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Georgia begins new stage of state support for business

Business Materials 25 June 2021 18:00 (UTC +04:00)
Georgia begins new stage of state support for business

BAKU, Azerbaijan, June 25

Tamilla Mammadova – Trend:

The 'Produce in Georgia' program will finance 1,300 new enterprises and 400 hotels with a total investment of 6 billion lari ($1.9 billion), said Georgian Prime Minister Irakli Garibashvili, Trend reports via Georgian media.

As the head of government noted, the development of local production, especially small and medium-sized businesses, is of particular concern.

“In order to provide technical support to small and medium-sized businesses, a mechanism for promoting regional entrepreneurship will be introduced, which means the development of business centers in 10 regions throughout Georgia,” he said.

According to the head of government, the rapid development of the economy and the promotion of business should become one of the main tasks of the state.

“We are well aware of the challenges facing businesses as a result of COVID-19 pandemic. As we stated in the early days of our leadership, we will facilitate an effective and rapid recovery of the business. The scope and scale of state support programs, such as Produce in Georgia, will increase,” Garibashvili said.

According to the him, the government is starting a completely new stage of state support for business.

“Business loans at low interest rates will be available to businesses in almost all sectors. In addition, we will not only finance the interest rate, but also provide a co-guarantee for the loan. This means more people and more businesses will have access to financing. In addition, we are introducing qualitatively new financial mechanisms for import substitution and export-oriented industries; there is also a special program to support agricultural and ecological tourism facilities. Our citizens and business will be able to use additional grant mechanisms,” Garibashvili said.

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