MINISTRY OF ECONOMY
AND SUSTAINABLE DEVELOPMENT
OF GEORGIA

“Enterprise Georgia Program brings 1,6 GEL in the form of tax revenues to the state for every co-financed 1 GEL in the first year. This indicator shows that the state should continue this type of intervention to promote small and medium-sized businesses,” – Vice Prime Minister, Minister of Economy and Sustainable Development stated during the presentation of the report on the economic impact of the programs of the Enterprise Georgia Agency.

Beneficiaries of the program, representatives of the business sector and international donor organizations attended the event. In his speech, Levan Davitashvili talked about the role of the state and the importance and effectiveness of the mechanisms used by it to support small and medium businesses.

At the presentation, the results of the impact assessment of the Enterprise Georgia Agency’s programs were presented, which are based on the financial and economic analysis of the beneficiaries during the last 5 years. 292 beneficiaries of the industrial part were selected for the evaluation. The Agency, with the involvement of the GIZ and international experts, developed a framework for economic impact assessment and presented the results and effects of the Agency’s programs over the past period.

As for the effect of subsidizing the loan/leasing interest of the industrial part, according to the analysis, as a result of the co-financing of 1 GEL, the income increase amounted to 15,3 GEL, the contribution to the gross domestic product – 4,5 GEL, and the taxes in the budget for one year amounted to 1,6 GEL. For today, the total investment of the projects supported by the agency has exceeded 3 billion GEL, while up to 58 thousand new jobs have been created as well.

“It is very important that we create a sustainable category of small and medium-sized businesses, which are the most vulnerable, so that they can withstand economic shocks and be successful. As for employment, within the framework of the Enterprise Agency programs, over 58000 people are employed and this is only by the companies that became the part of the study,” – the Minister of Economy and Sustainable Development noted.