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Georgia sees decrease in amount of local small companies

Business Materials 13 May 2021 15:25 (UTC +04:00)
Georgia sees decrease in amount of local small companies

BAKU, Azerbaijan, May 13

Tamilla Mammadova – Trend:

The number of small companies in Georgia was down in 1Q2021, year-on-year, said Mikheil Chelidze, the president at Georgian Small and Medium Enterprises Association (GSMEA), Trend reports via Georgian media.

Chelidze said the employment rate decreased by 18 percent in small and medium-sized enterprises in the reporting period.

Chelidze explained that the funds allocated by the World Bank's assistance program (85 million euros) will be administered within the framework of "Produce in Georgia" program.

“The decline is mostly observed in small and medium-sized businesses. The World Bank’s funding will be directed to rebuild a post-COVID-19 crisis and help those, who are directly affected by the pandemic. The funds allocated by the WB will be administrated within the frame of "Produce in Georgia" program. The entrepreneurs will receive the assistance through this program”, Chelidze said.

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