MINISTRY OF ECONOMY
AND SUSTAINABLE DEVELOPMENT
OF GEORGIA

Minister of Economy and Sustainable Development, George Kobulia introduced the vocational training program and the credit-guarantee mechanism to the SME representatives from the Kvemo Kartly Region in Bolnisi. Deputy Minister of Economy and Sustainable Development, Ekaterine Mikabadze, the Head of the LEPL Enterprise Georgia of the Ministry, Mikheil Khidureli, the President of the Georgian Chamber of Commerce and Industry Nino Chikovani and the State Representative to the Kvemo Kartli Region, Shota Rekhviashvili also attended the meeting.

An action plan of the Government and, in particular, of the Ministry of Economy and Sustainable Development regarding the SME development envisages facilitation tools which include the credit-guarantee mechanisms, which will help the SMEs to apply for the loans since the state will serve as a guarantor of the credit. 

Local entrepreneurs were offered the detailed information on the credit-guaranty scheme, which will provide remuneration of the 70% of individual loans within the 15% of the total portfolio of the loans issued.

Within the scheme, credit guarantees will be provided only for the loans issued in GEL with the maximum guarantee period of 10 years. The minimum loan amount is 50 000 GEL and the maximum amount is 2 000 000 GEL. Any entrepreneur can become a beneficiary of the credit-guaranty scheme if its average turnover does not exceed 20 000 000 GEL and loan liabilities - 8 000 000 GEL.

George Kobulia, at the meeting with the entrepreneurs, made a special emphasis on the sectors of the economy development of which is the priority for the Kvemo Kartli Region.

“Government, of course, is doing everything for the better development of this region, we see a great potential in these sectors and we also see challenges. We are planning to bring the highly qualified specialists to the local, small and medium-sized businesses in the field of development of the food industry and agriculture sector,” – the Minister of Economy and Sustainable Development said.

Another direction with great potential for development is tourism, the Minister noted. “The state will actively facilitate those investors who will invest in this sector and open new hotels. In addition, new road infrastructure will be constructed, which will also promote the tourism development in the country,” – George Kobulia stressed.

George Kobulia also spoke about the large-scale program initiated by the Ministry of Economy and Sustainable Development, which is aimed at professional training of thousands of people and increasing their qualifications annually. The Minister explained that this program will promote the inflow of the investments and creation of jobs and, on the other hand, help certain people to acquire or improve professional skills and get higher income. According to the Minister, vocational education should become one of the most popular ways of making careers in Georgia.

About 200 representatives of local SMEs attended the meeting held in Bolnisi.