The European Investment Bank, the bank of the European Union, has made a disbursement of EUR 50 million to the Government of Georgia for the procurement of vaccines against COVID-19 through the COVAX facility, as well as other medical equipment essential for the successful treatment of COVID-19 patients. This is the second largest single disbursement for the EIB in Georgia to date, and a part of the EUR 100 million COVID-19 support package for the Georgian healthcare system provided by the EIB.
During the joint visit of the President of the European Council Charles Michele and the President of the European Investment Bank (EIB) Werner Hoyer to Georgia, the EIB, the lending arm of the European Union, and Georgian Liberty Bank signed an agreement to expand an existing credit line for Georgian micro, small and medium-sized enterprises (MSMEs) via an additional €2.5 million as part of a total package of €17.5 million. With this signature, the EIB’s total immediate response to COVID-19 in the country comprises additional lending of over €70 million, and existing loans benefiting from COVID measures exceeding €90 million.
The EIB will lend EUR 10 million to Credo Bank, the leading actor on microfinance market in Georgia, and provide more affordable loans to country`s micro, small and medium enterprises (MSME), predominantly from the agriculture sector. This is the second loan granted under the EIB`s Georgia Outreach Initiative. Launched in December 2019 the Initiative improves financial inclusion and access to finance for underserved MSMEs in Georgia by supporting smaller banks in the country to improve their service offers.