2019-02-01
"Credit Guarantee Scheme will be enforced in Q1 of 2019, improving the access to finance for Small and Medium Enterprises (SMEs) and leading to a cheaper lending of the economy" stated Mamuka Bakhtadze, Prime Minister of Georgia at a Press Briefing held prior to the Executive Government Meeting today.
As Head of Government of Georgia noted, this mechanism will incentivize the funding of such small and medium enterprises, which either have no sufficient collateral to secure their loans under the existing lending policy of the country or operate in such sectors that are restricted in the exposure to lending.
"It is an innovative mechanism for our economy. My expectations are high towards an increased contribution of SMEs in the economy of the country through this facility. It is the first step towards it. European Union (EU) has supported us in preparing for this step and I am confident that this mechanism will turn into a main locomotive of an increased contribution of SMEs in the Gross Domestic Product (GDP) of the country in the coming years. Poverty is the most painful challenge for us and it can be overcome only by increasing the share of SMEs in the overall economy of the country" concluded the Prime Minister of Georgia.
Prime Minister's Press Office