EBRD pledges financial support to firms in Georgia to deal with coronavirus crisis
The EBRD has made available an emergency Solidarity Package of €1 billion for its existing clients across 38 economies, including clients in Georgia. Photo: Nino Alavidze/Agenda.ge.
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The European Bank for Reconstruction and Development (EBRD) is pledging financing to help firms in Georgia deal with the impact of the coronavirus outbreak, announces the EBRD.
We are stepping up our support to ???????? #Georgia, as the economy faces the challenge of #coronavirus outbreak.
— The EBRD (@EBRD) April 6, 2020
Our @MatteoPatrone3 said #EBRDsupport is available for our clients, we're prepared to step up our efforts w/ @mofgeorgia
????: https://t.co/fEVvmyp6nS#CoViD19Response pic.twitter.com/f2cjnOE21f
The EBRD has made available an emergency Solidarity Package of €1 billion for its existing clients across 38 economies, including clients in Georgia.
The financial assistance provided by the EBRD, will help the country ensure its economic stability during the global challenges caused by the coronavirus. I hope with the help and efforts of our international partners, the Georgian economy will be able to face this global challenge with as little loss as possible", said Georgian Finance Minister Ivane Matchavariani.
EBRD Managing Director for Eastern Europe and the Caucasus Matteo Patrone reconfirmed the bank’s commitment to supporting the Georgian economy, especially in times of crisis.
We are prepared to step up our efforts, together with the Georgian authorities, to support the economy", he said.
The EBRD’s support includes measures such as emergency liquidity, working capital and trade finance. The bank is working with the commercial banks to support access to finance for the private sector, especially for the small and medium sized enterprises.
In addition, Patrone and Matchavariani discussed speeding up the development of several projects to secure job creation.
For example, the EBRD is currently working on designing a new framework to support all municipalities across the country with improved access to infrastructure. The EBRD is also working to support the upgrade of the electricity grid to further support the renewable energy generation sector.