The EIB Group, comprised of European Investment Bank (EIB) and European Investment Fund, has started two new programs designed to offer more support to small and medium businesses in Georgia.
The programs were developed in partnership with the European Commission and were initially presented at a conference that 200 representatives of financial institutions and industry organizations recently attended, according to a press release.
The EIB Group has teamed up with the EU’s Neighborhood Investment Facility (NIF) to help meet the market needs of three countries while removing marketplace barriers. The primary objective is economic growth and new jobs, both of which will help improve access to lending in underserved portions of the economy.
The initiative will offer local banks loan guarantees for small and medium enterprises (SMEs), in cooperation with the European Investment Fund. Technical assistance will also be offered to help boost agricultural businesses.
“It is in the interests of both Georgia and the European Union to work towards strengthening private businesses in Georgia," Dario Scannapieco, EIB vice president in charge of SMEs, said in the release. "A well-performing private sector, represented particularly by SMEs, is strategically important for growth and job creation in Georgia and for further diversification of the country’s economy. Today we have presented the opportunities the DCFTA Initiative East and the InnovFin – EU Finance for Innovators offer in this context to the Georgian private sector."