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Produce in Georgia agency to implement business support programs in 2021

Business Materials 11 February 2021 17:54
Produce in Georgia agency to implement business support programs in 2021

BAKU, Azerbaijan, Feb.11

By Tamilla Mammadova – Trend:

The list of business directions, covered by Produce in Georgia agency, is quite diverse, the agency told Trend.

"This list includes restaurant industry, manufacturing industry, hotel industry, fishing industry, etc," the agency said.

Speaking about the programs implemented by the agency in 2020, the source noted the following directions:

- Industrial direction - co-financing of loan interest;
- Hotel industry direction - co-financing of loan interest;
- Credit Guarantee scheme – loan guarantee;
- Co-financing mechanism to facilitate event organizers - 12-month loan subsidy;
- Co-financing mechanism to promote the restaurant industry – 6-month loan subsidy;
- Co-financing mechanism to promote family, small and medium hotels – 12-month loan subsidy;
- Mortgage co-financing program – co-financing of loan interest;
- Micro and Small Entrepreneurship Grant Program.

"In 2021, the agency will continue to implement business support programs, as well as FDI GRANT program to attract foreign investors, which will facilitate the inflow of foreign direct investment in Georgia," the source noted.

The state program “Produce in Georgia” is being implemented by the initiative of the Government of Georgia The program aims at developing and supporting entrepreneurship, encouraging the creation of new enterprises, and increasing export potential in the country.

Within the framework of this Program, the LEPL National Agency of State Property is in charge of the Physical Infrastructure Transfer Component i.e. free-of-charge transfer of government-owned real property to an entrepreneur under certain investment obligation.

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