I believe that there will be no need to continue this program in 2021, - said Minister of Finance Ivane Machavariani about the mortgage subsidy program.
Reportedly, the budget allocated for the mortgage subsidy program has already expired. The finance minister says a large part of the amount is disbursed, though no specific number has been named.
"A large part of the amount is disbursed, probably 60%, but the number might be specified. The main thing is that there are no plans to continue at this stage, we have given a very good incentive to the sector. Despite, we have an economic downturn in this sector, the growth is quite impressive and this done at the expense of this program.
I believe we acted correctly in 2020 due to the given situation. Sometimes we joke, that real estate sector works in Georgia so, as stock exchanges – abroad. It is important that the sector should be safe. We think the program was right, but we hope there will be no need to continue this program in 2021", Machavariani said.
