Home / Banking / Georgian Citizens Allowed to Participate in InnovFin – Startup Business Financing Program

Georgian Citizens Allowed to Participate in InnovFin – Startup Business Financing Program

European Investment Bank (EIB) has taken a decision to increase credit portfolio in Georgia. The bank plans to allocate additional 250 million EUR for infrastructural projects in 2017.

EIB has activated efforts for financing private sector, Prime Minister Giorgi Kvirikashvili said.

“Beginner businessmen will be able to participate in special program for financing innovative and beginner businesses – InnovFin. In 2016 EIB doubled its credit portfolio in Georgia and total sum reached 1 billion EUR”, Giorgi Kvirikashvili told government meeting on April 25.

The positive assessments that international finance corporation give to Government’s Larization  plan  is of crucial importance, he said.

“In whole, our fiscal policy was positively appraised by the world’s three major rating agencies – Fitch Ratings; Moody’s; S&P. All agencies have stressed the progress that the country has made in many fields, including in terms of development of production, exports, tourism, money transfers and so on. In whole, this is huge positive that comes from international finance institutions, rating agencies. This signifies all four clauses of the government program has been structured in proper way, their fulfillment are absolutely realistic and we follow this plan consecutively. This signifies in each direction new job places will be created and our economy will be developed at high paces. All these aspects will ensure welfare of our population”, Kvirikashvili said.