EBRD and EU to increase funding for Georgian firms via ProCredit Bank

EBRD and EU to increase funding for Georgian firms via ProCredit Bank

July 8, 2021

The EBRD will provide a €10 million loan to ProCredit Bank Georgia, a part of the international ProCredit group, for on-lending to local micro, small and medium-sized enterprises (MSMEs). The EU will complement this support with grant incentives and free local and international consultancy services, funded under the EU4Business initiative.

The financing will allow local companies to modernise their production by investing in up-to-date technology and machinery, adopting EU standards, enhancing workplace health and safety and fostering sustainable environmental practices. At least 70 per cent of the loans from ProCredit Bank Georgia will finance investments in green technologies.

The funding is available under the EU4Business-EBRD credit line, which aims to increase the capacity of small businesses in Armenia, Azerbaijan, Belarus, Georgia, Moldova and Ukraine to access and compete in the EU market. Since the start of the initiative in 2016, in Georgia alone close to 170 companies have benefited in sectors ranging from manufacturing to agriculture and from hospitality to medical services.

The EBRD is a leading institutional investor in Georgia. Since the start of its operations in the country, the Bank has invested over €4 billion in 262 projects in the financial, corporate, infrastructure and energy sectors, with 79 per cent of these investments in the private sector.

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