07.May .2020 18:31

Government to subsidize 80% of interest rates on hotel business loans

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The government of Georgia will finance 80% of interest rates on the hotel business bank loans, in amounts up to GEL 5 million, for the hotels with an annual turnover of up to GEL 20 million, Natia Turnava, Minister of Economy of Georgia, said on Thursday.

“We are launching an unprecedented program of subsidizing 80% of the interest rates on hotel business loans, in amounts up to GEL 5 million, for all the hotels, with an annual turnover of no more that GEL 20 million,” the Minister said.

According to her, the program will last for 6 months.

"This is the vast majority of hotels, practically more than 95% of the hotel industry. We will also help and subsidize participation in tourism exhibitions, which will soon become actual and will help our tourist facilities to bring a new tourist image of Georgia to the world market. We will also work with the Ministry of Health to assist the World Tourism Organization is establishing the safety standards,” Minister Turnava said.