Enterprise Georgia to finance renewable energy production
The support comes as part of a programme aiming to foster entrepreneurship, encourage start-ups and growth of new businesses, support expansion and retooling of existing ones, and boost the competitiveness of the private sector by facilitating easier access to capital. Photo: Georgian Energy Development Fund
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Enterprise Georgia will finance projects aiming to produce electricity using renewable energy sources, the body announced on Wednesday.
The agency said it would support projects for small hydropower plants using solar, wind or hydro energy under 0.5 megawatt capacity with loans or lease.
Director Mikheil Khidureli said production and development of renewable energy was “one of the priorities” of the country and added the initiative would benefit the growth of the sector and the state’s energy future.
The support comes as part of a programme aiming to foster entrepreneurship, encourage start-ups and growth of new businesses, support expansion and retooling of existing ones, and boost the competitiveness of the private sector by facilitating easier access to capital.
Enterprise Georgia uses the platform to subsidise loan interests for the full term of loans, providing financing for industrial sector, hotels, balneological resorts, tourist services, agritourism business and ecotourism industry.
Business owners can also benefit from a credit guarantee mechanism in which the state serves as their 80 percent guarantor for bank credits.
Lithuanian company Girteka, one of the largest logistics companies in Europe, will invest €1 million and create 400 jobs in Georgia over the next three years as part of the FDI Grant programme under the auspices of Georgia’s export promotion agency Enterprise Georgia.
Indorama Corporation, a leading Asian chemical company based in Singapore, has bought the Georgian-based Rustavi Azot plant, one of the largest suppliers of mineral fertilisers and industrial chemicals in the South Caucasus region.
A group of international investment consultants, on a working visit to Georgia on Wednesday as part of the USAID Economy Security Programme, have praised it as the “best country worldwide, with huge investment potential”.
Georgia's export promotion agency Enterprise Georgia has received the prize of the World Trade Promotion Organization Award, which the agency won in 2020.
“Made in Georgia” will be printed on labels on the inside of the clothing of Swedish fashion retailer H&M.
Jubo Turashvili, the Head of the Energy Policy and Investment Projects Department of the Ministry of Economy of Georgia, on Thursday highlighted the country’s “strategic location” in comments that confirmed the Government’s “readiness” to “make a significant contribution” to Europe's energy security.
A Government meeting chaired by Prime Minister Irakli Garibashvili on Tuesday discussed the first auction of electricity production capacity initiated by the Ministry of Economy.
Georgian companies participated in the Milan international exhibition Micam & Mipel Milano showcasing their products, with the support of Enterprise Georgia, the export support agency, Enterprise Georgia said on Friday.
Georgian Economy Minister Levan Davitashvili on Wednesday said promotion and strengthening of the domestic private sector was “one of the main priorities” of the Government’s economic policy.
Solomon Pavliashvili, the Deputy Minister of Environmental Protection and Agriculture of Georgia, on Thursday featured in a meeting reviewing the World Bank’s report on recent progress and challenges in transitioning countries including Georgia to a green economy.
Georgian Deputy Economy Minister Romeo Mikautadze on Friday said the projects supported by Enterprise Georgia, the state agency promoting entrepreneurship, investment and exports, contributed to the creation of new jobs and the increase of the country’s export potential.
French company Teleperformance, the world leader in the business process outsourcing industry, started operating in Georgia with the support and close cooperation of Enterprise Georgia, the state agency promoting entrepreneurship, investment and exports.
Paweł Herczyński, the Ambassador of the European Union to Georgia, on Thursday said the bloc and the country were “responding together” to consequences of climate change.