Page 23 - GEORptAug21

4.3 Fixed investment
World Bank lends
€85mn to help Georgia SMEs with post crisis recovery
About 6,000 micro, small and medium sized enterprises (MSMEs) in Georgia impacted by the coronavirus crisis are to benefit from €85mn in financing support approved on May 12 by the World Bank’s board of executive directors.
The new Relief and Recovery for Micro, Small and Medium Sized Enterprises project aims to assist crisis-impacted businesses, create jobs by expanding and strengthening programmes that support MSMEs and promote the digitalisation of Georgia’s economy.
The project is designed to alleviate the financial constraints of firms and help them in adjusting their business to a post-COVID-19 scenario. One project component will strengthen and expand MSME support programmes implemented by Enterprise Georgia (EG). The direct support for micro and small firms will come in the form of grants offered by EG’s micro and small entrepreneurship support programme.
Small and medium sized enterprises, on the other hand, will be eligible for support through the co-financing of interest payments under EG’s Produce in Georgia programme, which will reduce their borrowing costs and address immediate liquidity constraints.
23 GEORGIA Country Report August 2021 www.intellinews.com