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Cheap credit to be repaid

By Messenger Staff
Thursday, July 8
The time for repayment of the so-called cheap credits is approaching. Around GEL 64.2 million in cheap loans was issued in 2008 and GEL 2.4 million in 2009.

In 2008 the Ministry of Economy was approached by around 1500 applicants wanting cheap credit to finance their projects. Had all these appeals been met around GEL 380 million would have been given out. As a result of fair competition a total of 117 projects were ultimately financed in 2008 and 16 in 2009.

Export oriented projects were given priority when assessing who should get a cheap loan. More than 100 million GEL was issued for such projects. 19 million was issued for wheat processing projects and around 13 million for wine producing projects.