BAKU, Azerbaijan, March 13. The European Bank for Reconstruction and Development (EBRD), with backing from the EU and Sweden, will distribute fresh funds to women-led micro, small, and medium-sized firms (SMEs) in Georgia, Trend reports.
According to the EBRD, female-led enterprises will receive an 8 million euro credit line from ProCredit Bank, one of Georgia's largest banks and a long-time EBRD partner, to fund initiatives aimed at boosting growth and development.
ProCredit Bank has increased gender-focused funding for the first time by joining the EBRD's Women in Business (WiB) program, which, with backing from the EU and Sweden, provides women with access to finance and know-how through advisory services, mentorship, and training.
As part of the European Fund for Sustainable Development Plus (EFSD+) guarantee program, the EU is supporting a loan for women entrepreneurs.
The EFSD+ financial inclusion program is designed to empower MSMEs by contributing to their competitiveness and growth.
By offering reliable financial instruments and expertise, the program aims to encourage intermediaries to direct new loans to those businesses that need them most.
EFSD+ will allocate 22.5 billion euros in 2021–2027 in the form of mixed and guaranteed instruments to promote sustainable investments in the EU's neighborhood and enlargement