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Director of ProCredit Bank: We Funded 872 SME Projects in Partnership With EIB

Director of ProCredit Bank: We Funded 872 SME Projects in Partnership With EIB

ProCredit Bank hosted the delegation of the European Investment Bank at the central branch in Batumi. Financial institutions have discussed successful projects implemented within the framework of the multi-year partnership.

The meeting was attended by Janos Herman, the EU Ambassador to Georgia and other representatives of the diplomatic corps. Dimitri Kumsishvili, Minister of Finance presented the Government of Georgia.

The long-term credit line agreement (€ 40 million) was signed between ProCredit Bank and European Investment Bank in 2011. The Bank launched the InnovFin warranty program with the Fund in February this year, which means creating a new credit product with attractive conditions for companies operating in Georgia and expanding the bank’s activity.

There is no analogue of such project in Georgia, the agreement has been signed with ProCredit Bank for the first time. The total volume is € 50 million and it should be invested through the next two years.

Entrepreneurs will be financed by InnovFin warranty program for making investments in new, innovative technologies. The main advantage of the program is the preferential interest rate and financing received in the conditions of providing insufficient assistance.

“We actively fund small and medium business companies with the funds allocated by the European Investment Bank (EIB). Over 872 projects were funded within the framework of our partnership, which volume amounts to € 25 million in total. We are glad that each project has justified our expectations. We believe that contributing to the development of small and medium businesses is the best way to increase the country’s economy and create additional jobs”, – Alex Matua, director of ProCredit Bank said.

“Development of private sector, especially small and medium businesses, is one of the priorities of the European Investment Bank in terms of long-term financing. We are glad that the projects implemented in Georgia bring positive results. For this we would like to thank our partner, ProCredit Bank of Georgia”, – said Heinz Olbers, EIB Director of operations in the Neighbourhood Countries.

“Member of ProCredit Group has been responsible of banking activity for more than 18 years. The only bank with European banking experience in Georgia offers modern banking services and sharing modern standards. ProCredit Bank’s main aim is to finance small and medium businesses that have a long-term development plan”, – the release of the bank notes.