Gov't to Subsidize Mortgage Loans for Citizens

The Government of Georgia has decided to subsidize mortgage loans for citizens, Prime Minister of Georgia Giorgi Gakharia said on Wednesday while delivering a report to the Parliament on COVID-19 and its management.

The head of the government noted that the process of subsidizing mortgage loans will continue until the end of the year and will be intended for all people who decide to take out a mortgage loan and improve their living conditions.

"Construction will be one of the most seriously affected sectors. We have already developed a concrete plan.

"It’s not just the help for companies but for citizens too, who have either decided to buy an apartment and improve their living conditions, or have already involved in the process, or have paid the down payment, or have started cooperation with a construction company and their apartment is under construction.

"All such risks will be insured by the state. From today until the end of the year, the state will subsidize mortgage loans for all people who decide to take out a mortgage loan by the end of the year and improve living conditions. We have made such a decision to avoid the results we had after the 2008 crisis,” he said. 

The PM added that 150 million GEL will be allocated to provide IDPs with apartments, which will also help the construction sector.

By Ana Dumbadze