BAKU, Azerbaijan, May 25. Georgian 'Innova' furniture maker has benefited from the EU4Business-EBRD credit line, representative of EBRD in Georgia told Trend.
'Innova' is one of 180 companies which the European Bank for Reconstruction and Development and EU have helped invest in top-notch equipment and machinery to boost quality, efficiency and reliability of the factory.
"Up to now, we have supported roughly 180 SMEs with this credit line in Georgia alone. The EU4Business-EBRD credit line is still ongoing, and we are expecting more investment success stories to share," Tsintsadze said.
She also noted EBRD’s support for 'Innova' was carried out in 2018-2019, the whole cycle from loan to grant receiving.
Georgian SMEs receive EBRD loans through partner financial institutions (commercial banks) and, upon successful investment, are eligible to receive up to 15 percent of cashback (funded by the EU). The SMEs are expected to comply with at least one EU directive to receive this grant.