State to Support Local Companies by Reimbursing 90% of Bank Loan Interest

Companies, which are getting engaged in new projects, will be supported by the State by indemnifying 90% of their bank loan interest, while those that have already borrowed, will be supported by the State by indemnifying 30% of the interest in their current projects. It was announced by Giorgi Gakharia, Prime Minister of Georgia at the Executive Government Meeting held today.

According to the Head of Government of Georgia, this initiative aims to ensure the sustainability of companies by serving as the most effective and quick means for maintaining liquidity.

"Today we are considering several agenda items. First of all, we will be discussing the alteration of a scheme under the Credit Guarantee as a legislative amendment. It is one of the measures that is designed to support domestic companies.

The main substance of it is that companies, which are getting engaged in new projects, will be supported from the State by indemnifying 90% of their bank loan interest, while those that have already borrowed, will be supported from the State by indemnifying 30% of the interest in the current projects. It is designed to be the most effective and quick means to ensure the sustainability of companies and to maintain their liquidity" concluded the Prime Minister of Georgia.