BAKU, Azerbaijan, Feb.4
By Tamilla Mammadova – Trend:
Georgia has been an important investment country for European Fund for Southeast Europe (EFSE) for already a decade, the EFSE told Trend.
"In 2020, EFSE approved 23.8 million euro in loan investments in the country. Importantly, a solid 13 million euro – more than half of the total approved investment amount – was denominated in lari," the source said.
According to the EFSE, loan brought EFSE’s outstanding investments in Georgia to a current total of 127 million euros.
"This increased funding was largely in response to the COVID crisis: EFSE’s mission is to promote local business development by channeling responsible financing to micro and small enterprises (MSEs) through the financial institutions that are dedicated to serving them in a sustainable manner," the fund noted,
According to the source, as MSEs have been especially affected by the economic ramifications of the coronavirus crisis, EFSE remained committed to working with local financial institutions to help entrepreneurs sustain their business operations through targeted funding.
"The investments in Georgia currently comprise around 14 percent of EFSE’s total portfolio," the fund said.
The European Fund for Southeast Europe aims to foster economic development and prosperity in the Southeast Europe region and in the European Eastern Neighbourhood region through the sustainable provision of additional development finance, notably to micro and small enterprises and private households, via qualified financial institutions.
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