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Government to Co-finance Bank Loan Interests for Existing Small Hotels

The Government will ensure co-financing on bank loan interests for existing small hotels, and the state will serve as the guarantor for the construction of new ones, Georgian Prime Minister Mamuka Bakhtadze told representatives of the Business Association at the meeting.

According to the Head of Government, tourism is one of the fastest growing sectors in Georgia employing many citizens, and it is the Government’s task to protect the economic interests of its citizens.
To that end, on the Prime Minister’s instructions, loan interests will be co-financed for small hotels, and the tourism industry and hospitality will be given priority under the credit guarantee mechanism, to ensure against interruptions in development and new projects for enhancement.

The meeting with the business community also discussed other concrete steps planned by the Government to minimize possible losses for tourism business, including an aggressive marketing campaign seeking to cement the country’s image as a safe destination, and further to enhance the competitiveness of Georgia’s economy. At the same time, everything will be done to keep traditional markets.

The Prime Minister and the Business Association delegates also discussed other issues equally interesting for business. The participants of the Q/A-format meeting included Georgia’s Minister of Economy and Sustainable Development Natia Turnava, Finance Minister Ivane Machavariani, the Prime Minister’s Advisor for Regional Development Sozar Subari, and Head of the Tourism Administration Mariam Kvrivishvili.

CBW

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