The European Investment Bank has made a disbursement of €50 million to the government of Georgia for the procurement of vaccines against COVID-19 through the COVAX facility, as well as other medical equipment essential for the treatment of COVID-19 patients.
“This disbursement will enable us to combat the pandemic through the purchase of vaccines, the upgrade of essential health infrastructure and the procurement of modern medical equipment to help front-line staff and hospital institutions,” said Ekaterine Tikaradze, Minister of Occupied Territories, Labour, Health and Social Affairs of Georgia, who is responsible for the country’s COVID-19 response.
This is the second largest single disbursement for the bank of the European Union in Georgia to date, and a part of the €100 million COVID-19 support package for the Georgian healthcare system provided by the EIB.
In 2020 alone, the EIB Group provided €210 million in loans and guarantees to support the resilience of Georgia’s healthcare system, and speed up economic recovery from the COVID-19 pandemic. This support package from the EU Bank includes €100 million invested to reinforce the resilience of the Georgian healthcare sector, and €110 million provided to the Georgian financial institutions for intermediated lending to local micro and small and medium enterprises (SMEs) in the country.
EIB support to the Georgian healthcare sector in 2020 allowed the modernisation of five key hospitals and clinics across the country, procurement of modern medical equipment, and allowed local financial institutions to create new credit lines for local companies to address liquidity issues, sustain jobs, and finance their investments or expansion plans.
The support for the faster recovery of the Georgian economy also includes an additional €250 million extended as guarantees by the European Investment Fund, a part of the EIB Group. These guarantees originate from the InnovFin, a joint EIB – European Commission initiative to support innovative SMEs in the EU and partner countries.
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