World Bank Approves EUR 85 Mln for Georgia’s Post-COVID Recovery
The World Bank said on May 11 it has approved EUR 85 mln in financing support for at least 6,000 micro, small, and medium-sized enterprises in Georgia, with the aim of stimulating post-COVID job creation and helping pandemic-affected firms to recover.
The direct support for micro and small firms will be distributed by the Enterprise Georgia Entrepreneurship Support program in the form of grants, the World Bank reported. Meanwhile, small and medium-sized enterprises can receive support through co-financing of interest payments under Enterprise Georgia’s Produce in Georgia program.
According to Sebastian Molineus, World Bank Regional Director for the South Caucasus, the support package also envisages funding investments in financial infrastructure, including a new instant payment system, among others, as well as promoting the use of digital financial services to help firms “gain easier access to finance.”
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