EFSE to step up local currency lending in rural Georgia
The European Fund for Southeast Europe (EFSE) has committed to provide US $2.5 million equivalent in Georgian lari (GEL) to its new partner, microfinance organisation Lazika Capital. This funding will expand access to finance in local currency for underserved micro and small size enterprises (MSEs), including individual entrepreneurs, farmers and agricultural producers in rural Georgia.
By obtaining financing in Georgian lari, micro and small enterprises can fund their growth and increase their business resilience, viability and stability in the longer run, while being protected from the exchange rate fluctuations.
EFSE Board Chairperson Klaus Müller said that “this investment will expand the capacities of Lazika Capital to finance the underserved groups, thus contributing to furthering EFSE’s mission to promote economic prosperity in the region.”
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