Government to Cover 80% of Hotels’ Loan Interest and 90% of Restaurants’ New Loans
The Georgian Government will subsidize 80% of hotels’ loans on the first 5-million GEL amount, Economy Minister Natia Turnava noted and added that the subsidization program will last 6 months.
“We plan to implement an unprecedented program for hotels with about 20 million GEL annual turnover. This category includes 95% of Georgia-based hotels. We will subsidize their loans by 80% on the initial 5 million GEL. This program will last 6 months. We will also assist and subsidize their participation in tourism exhibitions that will become more relevant soon”, Turnava said.
As for food outlets and restaurants, this sector is expected to get recovered sooner than any other sector. Domestic tourism is also expected to promote this direction, the Economy Minister noted.
“We offer specific additional assistance to involve these facilities into the credit-guarantee scheme and this signifies that the Government will cover 30% of restructuring their loan liabilities and 90% of taking new loans. This decision will enable them to attract floating capital and satisfy the safety norms”, the Minister noted.