Saakashvili’s latest initiative: ‘cheap credit bank’
By M. Alkhazashvili
(Translated by Diana Dundua)
(Translated by Diana Dundua)
Monday, December 10
Creating a “cheap credit bank” is the latest in a string of promises directed at social issues made by ruling party leader Mikheil Saakashvili.
The incumbent presidential candidate announced the initiative on December 6, stating, “It means that in the next few months the state will allocate about GEL 300 million and, in the following years, about GEL 3 billion…to ensure that everyone can receive cheap loans for a 10, 20 or 25-year term with only four to ten percent interest rates,” according to online news source civil.ge.
Opposition politicians and a number of economists have attacked the scheme.
“It’s a mistake and will be a big blow for the local banking system,” said economist and independent MP Lado Papava, according to the newspaper 24 Saati.
The incumbent presidential candidate announced the initiative on December 6, stating, “It means that in the next few months the state will allocate about GEL 300 million and, in the following years, about GEL 3 billion…to ensure that everyone can receive cheap loans for a 10, 20 or 25-year term with only four to ten percent interest rates,” according to online news source civil.ge.
Opposition politicians and a number of economists have attacked the scheme.
“It’s a mistake and will be a big blow for the local banking system,” said economist and independent MP Lado Papava, according to the newspaper 24 Saati.