EBRD and EU step up support for small businesses in Georgia, Moldova and Ukraine.
The European Bank for Reconstruction and Development (EBRD) and the European Union
(EU) are stepping up their efforts to support small and medium-sized enterprises (SMEs) in Georgia
: a joint programme will help local SMEs get loans needed to upgrade their production facilities and seize new trade opportunities with the EU.
Johannes Hahn, European Commissioner for European Neighbourhood Policy and Enlargement Negotiations said during his visit to Tbilisi: “Small businesses are crucial to stimulate growth and create jobs. I am happy to announce the launch of this new programme that will help local businesses take full advantage of the Association Agreements and the Deep and Comprehensive Free Trade Areas.”
Bruno Balvanera, EBRD Director Caucasus, Moldova and Belarus, added: “We are pleased with this new opportunity to extend the support to local small businesses. The EBRD has a strong track-record in this sector, which provides a solid platform to build on. Our joint programme with the EU will benefit local banks as on-lenders and local businesses as recipients through the provision of finance and the sharing of know-how and expertise.”
The programme provides much needed finance to local entrepreneurs: an EU grant of €10 million will be used to guarantee at least €69 million of EBRD financing for the SMEs in Georgia, Moldova, and Ukraine, targeting individual investments between €0.5 million and €10 million, mainly for medium-sized companies. This programme is part of a facility supporting the implementation of the Deep and Comprehensive Free Trade Area.
Media contacts: Loretta Martikian/ Anca Paduraru
Tel: +995577221120 (EBRD)/ + 32 2 296 64 30 (EU)