Deputy Economy Minister, tech body sign deal with German development bank to promote innovative startup ecosystem

Georgian Deputy Economy Minister Irakli Nadareishvili and Georgia's Innovation and Technology Agency on Wednesday signed an agreement the German KfW state development bank to support Georgia's innovative startup ecosystem with about ₾15 million “over the coming years”.

The Ministry of Economy cited Nadareishvili as saying the support also included education in IT, introduction of a European development accelerator to the country and “various grant and technical assistance components". 

He said the development of the innovative startup ecosystem in the country was “one of the priority directions” of the Government.

GITA has been actively working in this direction in recent years. A number of programmes, such as improving access to finance, technical assistance, development of new investment instruments, are being successfully implemented. Our ecosystem already has very significant successes, especially in the international arena”, Nadareishvili said.

The new agreement defines the main directions of cooperation between GITA and KfW within the INNOVATION4JOBS project, the Ministry said.