- EBRD issues updated guidance for MSMEs in Georgia, launches country-specific newsletter
- Guidance provides legal, practical advice on how to set up and operate businesses in Georgia
- Latest update on Georgia follows earlier publications on Ukraine and Moldova
The European Bank for Reconstruction and Development (EBRD) has issued updated guidance for micro-, small and medium-sized enterprises (MSMEs) in Georgia. The update follows previous publications on Ukraine and Moldova and forms part of the Bank’s ongoing legal and business guidance for MSMEs, published in a dedicated online Business Guide.
The guidance provides legal and practical advice on how to set up and operate a business in Georgia. The latest update of the Georgia-focused guide covers environmental responsibility, the protection of consumer rights, e-contracting and other legislative topics. The EBRD Business Guide website was launched in September 2021 and provides interactive webinars and links to useful business and legal resources. To date, it has seen more than 41,000 users.
The Bank has also launched the first in a series of newsletters for Georgia, aimed at keeping subscribers informed of new government programmes and recent legislative developments that might be useful for MSMEs. The launch event took place on 9 December, attracting more than 140 participants from local businesses. These publications complement the work of the EBRD Small Business Initiative, which aims to support the growth of MSMEs in the Bank’s regions.
Severian Gvinepadze, Principal Manager of the EBRD’s Advice for Small Businesses programme in Georgia said: “Georgian small businesses stand to benefit significantly from regular updates on business development opportunities. Updated guidance and the introduction of a series of newsletters will further integrate our advisory tools to support the resilient growth of seasoned and new MSMEs in Georgia.”
SMEs are a cornerstone of the Georgian economy. According to data published by the Georgian Statistics Office, 99.7 per cent of the country’s businesses are SMEs, with a combined turnover of GEL 48.5 billion (over €17 billion). They are estimated to account for 44.5 per cent of business turnover and 65 per cent of total employment.
The EBRD is a leading institutional investor in Georgia. To date, the Bank has invested more than €5 billion in the country through 278 projects.