EIB supports social and economic infrastructure of Georgia
BAKU, Azerbaijan, December 16
By Tamilla Mammadova – Trend:
European Investment Bank’s (EIB’s) support to Georgia is focused on social and economic infrastructure, local private sector development and climate action, EIB told Trend.
"We support projects that contribute to the stabilization and modernization and are beneficial for both the Georgia and its relationship and connection with the European Union," said the EIB.
As the bank noted, there are two projects the European Investment Bank (EIB) invested in Georgia at the end of 2019.
Both projects are focused to support Georgia’s SME sector that has substantial potential to generate jobs, contribute to exports and innovation, and support sustainable and inclusive growth, said the EIB.
“Since the launch of EIB lending in Georgia in 2010, the EU bank has provided loans of 1.9 billion euro to foster the country’s cooperation with the European Union, thereby improving the living conditions of people, upgrading Georgia’s infrastructure, spurring private sector development and enhancing environmental conditions,” the bank noted.
According to the EIB, in 2019 the bank signed loans in Georgia amounting to 254 million euro.
The EIB lent 250 million euro to finance an extended upgrade of Georgia’s East-West Highway, which is the main artery for long distance road traffic in Georgia and is also a direct part of Trans-European Transport Network, said the bank.
According to the EIB, this will include road sections with a total length of around 100 km that are among the Georgian Government’s priority projects.
In addition, the European Investment Bank provided a USD loan worth the equivalent of up to 4.1 million euro to JSC MFO Crystal, a leading microfinance company in Georgia, said the bank.
"This operation will fund micro enterprises with fewer than 10 employees. They will receive loans of up to 25,000 euro that are geared towards women, young people and entrepreneurs living in rural areas. The operation is expected to provide around 10,000 entrepreneurs with better access to long-term financing," said the EIB.
As the bank noted, the EIB finances projects in Georgia in a close cooperation with EU Member States and EU partners on the basis of EU budget guarantees for projects of significant interest to the EU and the countries concerned.
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