State Funding to Launch Program Supporting Start-Ups

Prime Minister of Georgia, Giorgi Kvirikashvili, has announced a new start-up funding program which will be available for any citizen with an innovative, exciting business proposal needing funding. At the first stage, the program’s budget will consist of 11 million GEL, and is expected to increase to 35 million GEL.

At a meeting with the government, PM Kvirikashvili noted that they have already started working on the creation of this new financial institution and its key features. In a month’s time, it will be officially presented and operation begun through the Georgian Innovation and Technology Agency’s (GITA) Technological Park (Tech Park).

“This is a very important reform which allows businesses, technology companies and institutions to launch their projects and obtain financing without any loans or credits,” said the PM.

The financing of innovative ideas is something very new in Georgia, yet the Prime Minister believes that it will contribute to the development of the country’s innovative potential.

“We have many examples where such projects were the turning point of a country’s economic development and, from our side, this is the just the first welcome step towards that goal,” PM Kvirikashvili explained.

The Partnership Fund and GITA will coordinate the program with the involvement of international experts.

Eka Karsaulidze