Within the frame of the EU financial and technical assistance, the European Bank for Reconstruction and Development (EBRD) will allocate 50 million USD to support enterprise development in Georgia. The EBRD and the Bank of Georgia signed the relevant Agreement on 27 May, at the Ministry of Economy and Sustainable Development of Georgia. The Bank of Georgia Deputy Director General, Levan Kulijanashvili and Bruno Balvanera, the EBRD Director for Caucasus, Moldova and Belarus signed the Agreement.
The Agreement was signed within the European Commission DCFTA supporting program (DCFTA Facility), which aims to strengthen support for small and medium businesses in Georgia, Ukraine and Moldova in terms of adaptation with the DCFTA-requirements. European Union and the European Bank for Reconstruction and Development signed an agreement on allocating the 380 million euros by the EBRD to the local partner banks of the three states that will further issue loans for local businesses.
The EU, on its turn, will provide additional 19 million Euros for technical assistance, investment promotion and risk sharing.
The EU and the EBRD joint decision will allow the local SMEs to meet the EU standards and fully enjoy the opportunities that the DCFTA offers to business.
Source: Ministry of Economy and Sustainable Development of Georgia
