Industry

EU, EBRD make efforts to boost competitiveness of Georgian firms

The European Bank for Reconstruction and Development (EBRD) and the European Union (EU) boost the competitiveness of local firms in Georgia, Trend reports via the EU.

As reported, the EBRD is extending a 25 million euros loan to the Bank of Georgia for on-lending to local companies, with a special focus on investment in green technologies. This funding is completed by EU grant incentives to borrowers of up to 15 percent and by free-of-charge local and international consultancy services under its EU4Business initiative.

The new financing is part of a wider EU4Business-EBRD credit line – a financing instrument to boost the competitiveness of local firms in the Eastern Partnership region (Armenia, Azerbaijan, Belarus, Georgia, Moldova, and Ukraine).

The goal is for private firms to upgrade their products and services in line with EU standards and to advance sound 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 EBRD is a leading institutional investor in Georgia. Since the start of its operations there, the Bank has invested more than 4 billion euros in 265 projects in the financial, corporate, infrastructure and energy sectors, with 79 percent of these investments in the private sector.

 

Source: TREND News Agency

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