European Bank Signs 280m GEL Deals With Georgian business

(TBILISI) -- The European Investment Bank (EIB) signed three agreements that will make up to 280 million GEL ($103.24 million) available to Georgian small and medium enterprises (SMEs).

The first agreement was signed with Credo Bank. It will activate a 12 million GEL ($4.42 million) credit line for Georgian micro and small enterprises (MSEs – business with less than ten employees) in rural areas and with a focus on women entrepreneurs.

The other two agreements were signed with Georgia’s TBC Bank and include an agreement to provide up to 240 million GEL ($88.50 million) in loans to innovative Georgian companies over the next two years.

The agreements include an additional 42 million GEL ($15.49 million) in financing for small loans to Georgian SMEs, to sustain jobs and create new business opportunities.

All of the agreements are made possible with the financial assistance from the European Union's Innovfin and EU4Business programs. (agenda.ge)