European Bank for Reconstruction and Development (EBRD) President Odile Reno-Basso, on a visit to Georgia, has signed agreements with two Georgian banks on loans to local small businesses.
The EBRD will provide new US$ 20 million loans to Bank of Georgia and to TBC Bank to help local firms across the country increase competitiveness and invest in upgrades, including green technologies.
This funding comes under the EU4Business-EBRD Credit Line – a flagship programme that enables borrowers to enhance production and trade more successfully on the international market, as well as advance environmental practices.
MSMEs can access funds in local currency and benefit from incentive grant funding, as well as technical assistance from international advisers, funded by the EU under the EU4Business initiative. Georgian companies will be able to improve their productivity, competitiveness and working environment for their employees.