On 9 November, the Georgian financial institution Terabank and the Dutch entrepreneurship development bank FMO announced the first NASIRA risk-sharing programme in Georgia.
The programme aims to increase financial resource access for micro-enterprises and SMEs operating in the country, and is funded by the European Commission and the Dutch Government.
‘NASIRA’ takes the form of a loan portfolio guarantee and supports financial institutions in increasing their lending activities for MSMEs, with a focus on underserved business segments, such as smallholder farmers and women-owned and youth-owned businesses. Often these clients have difficulty accessing finance due to higher associated credit risk and lack of collateral and/or historical track record.
“Under its Economic and Investment Plan, the European Union expects to leverage up to €17 billion in public and private investments. The EU is delighted to see these guarantees delivered on the ground, accelerating one of our core flagships to support 80,000 SMEs in Georgia,” said Nicholas Cendrowicz, Head of Cooperation of the EU Delegation in Georgia.
“Access to finance that also reaches under-represented economic actors elevates more people into economic activity and lends itself to a more inclusive economic growth for Georgia.”
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