Georgia to Establish Innovative Express Payment System; WB Allocates EU 85 Million

Today we have signed a new agreement with the World Bank to attract EUR 85 million in order to promote micro, small and medium business sectors damaged amid the pandemic, Georgian Prime Minister Irakli Gharibashvili noted at the Government’s meeting.

The project calls for establishing an innovative express payment system to improve an access to finances for enterprises. This is an efficient mechanism to be implemented by the National Bank of Georgia (NBG).

“The mentioned financial support agreement was achieved with the engagement of Finance Ministry. The World Bank took the decision on May 11. Georgian Economy Minister Natia Turnava has also participated in the process. In this process, we attracted very important assistance from our donors for assisting our enterprises damaged amid the pandemic. I want to thank the World Bank (WB), the regional director for support of this project. Supervision over the project will be carried out by LEPL Enterprise Georgia of the Georgian Economy Ministry.

Developing small and medium business sectors is one of our priority directions. Indeed, we will also prepare other stimulation mechanisms and introduce the document soon”, the Prime Minister said.