EIB allocates 35 million euros to Georgia to support small and medium business
Georgia, Tbilisi, Dec.21 / Trend N. Kirtskhalia /
The European Investment Bank (EIB) has allocated a first long-term loan in the amount of 35 million euro for the implementation of small projects in Georgia in accordance with an initiative to support small and medium-sized enterprises within the Eastern Partnership.
According to the EIB, the loan should help Georgia to achieve its own development goals and facilitate small and medium-sized businesses, which were negatively impacted due to the current credit crisis.
In addition, about 30 percent of this amount will be directed to a medium-sized corporate entities and municipalities, which are attracted to the implementation of the projects, to improve efficiency of energy use and conservation initiatives.
The EIB also noted that after the allocation of the mentioned loan, and the soon to be signed agreement about an individual loan, amounting to 20 million euro, for the restoration of the hydropower plant Vardnili / Inguri, the total amount of EIB loan investments in the Georgian economy, which are distributed in four tranches, reached 175 million euros.
EIB launched its activity in Georgia, in October 2007. The EIB is the European Bank, the founders of which are all 27 EU countries.