EBRD and EU support green transition of small firms in GeorgiaTuesday, 07 September 2021 06:13
EBRD and EU support green transition of small firms in Georgia N.Frolova Tue, 09/07/2021 - 08:13
The EBRD has extended a €25 million loan to Bank of Georgia to lend to local micro, small and medium-sized enterprises (MSMEs), with a special focus on investment in green technologies. In addition to this funding, the EU is providing grant incentives to borrowers of up to 15 per cent. Companies can also request free-of-charge local and international consultancy services under the EU4Business initiative.
The loan is intended to stimulate Georgian private firms to upgrade their products and services in line with EU standards and to advance fitting health and safety and environmental practices in the workplace. Following such investments, companies will be able to offer high-quality products on the local market and benefit from trade opportunities abroad.
The new financing is part of a wider EU4Business-EBRD credit line which aims to boost the competitiveness of local firms in the Eastern Partnership region (Armenia, Azerbaijan, Belarus, Georgia, Moldova and Ukraine). Since the programme was launched in 2016, 170 companies in Georgia have already benefited from the initiative, in sectors ranging from manufacturing to agriculture.
The EBRD is a leading institutional investor in Georgia. The Bank has invested more than €4 billion in 265 projects in the financial, corporate, infrastructure and energy sectors.
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