Georgia: EIB increases its support to SME and MidCap sector

The European Investment Bank (EIB) is lending EUR 15 million to ProCredit Bank Georgia to finance projects promoted by SMEs and MidCaps. 

The EIB funds, in cooperation with ProCredit Bank - a well-established EIB partner in Georgia and the wider region - will support private sector development.

EIB Vice-President László Baranyay, responsible for EIB operations in Georgia commented: “The competitiveness of the Georgian economy hinges, among others, on access to finance for productive investment. The EIB will provide such funding. This will have a positive impact on job creation and the living standards of the people of Georgia.”

This EIB has signed loans for EUR 548 million in Georgia since it started its operations here in 2010. Some EUR 165 million – or 30% of the total volume – has been dedicated to SMEs and MidCaps.