Produce in Georgia Agency to resume financing new projects
Baku, Azerbaijan, August 26
By Tamilla Mammadova – Trend:
The Produce in Georgia Agency will resume financing new projects in 2020 as part of supporting small and medium-sized enterprises, said Head of the agency Mikhail Khidureli, Trend reports citing commersant.ge.
“We will begin negotiations in the autumn of this year, because it is important to conduct active negotiation processes so that everyone can participate in them. Project financing will begin in 2020,” said Hidureli.
According to him, the agency is thinking of increasing the amount of funding up to 30,000 lari, as well as of a special allowance for the mountainous regions of Georgia to stimulate their development.
Over the past two years, the Agency has invested an amount of 200,000 lari in various projects of small and medium-sized businesses, said the head of the agency.
The Georgian government is developing a new initiative aimed at supporting entrepreneurs whose businesses suffered after the events due to Russian sanctions followed by a decrease in the flow of tourists. The project will be implemented by the Produce in Georgia agency. The agency will finance monthly interest on loans accrued from August 1, 2019, for the next six months.
The Produce in Georgia program was created in the summer of 2014 to stimulate local production. It offers two main incentives: financial resources and infrastructure including land and buildings. In April 2017, the agency of the same name was created, which combined all state programs aimed at promotion of the business sector and economic development of the country.
(1 USD = 2.92 GEL on August 26)