EBRD to allocate $16mln to promote small firms, women-led companies in Georgia
Catarina Bjorlin Hansen, the EBRD Regional Director for the Caucasus, said the Bank and its partners continued to support businesses and women entrepreneurs in Georgia and create more opportunities to promote sustainable development of the domestic economy. Photo: EBRD press
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The European Bank for Reconstruction and Development will assign a $16 million loan, backed by the European Union and Sweden, to Georgia’s Credo Bank to support local micro, small and medium-sized companies and women-led firms in the country, the Bank announced on Tuesday.
The financial package involves a credit line of $10 million for MSMEs, with $4 million assigned from EBRD’s Women in Business programme that promotes women’s participation in entrepreneurship and access to finance, and advises women-led firms.
Credo Bank will also receive $2 million under the EU4Business-EBRD programme for small business upgrades to modern, greener technology, making the firms more sustainable and competitive both locally and internationally.
“Borrowers will receive grants upon the successful implementation of their investment projects and technical assistance, both funded by the EU under its EU4Business initiative”, the announcement said.
Catarina Bjorlin Hansen, the EBRD Regional Director for the Caucasus, said the Bank and its partners continued to support businesses and women entrepreneurs in Georgia and create more opportunities to promote sustainable development of the domestic economy.
Paweł Herczyński, the Ambassador of the European Union to Georgia, congratulated Credo Bank on the deal with the EBRD, noting the EU supported local and female-led business development and the green economy in Georgia.
To date, the EBRD has invested around €5 billion in over 280 projects in Georgia.
An annual report by the European Bank for Reconstruction and Development on Monday said the institution had offered a total of €218 million to Georgia in 2022, with investments ranging from healthcare to energy efficiency and from financing for small and medium-sized enterprises to credit lines to local banks and trade.
The European Bank for Reconstruction and Development has allocated a sovereign loan of €50.6 million, including an investment grant of about €5 million, from its Green Climate Fund to finance the renovation of up to 12 metro stations in the Georgian capital city of Tbilisi, the Bank announced on Tuesday.
Georgian prime minister Irakli Garibashvili on Wednesday discussed “successful cooperation” and future prospects between the European Bank for Reconstruction and Development and the country’s authorities with Odile Renaud-Basso, the president of the institution.
The European Bank for Reconstruction and Development will finance the largest healthcare provider in the country - Georgia Healthcare Group - with $40 million, of which $15 million will be allocated to JSC Evex Hospitals, the EBRD announced on Wednesday.
The European Bank for Reconstruction and Development (EBRD) increasingly trusts the government of Georgia and its economic policy, says new Managing Director for Eastern Europe and the Caucasus Matteo Patrone.
The European Bank for Reconstruction and Development (EBRD) is launching a new Green Economy Financing Facility (GEFF) programme in Georgia to develop energy efficiency in the country.
The first gender bond in the South Caucasus region is being launched in Georgia to support women-owned businesses with $7 million support of the Asian Development Bank, the ADB announced on Monday.
Georgian Prime Minister Irakli Garibashvili and Odile Renaud-Basso, the President of the European Bank for Reconstruction and Development, on Saturday reviewed the current and future projects, financed by the Bank, including the ones in the fields of transport and municipal infrastructure, as well as education, energy, banking sector, and agriculture.
Georgian Deputy Economy Minister Irakli Nadareishvili on Wednesday said increasing the effectiveness of the small and medium-sized business sector was a “priority direction” of the Georgian Government’s economic policy.
Representatives of the Board of Directors of the European Bank for Reconstruction and Development will hold meetings with Georgian officials, entrepreneurs and civil society during their official visit to capital Tbilisi this week, the EBRD announced on Monday.
The United Nations Women Georgia Country Office will host its second exhibition for sale of products and services created by women entrepreneurs at the Expo Georgia fairgrounds in Tbilisi this weekend, the organisation said on Tuesday.