Page 34 - GEORptSep19

8.1.4 SMEs finance
EIF and ProCredit double support for innovative companies
The European Investment Fund (EIF) and Germany’s ProCredit Group are providing an additional €800mn to innovative small and medium-sized companies (SMEs), bringing the total funding to €1.62bn for companies in eleven countries, the European Commission said on July 15.
The financing will be available through ProCredit banks in Albania, Bosnia and Herzegovina, Bulgaria, Georgia, Germany, Greece, Moldova, North Macedonia, Romania, Serbia and Ukraine.
“This continued and increased level of support from the EU will make a tangible difference to thousands of people with innovative business ideas in need of a financing, adding to the 2,000 SMEs that have already benefited from this scheme.” European Commission's Vice-President Jyrki Katainen, responsible for jobs, growth, investment and competitiveness said in the statement.
Agreements with ProCredit Group have already supported around 2,000 innovative SMEs, mainly in the manufacturing as well as in the wholesale and retail trade sectors.
These agreements were signed under the European Commission's InnovFin initiative, backed by the EU's research and innovation programme Horizon 2020.
The InnovFin initiative enables participating banks to provide loans to innovative companies with the support of a guarantee provided by the EIF. EIF is part of the European Investment Bank and its central mission is to support Europe's micro, small and medium-sized businesses (SMEs) by helping them access finance.
8.1.5 Bank news
Bank accounts of TBC Bank founders seized at Georgian prosecutors’ request
TBC Group acquires leading Georgian classified e-commerce company My Group
Georgian prosecutors have confirmed that bank accounts and properties in the amount of $16.6mn of TBC Bank founders Mamuka Khazaradze and Badri Japaridze are to be seized as a preventive measure under a lawsuit initiated on June 24 against the two .
The TBC founders are charged with legalisation of $16.6mn of illegal income, in August 2008.
Khazaradze announced on his Facebook account that all his and Japaridze's bank accounts have been seized, a move which prevents the functioning of their public-sponsored charity and all ongoing charity and business projects, including in Anaklia where the bankers are backing the attempt at constructing a deep sea port.
“We can't be scared! We continue the struggle! ” Khazaradze writes in his post.
TBC Bank Group announced it reached an agreement to buy a 65% stake in the leading classified e-commerce player in Georgia trading under the My.ge Group (“My Group”) name and operating classified sites myauto.ge and myhome.ge.
“The acquisition of My Group provides a strong acceleration in our ecosystems strategy. It will dramatically increase our digital presence in the Georgian market and provide access to a large number of new customers,” said chief
34 GEORGIA Country Report September 2019 www.intellinews.com