About cheap credit projects

The Georgian Government has promised to continue issuing cheap credits to the population. GEL 20 million is intended to be dispersed for this purpose in 2009.

In 2008 116 projects were financed in this way, including 62 enterprises, and GEL 43.3 million was distributed. Around 35,000 people became beneficiaries of this project by obtaining jobs.

In 2009 the Government will issue fewer credits due the global financial troubles, however it has promised, on the demand of Parliament, to be more precise in distributing the credits. Zurab Melikishvili, Chairman of the Parliamentary Finance and Budgetary Committee, has stated that each region should receive GEL 500,000. Big cities (excluding Tbilisi) should receive GEL 150,000 each, the municipalities receiving GEL 60,000 each and the constituent communities GEL 10,000 each.

Amounts of more than GEL 60,000 will be distributed under the guidance of the banks. Projects which will receive under 10,000 will be selected by the local government. In 2008 money was allotted to companies which were expanding, but this year it will go to individual entrepreneurs and companies in startup phase as well.