Business
Posted:
3 years ago
Georgia's Businesses to Receive €6 Million From the EIB to Deal with Pandemic Impact
The European Investment Bank (EIB), the bank of the European Union, has provided a €6 million loan to Terabank Georgia to support its local currency lending to micro, small and medium-sized enterprises (MSMEs) in the country.
The loan is part of the EIB’s SME Outreach Initiative, which promotes access to finance for MSMEs in Georgia by helping smaller banks in the country to offer tailor-made services and financial products to their clients.
Covered by a guarantee from the European Union, the EIB financing aims to mitigate the impact of the COVID-19 pandemic and to contribute to an economic recovery that puts Georgia on a long-term sustainable growth track. As part of Team Europe, the EIB works hand in hand with other EU projects implemented in Georgia under the EU4Business brand.
MSMEs are the backbone of the Georgian economy, and access to finance is one of the major challenges they face. To date, the EIB has invested over €300 million in credit lines for Georgian businesses, sustaining more than 54,000 jobs in the country.