Budget of Georgian state program "Produce in Georgia" up

Business Materials 15 December 2020 14:05 (UTC +04:00)
Budget of Georgian state program "Produce in Georgia" up

BAKU, Azerbaijan, Dec.15

By Tamilla Mammadova – Trend:

Georgia state program "Produce in Georgia" has become one of the strongest levers of business support, especially for sectors affected by the pandemic, said the Minister of Economy and Sustainable Development Natia Turnava, Trend reports via Georgian media.

She made the remark while presenting the 2020 report of the Ministry of Economy.

Produce in Georgia is one of the most successful projects of the Georgian government aimed at stimulating local production in the country. The agency brings together all government programs aimed at promoting the business sector and the country's economic development. In order to help entrepreneurs in the crisis due to the coronavirus pandemic, it was decided to expand the program.

During 2020, despite the pandemic, 78 new projects were financed, the number of approved loans amounted to 96 million lari ($29.2 million). In total, the investment amounted to 161 million lari ($49.1 million).

The budget of the grant program to support micro and small businesses has almost doubled and increased to 40 million lari ($12.2 million).

In addition, Turnava spoke about the assistance provided to businesses within the framework of the credit guarantee scheme. The number of projects is 121, and the volume of guaranteed loans is 77.5 million lari ($).

Within the framework of the mechanism of subsidizing the percentage of bank loans for small and family hotels, the Agency financed 2,199 projects in the amount of 31 million lari ($9.4 million).

As for the mechanism for subsidizing a bank guarantee for travel companies - the program has 33 beneficiaries, a subsidy in the amount of 244,000 lari ($74,451) was issued.

Within the program of subsidizing mortgage loans for citizens wishing to buy an apartment by the end of the year, 6,317 loans worth 614 million lari ($187.3 million) were approved.

In addition, the state will allocate about 30 million lari ($9.1 million) over the next six months to subsidize the payment of interest on loans and leasing for the restaurant industry. Up to 1,500 objects will be able to use the program.


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