The number of small companies down by 39%, - Mikheil Chelidze President at Georgian Small and Medium Enterprises Association (GSMEA). As Shelidze notes, the employment rate decreased by 18% in small and medium-sized enterprises.
The President of GSMEA explained that the funds allocated by the World Bank's assistance program (85 mln EUR) will be administered within the framework of Enterprise Georgia.
“The decline is mostly observed in small and medium-sized businesses. Totally, the number of small companies is down by 30%. The World Bank’s funding will be directed to rebuild a post-COVID-19 crisis and help those, who are directly affected by the pandemic. The funds allocated by the WB will be administrated within the frame of Enterprise Georgia. The entrepreneurs will receive the assistance through this program”, Mikheil Chelidze declared.
Micro, small and medium-sized enterprises in Georgia impacted by the COVID-19 pandemic are to benefit from EUR 85 million in financing support, approved by the World Bank’s Board of Executive Directors. The new Relief and Recovery for Micro, Small and Medium Enterprises (MSMEs) project aims to help businesses and create jobs by expanding and strengthening programs that support MSMEs and by promoting digitalization of Georgia’s economy.
