The programme will target its support towards a group of high-potential SMEs, helping them attract private sector financing, expand their businesses and generate employment opportunities in their communities. Photo: Nino Alavidze/Agenda.ge.
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More than 30 small and medium-sized enterprises (SMEs) in Georgia will benefit from a new three-year programme launched by the United States Agency for International Development (USAID) and Gazelle Finance, a financial company that invests in SMEs in the Eurasia Region, with current focus on Georgia and Armenia.
The programme will target a group of high-potential SMEs, helping them attract private sector financing, expand their businesses and generate employment opportunities in their communities.
This programme is targeted to support over 30 SMEs, result in creating over 1,677 new jobs, and catalyse more than $15 million in foreign direct investment in Georgia. This blended finance approach, a combination of know-how transfer and investment capital, is the key ingredient to create long-term sustainable businesses, which are currently underserved by the local capital markets", said the CEO of Gazelle Finance Jeffrey Liebert.
The programme will help beneficiary businesses secure access to new export markets, effectively compete with imports, strengthen their management, and improve environmental, social, and governance performance.
This assistance will support the development of these companies into leaders in the Georgian economy, creating jobs and setting an example for other dynamic firms to follow.
Georgian Economy Minister Natia Turnava has met the USAID Economic Security Programme steering team earlier today to discuss recent and ongoing projects under the programme as well as projects planned for the future.
About 6,000 micro, small and medium sized enterprises in Georgia impacted by the Covid-19 pandemic are to benefit from €85 million in financing support, approved today by the World Bank. The new 'Relief and Recovery for Micro, Small and Medium Enterprises' (MSMEs) project aims to help businesses and create jobs by expanding and strengthening programmes that support MSMEs and by promoting digitalisation of Georgia’s economy.
USAID and Enterprise Georgia have launched a two-year partnership to facilitate Foreign Direct Investment (FDI) in Georgia, help the country's private sector recover from the Covid-19 pandemic and build a more innovative economy that creates higher-value jobs for Georgian workers.
The Georgian parliament has ratified amendments to the USAID Development Assistance Agreements with the government of Georgia which allows USAID/Georgia to move forward with more than $64 million in funding to strengthen Georgia's self-reliance and Euro-Atlantic aspirations, USAID in Georgia reported earlier today.
In order to overcome challenges caused by the coronavirus pandemic, Georgian Finance Minister Lasha Khutsishvili has introduced new tax initiatives today.
About 6,000 micro, small and medium sized enterprises in Georgia impacted by the Covid-19 pandemic are to benefit from €85 million in financing support, thanks to an agreement signed between the World Bank and the Ministry of Economy of Georgia was signed on May 17.
Georgian Economy Minister Levan Davitashvili and representatives from the United States Agency for International Development discussed the implementation of the 2019-launched Economic Security Programme, the Ministry of Economy announced on Wednesday.