BAKU, Azerbaijan, Apr.3
By Tamilla Mammadova – Trend:
According to the new plan of the Georgian government, business in Georgia will receive loans of 2 billion lari ($630.6 million) for development in the post-crisis period, Trend reports citing Georgian media.
Under the plan, which was presented by Georgian Prime Minister Georgi Gakharia on April 3, businesses will receive financial assistance after the end of the crisis caused by coronavirus pandemic.
"The ministries of finance and economics were given the task of developing a loan guarantee scheme at the post-crisis stage. After overcoming the crisis, the help of our partners and donor organizations is possible," Gakharia said.
According to the plan of the National Bank, the buffer of capital conservation and the buffer of unhedged credit risks have already been abolished for commercial banks, which will free up capital in the amount of 1.6 billion lari ($504.5 million), which will make it possible to lend to the economy in the amount of 16 billion lari ($5.04 billion).
At the same time, some international financial institutions have already expressed their readiness to help the Georgian economy.
Meanwhile, Deputy Prime Minister and Head of the Ministry of Regional Development of Georgia Maya Tskitishvili noted that the authorities will negotiate with various business sectors so that the proposed mechanisms are tailored for their needs.
Minister of Agriculture Levan Davitashvili said that part of the loan guarantees will concern agriculture.
The number of COVID-19 cases in Georgia has reached 148 on April 3.
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