EIB Increases Georgian SME and MidCap Sector Support

The European Investment Bank (EIB), European Union’s bank, will lend ProCredit Bank Georgia EUR 15 million to finance projects promoted by SMEs and MidCaps.

ProCredit Bank, a well-established EIB partner in Georgia and the wider region, will support the private sector development though the EIB loan.

“The competitiveness of the Georgian economy hinges, among others, on access to finance for productive investment. The EIB will provide such funding. This will have a positive impact on job creation and the living standards of the people of Georgia,” said EIB Vice-President László Baranyay, responsible for EIB operations in Georgia.

The EIB finances projects in Georgia based on an EU mandate for the Eastern Neighbourhood, the so-called External Lending Mandate (ELM).

The EIB is committed to stepping up its support for Georgia after the EU Association Agreement was signed June 2014, which includes a Deep and Comprehensive Free Trade Agreement (AA/DCFTA).

The EIB has lent EUR 548 million to Georgia since it started operating in the country in 2010. Around EUR 165 million – 30% of the total volume – has been dedicated to SMEs and MidCaps.

Ana Akhalaia