The credit limit issued by microfinance organizations to one borrower will increase from GEL 100,000 to GEL 200,000, - the amendments were supported by GD Finance and Budget Committee with the first reading at the parliament.
"The National Bank of Georgia will be authorized to determine additional requirements for microcredit for microfinance organizations by a normative act," - said the speaker, Deputy Minister of Economy Vakhtang Tsintsadze.
The sector has been talking about the need for change for a long time. Back in 2023, at a meeting between the then acting governor of the National Bank Natia Turnava and representatives of microfinance organizations, one of the discussion topics was precisely the increase in the limit.
According to the explanatory note, this change will contribute to the development of new products and increase access to finance. Also, the dynamics of credit portfolio growth is accelerating, which will increase contributions to the budget.
According to the Law on Microfinance Organizations, currently the maximum total amount of microcredit issued by a microfinance organization per borrower should not exceed 100,000 GEL.
