Natia Turnava, Acting Governor of the National Bank of Georgia, participated in the signing ceremony of the cooperation agreement between Terabank and the Dutch Entrepreneurial Development Bank (FMO).

According to the agreement, Terabank will be the first bank in Georgia to start implementing the NASIRA guarantee program of the Dutch Entrepreneurial Development Bank (FMO). The program acts to increase access to finance for micro, small and medium businesses (MSME’s) operating in the country. The program is funded by the European Union and the Dutch Government.

NASIRA provides guarantees for the loan portfolio, helping financial institutions to expand lending activities for micro, small and medium enterprises (MSME’s). It also allows them to focus on small farmers, female entrepreneurs and young entrepreneurs, who often face difficulties accessing finance due to the lack of collateral and high credit risks.

The program will help financial institutions to share potential losses, reduce risks, lend more vigorously to these groups and have more opportunities to grasp new segments.

Access to finance is crucial for the success of micro, small and medium businesses, Natia Turnava noted in her speech:

“I welcome the launch of the NASIRA guarantee program that supports the greater involvement of our citizens in economic activities and achieving of better inclusion.

I believe this program will improve access to finance for micro, small and medium businesses, especially for women and young entrepreneurs. By supporting and empowering them, we create a strong foundation for sustainable and long-term economic growth”, - said Natia Turnava.