BAKU, Azerbaijan, Dec. 21
By Tamilla Mammadova – Trend:
The European Investment Bank (EIB), the lending arm of the European Union, will invest a total of 35 million euros to expand the credit line for Georgian small and medium-sized enterprises (SMEs) and mid-caps available at TBC Bank and ProCredit Bank, Trend reports via the EIB.
These steps are being taken to support the recovery of the business sector and the country’s economy from damage caused by the COVID-19 pandemic.
The EIB will invest 25 million euros into the TBC Bank.
The bank will invest 10 million euros into the ProCredit Bank, which is a part of a 55 million euros regional agreement with the ProCredit, which allows creation of similar credit lines at ProCredit Group in Ukraine (25 euros million) and Moldova (20 million euros).
"The EIB financing will support both Georgian SMEs and the country’s financial sector so that they can continue to operate despite the pandemic and drive the Georgian economy forward. This means we will save jobs, incomes and revenues. Together with our partners in the country’s public and private sector, we look forward to building a prosperous and sustainable future for Georgia,” said EIB Vice-President Teresa Czerwińska.
"Team Europe continues to support the economic recovery of EU partner countries in the Eastern Neighborhood from COVID-19, reinforcing pan-European solidarity in these difficult times. We have thus created new sources of financing at a moment when such aid is crucial for the survival of our SMEs,” she noted.
The European Investment Bank has already invested 25 million euros to expand the credit line for Georgian small and medium-sized enterprises (SMEs) and mid-caps available at the Bank of Georgia for the same purpose.
The European Investment Bank is the long-term lending institution of the European Union owned by its Member States.
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