EU and European Investment Bank to support microenterprises in Georgia through a new financing operation

01-11-2019
Photo: European Union
Photo: European Union

The European Investment Bank (EIB) is providing a loan worth up to €4.1 million to a leading microfinance company in Georgia to fund micro enterprises with fewer than 10 employees.

The enterprises will receive loans of up to €25,000 that are geared towards women, young people and entrepreneurs living in rural areas.

The operation is expected to provide around 10,000 entrepreneurs with better access to long-term financing.

The operation will support the priorities of the EU and the Georgian government, which are aiming to develop the private sector and increase financial inclusion in Georgia. It will contribute to ensuring sustained, inclusive and long-term economic growth, full and productive employment and decent jobs.

This is the second EIB microfinance investment in Georgia following the investment in Credo Bank in November 2017. Both operations fall under the framework of the EU4Business initiative, and are partially financed by the EU’s Neighbourhood Investment Facility.

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Press release