BAKU, Azerbaijan, May 18
Tamilla Mammadova – Trend:
The World Bank is Georgia's traditional partner helping it develop small and medium-sized businesses, said Minister of Economy and Sustainable Development Natia Turnava, Trend reports via Georgian media.
"With the help of this financial resource, we will expand, strengthen and increase the volume of the "Produce in Georgia" program," said Minister of Economy and Sustainable Development Natia Turnava.
One of the components of the project will be the strengthening and expansion of support programs for micro, small and medium enterprises, implemented by the Produce in Georgia agency. Direct assistance to micro and small firms is reflected in the grants offered by the "Produce in Georgia" program.
"On the other hand, small and medium enterprises will be able to receive assistance from Produce in Georgia by co-financing the interest rate, which will reduce the costs associated with the loan and provide an immediate impact on liquidity. They will also gain access to partial loan guarantees through financial institutions designed to meet the high mortgage and risk aversion requirements imposed by financial institutions," Turnava noted.
A new World Bank micro, small and medium-sized enterprise (MSME) project aims to help these types of businesses, including by improving digital services and modernizing their financial infrastructure.
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