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Marina Morgoshia

Government Approves Changes to Enterprise Georgia Program

Government of Georgia has made changes to Enterprise Georgia state program. The package of amendments was approved at the November 8 government meeting.

After the meeting Marina Morgoshia, head of Enterprise Georgia agency of Ministry of Economy told reporters that the package of amendments will enhance the interest toward the program and enable the current beneficiaries to further advance their undertakings.

“According to the changes, beneficiaries are enabled to simultaneously use the components of credit and leasing. Moreover, to enhance bank credit’s efficiency for the program objectives, growth in output and stimulation of establishment of modern technologies, it will be restricted to buy real estate by issued loan or companies will be restricted to buy shares/ratio and take management – the loan will be used only for developing production technologies and investing in fixed assets”, Marina Morgoshia said.

The foreign currency denominated credits taken as part of the state program may be refinanced in the same foreign currency if a commercial bank lowers annual interest rate to the beneficiary without raising the interest rate’s co-financing amount for Enterprise Georgia and without extending the maturity period of the co-financing amount.