Global and Bank of Georgia sign EUR50 million loan agreement to support small businesses
29.12.2023 09:53 "Agro Perspectiva" (Kyiv) —
The EUR50 million EIB loan to Bank of Georgia will make it easier for small businesses to access finance with attractive terms and conditions. A minimum of 30% of the loan will be directed to green investments. The loan is complemented by the Greening the Financial Systems technical assistance programme funded by the German government under the International Climate Initiative. The European Investment Bank (EIB, the EU bank) has signed a EUR50 million loan agreement with Bank of Georgia to support small and medium-sized enterprises (SMEs) and mid-caps, thus contributing to sustainable economic recovery and growth. Under the agreement, the EIB and Bank of Georgia will direct a minimum of 30% of the loan towards green investments. It is the first EIB loan intermediated by Bank of Georgia with such a thematic dedication. The loan is complemented by support under the Greening the Financial Systems technical assistance programme, funded by the German government’s International Climate Initiative. The loan is being provided by EIB Global (the arm of the EIB working beyond the European Union) and is the first tranche of a EUR120 million EIB loan programme that is expected to benefit more than 160 companies and sustain over 14 000 jobs. Bank of Georgia will double the EIB commitment by lending an equivalent amount of its own resources. The loan will improve access to finance with long-term funding on attractive terms and conditions, with the option to make such funding available in local currency to help businesses avoid exchange rate risks. The loan contributes to sustainable economic recovery under the European Union’s flagship Economic and Investment Plan (EIP) for the Eastern Partnership, which aims to help 80 000 SMEs. The operation forms part of the EIB’s own-risk contribution to the objectives of the European Fund for Sustainable Development Plus (EFSD+). EIB Vice-President Teresa Czerwińska, responsible for the EIB activities in Georgia, remarked: «We are pleased to partner with Bank of Georgia, one of Georgia’s leading banks and the European Union to support small businesses, which form the backbone of the economy. The loan, with a significant portion dedicated to green finance, underscores our commitment to fostering green growth in Georgia as Team Europe.» European Union Ambassador to Georgia Paweł Herczyński said, «The EU’s Economic and Investment Plan for the Eastern Partnership is the backbone of EU-Georgia cooperation for the years to come. It sets ambitious targets and identifies important flagship initiatives including our support to 80,000 Georgian SMEs. The EU is pleased to support today’s loan agreement, which promotes green investments, as well as economic growth and job creation. The supported investments are crucial for the development and resilience of Georgia’s economy and society. Working on these EU priorities -a more inclusive, greener economy- will help Georgia on its EU path.» Archil Gachechiladze, Bank of Georgia CEO commented: «We greatly appreciate EIB’s ongoing support for Bank of Georgia and Georgian businesses. This transaction, with a specific focus on green investments, is another important step towards the sustainable development of the local economy. Georgia has recently gained EU candidate status a key milestone that will further improve business confidence, and in this context, the ongoing support from our partner IFIs is very important. We look forward to celebrating many more successful deals with EIB going forward.» Background information About the EIB and EIB Global The European Investment Bank (EIB) is the long-term financing institution of the European Union, owned by its Member States. It provides long-term finance for sound investments in pursuit of EU policy goals, supporting projects in four priority areas: infrastructure, innovation, climate and environment, and SMEs. EIB Global is the EIB Group’s specialised arm devoted to increasing the impact of international partnerships and development finance, contributing to the three overarching priorities of the European Union: the European Green Deal, the Global Gateway and jobs, and sustainable and inclusive growth. Within Team Europe, EIB Global fosters strong, focused partnerships alongside fellow development finance institutions and civil society in close cooperation with other multilateral development banks. EIB Global brings the EIB Group closer to local people, companies and institutions through our offices around the world. About the EIB in Georgia The EIB has been working to support economic and social development in Georgia since 2007. The EIB’s commitment exceeds EUR2 billion and is distributed across various sectors, including infrastructure, green energy, water and wastewater, and small and medium-sized enterprises (SMEs). The Bank operates in line with the European Neighbourhood Policy (ENP), the Eastern Partnership (EaP) and other EU bilateral agreements. The EIB is one of the key institutional lenders to the Georgian financial sector in support of SMEs. Over EUR400 million of EIB operations in the country are for SME finance, and it is currently working with seven financial intermediaries. The EIB was ready to step up support for businesses when it was most needed, providing over EUR160 million in financing on special terms and conditions to cushion the economic impact of the COVID-19 pandemic. The EIB also operates two partial portfolio guarantee programmes in Georgia whose aim is to share the risk of lending to eligible SMEs with the intermediaries, in partnership with the European Investment Fund (EIF). The EIB Group portfolio guarantees cover over EUR380 million in SME loans. Five technical assistance operations have been implemented over the last two years to improve the capacity of intermediaries, and a new generation of technical assistance operations is about to be launched. About the EIB’s Greening Financial Systems technical assistance programme The technical assistance complementing the loan is being provided under the EIB Greening Financial Systems technical assistance programme, which is funded by the International Climate Initiative Fund (IKI) on behalf of the German Federal Ministry of Economic Affairs and Climate Action («BMWK»). The programme is a joint contribution from BMWK and the EIB to the work of the NDC Partnership, specifically the «Readiness Support for Greening Central Banks» initiative.
25.04.2024 |
|
|
|
|
|
09:45 |
Parliament approves a revision of the EU’s common agricultural policy |
23.04.2024 |
|
|
|
|
|
16:23 |
MEPs approve trade support measures for Ukraine with protection for EU farmers |
17.04.2024 |
|
|
|
|
|
18:08 |
Ministry of Agrarian Policy and Food predicts this year’s harvest of grains and oilseeds at about 74 million tonnes |
16.04.2024 |
|
|
|
|
|
12:12 |
West Africa Cocoa Shortage Pushes Up Prices |
11.04.2024 |
|
|
|
|
|
23:48 |
U.S. Soybean Meal Exports Forecast at Consecutive Records in 2022/23 and 2023/24 |
|
23:10 |
EU Wheat Exports Challenged by Russia’s Growing Dominance |
|
11:30 |
Country of origin of honey must be clearly visible on the label. EU honey traceability system to be developed |
10.04.2024 |
|
|
|
|
|
15:59 |
Commission starts setting up the Agriculture and Food Chain Observatory |
|
15:33 |
Commission approves ˆ2.2 billion German State aid scheme to support the decarbonisation of industrial processes to foster the transition to a net-zero economy |
|
13:17 |
Donau Soja urges EU for clarity on EUDR implementation |
09.04.2024 |
|
|
|
|
|
10:44 |
Ukraine remained the third source of EU imports in 2023, with a value of EUR 11.8 billion |
06.04.2024 |
|
|
|
|
|
10:04 |
World cereal output seen up in 2023/24 |
|
09:55 |
FAO Food Price Index rises in March |
05.04.2024 |
|
|
|
|
|
10:04 |
Shellfish Crop Insurance Program Offers Oyster Producers Needed Protection from Environmental Challenges and More |
03.04.2024 |
|
|
|
|
|
23:01 |
Croatian horseradish root ‘Ludbreški hren' added to register of Protected Designations of Origin |
02.04.2024 |
|
|
|
|
|
10:15 |
FAO and chef Fatmata Binta announce new project to empower women fonio producers in Ghana |
28.03.2024 |
|
|
|
|
|
12:55 |
Council compromise on Ukraine ATMs – Only a half step forward in the right direction |
|
09:18 |
Commission approves amendment to Italian State aid scheme to support companies in Friuli Venezia Giulia in the context of Russia's war against Ukraine |
26.03.2024 |
|
|
|
|
|
10:55 |
Projected famine in Gaza: FAO urges immediate access to deliver urgent and critical assistance at scale. About 1.1 million people are experiencing catastrophic food insecurity |
|
08:44 |
EU makes major step forward in the delivery of 2024 humanitarian aid for Palestinians in Gaza* |
25.03.2024 |
|
|
|
|
|
16:17 |
Commission approves ˆ86.9 million Bulgarian State aid scheme to support farmers in the context of Russia's war against Ukraine |
21.03.2024 |
|
|
|
|
|
11:15 |
Commission takes action to boost biotechnology and biomanufacturing in the EU |
20.03.2024 |
|
|
|
|
|
11:13 |
Deal to extend trade support for Ukraine with safeguards for EU farmers |
19.03.2024 |
|
|
|
|
|
09:43 |
CAP - The Commission proposes simplifications that safeguard agricultural transitions! |
18.03.2024 |
|
|
|
|
|
23:10 |
The European Union and Switzerland launch negotiations to deepen bilateral relations |
|
10:05 |
Commission proposes targeted review of Common Agricultural Policy to support EU farmers |
15.03.2024 |
|
|
|
|
|
23:36 |
Cargill Power CanolaTM Program Helps Farmers Take Advantage of Growing Bioenergy Market Opportunities for Canadian Canola |
|
23:19 |
FAO will provide Ukrainian farmers with soybean and sunflower seeds for spring sowing campaign |
13.03.2024 |
|
|
|
|
|
23:27 |
FAO urges more cooperation in banana sector, significant for some least developed and low-income food-deficit countries and smallholder farmers |
|
16:51 |
The European Commission sets out key steps for managing climate risks to protect people and prosperity |
12.03.2024 |
|
|
|
|
|
20:25 |
Coreper and COMENVI approve the provisional agreement on EU Carbon Removal Certification Framework |
|
20:24 |
INTA MEPs fail EU producers by dismissing potential improvements to Ukraine ATMs |
|
08:10 |
Soybean meal is expected to be a more competitive feed ingredient on higher global supplies. |
11.03.2024 |
|
|
|
|
|
09:11 |
U.S. Corn Exports Shift Destinations as Brazil Captures China Market |
08.03.2024 |
|
|
|
|
|
15:20 |
Conflicts push acute food insecurity higher |
|
13:21 |
FAO Food Price Index declines further in February |
|
13:14 |
Packaging: Council and Parliament strike a deal to make packaging more sustainable and reduce packaging waste in the EU |
|
11:45 |
Commission approves ˆ61.3 million Bulgarian State aid scheme to support farmers, producers of grain and oil crops, in the context of Russia's war against Ukraine |
07.03.2024 |
|
|
|
|
|
20:41 |
First go-ahead to renewing trade support for Ukraine and Moldova |
05.03.2024 |
|
|
|
|
|
15:55 |
Commission proposes to prolong road transport agreements with Ukraine and Moldova and introduces updates to the agreement with Ukraine |
02.03.2024 |
|
|
|
|
|
07:31 |
Heroes of deserts and highlands: Nourishing people and culture |
23.02.2024 |
|
|
|
|
|
10:21 |
BASF’s financial strength supports proposed stable dividend of ˆ3.40 per share for the 2023 business year |
|
10:17 |
The Council has chosen to ignore farmers' concerns regarding Ukraine ATMs; it is now imperative for the European Parliament to take action |
20.02.2024 |
|
|
|
|
|
20:27 |
South Asia is anticipated to import nearly 14 million tons wheat in 2023/24 |
19.02.2024 |
|
|
|
|
|
13:00 |
Cargill and ENOUGH expand partnership to provide consumers with innovative, sustainable protein options |
17.02.2024 |
|
|
|
|
|
17:47 |
Global Environment Facility approves new FAO-led projects and programs benefiting 46 countries |
16.02.2024 |
|
|
|
|
|
09:10 |
The EU is at a crossroads with the Ukrainian agricultural issue - COPA-COGECA, AVES, CEFS, CEPM, CIBE, EUWEP |
13.02.2024 |
|
|
|
|
|
17:31 |
European farmers exempted from rules on land lying fallow |
12.02.2024 |
|
|
|
|
|
16:45 |
India Wheat Stocks Plummet to Lowest in 15 Years |
03.02.2024 |
|
|
|
|
|
17:35 |
Mandarins. Global production for 2023/24 is forecast to rise to 38.0 million tons |
Also available:
|