Georgian Bank ProCredit has attracted a loan to help small businesses
The loan will provide the necessary funding to address the working capital problems created by the current pandemic. To solve the financial problems of small and medium-sized enterprises, as well as businesses with medium capital in Georgia, the European investment Bank (EIB) is expanding a credit line to ProCredit Bank in the amount of 10 million euros, according to a statement on the EIB's website.
This transaction will provide companies in Georgia with the necessary funding to address the working capital problems created by the current pandemic. The EIB loan will also strengthen Georgia's national banking sector and its ability to contribute to the country's economic recovery.
For companies, loans will be available in dollars, euros and lari.
"Together with ProCredit Bank, We have created new sources of financing at a time when it is extremely important to save our small and medium-sized enterprises. I hope that in the future our partnership will expand so that more companies can benefit from our efforts to grow and develop small and medium-sized enterprises and medium-cap enterprises, " said Teresa Chervishka, EIB Vice President and head of operations in Georgia. As noted in ProCredit, a strong relationship with the European investment Bank has helped in these difficult months to effectively assist many entrepreneurs in Georgia.
The EIB said the investment is part of a 55 million Euro regional agreement with ProCredit, which will also open similar credit lines to ProCredit Group in Ukraine (25 million euros) and Moldova (20 million euros). This support will help to quickly overcome the COVID-19 crisis in the Eastern partnership partner countries.
To date, the EU Bank has invested more than 330 million euros in credit lines for Georgian SMEs and mid-cap companies, supporting more than 54,000 jobs in the country.
Since 2007, the Bank of the European Union has invested up to 2 billion euros in all major sectors of the Georgian economy, including support for transport communications, healthcare, and small and medium-sized enterprises.
Sputnik-georgia.ru
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Georgian Bank ProCredit has attracted a loan to help small businesses
The loan will provide the necessary funding to address the working capital problems created by the current pandemic. To solve the financial problems of small and medium-sized enterprises, as well as businesses with medium capital in Georgia, the European investment Bank (EIB) is expanding a credit line to ProCredit Bank in the amount of 10 million euros, according to a statement on the EIB's website.
This transaction will provide companies in Georgia with the necessary funding to address the working capital problems created by the current pandemic. The EIB loan will also strengthen Georgia's national banking sector and its ability to contribute to the country's economic recovery.
For companies, loans will be available in dollars, euros and lari.
"Together with ProCredit Bank, We have created new sources of financing at a time when it is extremely important to save our small and medium-sized enterprises. I hope that in the future our partnership will expand so that more companies can benefit from our efforts to grow and develop small and medium-sized enterprises and medium-cap enterprises, " said Teresa Chervishka, EIB Vice President and head of operations in Georgia. As noted in ProCredit, a strong relationship with the European investment Bank has helped in these difficult months to effectively assist many entrepreneurs in Georgia.
The EIB said the investment is part of a 55 million Euro regional agreement with ProCredit, which will also open similar credit lines to ProCredit Group in Ukraine (25 million euros) and Moldova (20 million euros). This support will help to quickly overcome the COVID-19 crisis in the Eastern partnership partner countries.
To date, the EU Bank has invested more than 330 million euros in credit lines for Georgian SMEs and mid-cap companies, supporting more than 54,000 jobs in the country.
Since 2007, the Bank of the European Union has invested up to 2 billion euros in all major sectors of the Georgian economy, including support for transport communications, healthcare, and small and medium-sized enterprises.
Sputnik-georgia.ru
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