European Fund for Southeast Europe Eyes To Promote Local Business Development in Georgia
Georgia has been an important investment country for EFSE (European Fund for Southeast Europe) for already a decade, according to Azerbaijan in Focus, reporting Trend News, with reference to the EFSE.
“In 2020, EFSE approved 23.8 million euros in loan investments for the country. Importantly, a solid 13 million euros – more than half of the total approved investment amount – was denominated in lari,” the source said.
According to EFSE, this brought EFSE’s outstanding investments in Georgia to a current total of 127 million euros.
“This increased funding was largely in response to the COVID crisis: EFSE’s mission is to promote local business development by channeling responsible financing to micro and small enterprises (MSEs) through the financial institutions that are dedicated to serving them in a sustainable manner,” the EFSE noted.
As MSEs have been especially affected by the economic ramifications of the coronavirus crisis, EFSE remained committed to working with local financial institutions to help entrepreneurs sustain their business operations through targeted funding, the fund added.