MSMEs in Georgia offered 15% incentive for green investments financed via ProCredit

ProCredit Bank Georgia has agreed to borrow USD 10 million from the multilateral European Bank for Reconstruction and Development for on-lending to micro-, small and medium-sized enterprises for purposes including upgrading their processes to meet EU standards. Of the total, 70% is earmarked for investments that reduce the MSMEs' environmental impacts. The EU is funding technical assistance to support the MSMEs' investments as well as 15% cash incentives for those that are successful in implementing their projects. ProCredit Bank Georgia, which was founded 25 years ago, is controlled by Germany-based ProCredit Holding. This entity operates banks in Ecuador and Europe that focus on serving smaller firms. It also has units that provide training and technology services.