EBRD and "VTB Georgia" start co-financing of medium-sized business and energy sphere
Tbilisi, Georgia, July 9
By Nana Kirtzkhalia - Trend:
An agreement has been signed between the "VTB Georgia" and the European Bank for Reconstruction and Development (EBRD) under which the parties will co-finance small and medium business in Georgia.
The share of the EBRD together with "VTB Georgia" in the sphere of financing of small and medium business makes up $20 million.
Out of this amount "VTB Georgia" will finance medium-sized businesses from its own funds in the amount of $5 million. It should be noted that "VTB Georgia" is the first commercial bank in the country, with which the EBRD is implementing this project.
The resources will be used for the development of enterprises, as well as financing of investment and export enterprises.
Also an agreement was also signed under which the EBRD will allocate $3million to "VTB Georgia" within the energy efficiency programs.
The amount is intended to finance the energy sphere and energy efficiency projects.
Edited by CN