President of the Republic of Abkhazia




Raul Khadzhimba conducted a work meeting with the chiefs of commerce banks of Abkhazia on the issues of crediting of small entrepreneurship.

The Chair of the National Bank of Abkhazia Beslan Baratelia also took part in the meeting.

In the course of the meeting the issues of active connection of commerce banks with the program of crediting of small entrepreneurship elaborated by the National Bank were discussed. Raul Khadzhimba highlighted that the project is important for the state and expressed hope on active cooperation of commerce credit institutions and the National Bank.

Beslan Barateliya noted that the first stage of the program has been launched June 15 – the application process conducted by the commission under the Ministry of Economy, which will define priority projects for the state. Along with that the commerce banks have the right to select the projects for crediting approved by the commission.

“At this stage we are not talking about consumer loans, - highlighted the Chair of the National Bank, - this will be a totally new project, that we are currently elaborating and will launch this autumn”.

In order to receive the credit, an individual will have to put a mortgage. The potential borrower will need to be registered as an individual entrepreneur. “Despite the fact that this project is socially oriented and the crediting will be implemented under low interest rates, our citizens have to understand that this money is borrowed, and that they will need to return them to the state”, highlighted Beslan Barateliya.

Raul Khadzhimba noted that as a result of the program there will be conducted an assessment of its effectiveness. In case it is successful, the program could be prolonged.

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