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Businessmen Take the Initiative in Creating the Export Promotion Bank

According to Zurab Janelidze, Director of Herbia company, the state must to some extent subsidize banks that will give out business loans in local currency. In addition, exporters must have advantages in areas such as logistics and infrastructure.
Government’s intention to create a financial institution to support exporters is hailed by the Association of Producers and Exporters of  Nuts. According to its Chairman, Alexander Motsereliya, it would be correct to create a bank for this purpose.

This is a worldwide practice. The principle of Eximbank is to  give loans to companies that have a good history and experience. State acts as a guarantor, and helps them with cheap loans. If a new agency to promote exports is established, it should have levers necessary to solve the problems of exporters, and could become a mediator in the relationship between business and government “- he says.

Economy Minister Giorgi Kvirikashvili announced that the government plans to establish a special institution to  promote exports.

“We evaluated the influence of external factors on the economy of Georgia, and took a number of useful solutions. In particular, we will create a special institute for export promotion, we plan to issue state guarantees for export. Moreover, this Agency will be created not in the long term, but  very soon, “- the Minister notes.