EIB to support Georgian SME
23 December, 2010

The European Investment Bank disburses a EUR 35 million loan to support smaller business in Georgia.
On December 20, 2010, the European Investment Bank (EIB) signed its first credit line for financing of Small and Medium Entrepreneurs (SMEs) in Georgia. Bank Republic, one of Georgia’s leading commercial banks, receives the loan. A EUR 35 million credit line is intended to support primarily projects of small and medium sized companies, including a tranche for small and medium scale energy and environment projects

promoted by mid-sized corporations and public entities.
This loan lies within the SME Eastern Partnership Initiative launched at the Prague Summit in May 2009, and the framework of the joint IFI [International Financial Institutions] Action Plan in support of the banking systems and lending to the real economy.
The current loan is the second EIB Loan for SMEs provided in the Eastern Partner Countries. It is expected to contribute to Georgia’s development through helping SME sector to mitigate the effects of the current credit crisis and improving their access to medium and long term finance at competitive interest rates. In addition, it also includes an up to 30% portion for mid-sized corporates and municipalities involved in energy efficiency and environmental initiatives.
EIB is also to disburse a sovereign loan for the rehabilitation of two Hydro Power Plants -the Vardnili and Enguri HPPs for an amount of EUR 20 million. EIB has now extended four loans totaling EUR 175 million to finance investments in Georgia, showing EIB’s strong commitment to the support of the sustainable economic development of the country in the context of the EU initiatives with its Eastern Partners, the EIB official paper informs.
EIB supports the EU Neighborhood Policy by financing projects of significant interest to the EU in the Eastern Partner countries. It started operation in Georgia in October 2007.

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