The European Investment Bank has launched two new programmes, developed jointly with the European Commission, to help private sector development in Georgia.
It presented the programmes - DCFTA Initiative East (part of the wider EU4Business initiative) and InnovFin (EU Finance for Innovators) – at a high-level seminar under the EU4Business initiative in Tbilisi on 8 May.
The event attracted around 200 representatives of business, banks, microfinance institutions, financial advisors and industry associations.
DCFTA Initiative East
The Deep and Comprehensive Free Trade Agreement (DCFTA) Initiative East aims to strengthen economic development in the countries which have signed an association agreement with the EU, one of which is Georgia. It will also enhance access to finance in the form of improved lending terms and conditions and provide first loss SME portfolio guarantees, enabling local intermediary banks to take on more risk and reach out to underserved segments of the economy.
EU finance for innovators
InnovFin – EU Finance for Innovators is a joint initiative launched by the EIB Group in cooperation with the European Commission under the EU Research and Innovation Programme, Horizon 2020.
Janos Herman, EU ambassador to Georgia, opening the seminar, said: "These programmes are another proof that the European Union is committed to supporting the development of Georgian SMEs. In close cooperation with the EIB, we provide tangible support to innovative businesses that seek to take advantage of the new opportunities with the EU."