BAKU, Azerbaijan, Dec.16
By Tamilla Mammadova – Trend:
The European Investment Bank (EIB) will invest 25 million euros to expand the credit line for Georgian small and medium-sized enterprises (SMEs) and mid-caps available at the Bank of Georgia to support the recovery of the business sector and the country’s economy from the damage wrought by the pandemic, Trend reports via the EIB.
The operation is part of Team Europe’s COVID-19 emergency response to help sustain jobs, maintain liquidity and operations, and fuel the economic recovery of Georgia.
This is the third operation between the EIB and the Bank of Georgia supporting the country’s SMEs and mid-caps. To date, the EU bank has invested more than 330 million euros in credit lines for Georgian SMEs and mid-caps, sustaining more than 54,000 jobs in the country.
Since 2007, the EIB has invested close to 2 billion euros in all key sectors of the Georgian economy, including connectivity, healthcare, and SMEs.
"The EIB financing will support both Georgian SMEs and the country’s financial sector so that they can continue to operate despite the pandemic and drive the Georgian economy forward. This means we will save jobs, incomes, and revenues. Together with our partners in the country’s public and private sector, we look forward to building a prosperous and sustainable future for Georgia," said EIB Vice-President Teresa Czerwińska.
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