BAKU, Azerbaijan, The European Bank for Reconstruction and Development (EBRD) and the EU will provide financial assistance for Georgian micro, small and medium-sized enterprises (MSMEs), Trend reports referring to the EBRD.

As reported, the loan agreement was signed today by the EBRD President Odile Renaud-Basso on her official visit to Georgia.

According to the EBRD, a new $20 million loan to the leading Georgian bank – Bank of Georgia, will help local firms across the country increase competitiveness and invest in upgrades, including green technologies.

“This funding comes under the EU4Business-EBRD Credit Line – a flagship program that enables borrowers to enhance production and trade more successfully on the international market, as well as advance environmental practices; at least 70 percent of the loan is expected to fund investments in accordance with the EBRD Green Economy Transition (GET) approach,” the EBRD said.

As a result, Georgian companies will be able to improve their productivity, competitiveness, and working environment for their employees.

Notably, the Bank of Georgia was the first financial institution to join the EU4Business-EBRD credit line in Georgia. Since 2016 it has financed more than 100 projects in manufacturing, agriculture, construction, medical services and hospitality.

Source: Trend News Agency