The Minister of Economy and Sustainable Development of Georgia, Natia Turnava and the Chairman of the Government of Adjara, Tornike Rizhvadze met with the owners of the small and family-owned hotels in Kobuleti and introduced the new initiative of the Government of Georgia, the Co-financing Mechanism for Promotion of Small and Family Hotel Industry to them. Mariam Kvrivishvili, the Head of the National Tourism Administration of the Ministry of Economy and Sustainable Development also attended the meeting.
The initiative implies the co-financing of the loan interest rate for the entrepreneurs, who have financial difficulties due to Russian sanctions and reduced tourist flows. This program is one of the point of the Government’s plan aiming at supporting businesses affected by the June 20 events.
The mechanism will be launched on September 1. The Enterprise Georgia Agency of the Ministry of Economy and Sustainable Development will implement the project. The Agency, from August 1, 2019 and for the next six months, will co-finance 80% of the monthly interest rate on loans in the national currency and 70% of the monthly interest rate in the case of loans in foreign currency.
Beneficiaries of the co-financing mechanism can be the candidates that have 4-20 room hotels and have taken the loan on construction / extension / equipping / repairing of the hotel before June 30, 2019.
Under the co-financing mechanism, the maximum loan amount for co-financing is GEL 300,000 (three hundred thousand), USD 100,000 (one hundred thousand) and EUR 80,000 (eighty thousand).
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