Georgia’s banking sector involved in new loan guarantee scheme
Baku, Azerbaijan, July 26
By Tamilla Mammadova – Trend:
Within the framework of the newly introduced credit guarantee scheme, a subject-entrepreneur will be able to take a loan in the amount of not less than 50,000 lari and not more than two million lari, Trend reports with reference to the Ministry of Economy and Sustainable Development of Georgia.
Twelve commercial banks joined the credit and guarantee scheme program developed by “Produce in Georgia” agency. It will be implemented in partnership with TBS Bank, Bank of Georgia, ProCredit Bank, VTB Bank, Ishbank, Liberty Bank, Pasha Bank, Tera Bank, Finca Bank , Halyk Bank and Credo Bank.
The turnover of the borrower in the last three years should not exceed 20 million lari, and the total amount of the loan obligation should not exceed eight million lari at the time of receiving the loan.
The credit guarantee scheme will be based on portfolio guarantees, and the loan is assessed by the bank.
The program covers areas such as hotel industry, production and processing, education, training centers, export of services, high-tech medical laboratories, and researchactivities.
The “Produce in Georgia” program initiated in the summer of 2014 with the objective to stimulate local production offers the initiative participants two main incentives: financial resources and infrastructure (for example, land and buildings). In April 2017, an agency under the same name was created. It has combined all government programs aimed at promoting the business sector and the economic development of the country.
(1 USD = 2.91 GEL on July 26)