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EBRD and EU boost private sector growth in Georgia

September 27, 2016

The European Union, the European Bank for Reconstruction and Development (EBRD) and Bank of Georgia have launched a new financial assistance scheme for SMEs, to help local businesses improve product quality and modernise their services in line with European standards. The EBRD-EU financing facility scheme was presented to 200 representatives of Georgia’s small and medium sized enterprises (SME) in Tbilisi on 21 September.

 

The conference highlighted the product scheme, how it works and how local businesses can access the financial package offered by the Deep and Comprehensive Free Trade Area (DCFTA) EU-funded programme. The financing package will increase access to credit in local currency and specifically support businesses that are managed or owned by female entrepreneurs for better access to finance, know-how and advice. The facility will also help local SMEs create an environment that is beneficial to cross-border trade and economic growth in Georgia.

 

This is the first phase of the planned EBRD-EU programme under which the EBRD is working with local banks to help businesses further invest in improving product quality and service standards.

The EU has also provided funding to the EBRD’s Advice for Small Business to boost the know-how of entrepreneurs seeking to grow their businesses in the European Neighbourhood region. Both programmes are part of the EU4Business initiative, which supports EU projects to back SMEs in Eastern Partnership countries. (EU Neighbourhood Info)

 

Press release

 

Deep and Comprehensive Free Trade Area webpage

 

EBRD Georgia website

 

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