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Cheap loans the order of the day

By M. Alkhazashvili
(Translated by Diana Dundua)
Thursday, January 10
The promise of cheap loans has been a major theme of the 2008 state budget. The state budget allotted GEL 5 million to the Ministry of Economic Development to fund the 100 Georgian business projects, 2008 initiative, which will dish out loans of GEL 5 000 to 100 000 with a maximum term of 25 years at a four percent interest rate, according to the newspaper Versia.

In November, Prime Minister Lado Gurgenidze announced that a cheap credit bank would be set up to provide long term low interest loans to Georgians hoping to set up small businesses. The bank is scheduled to begin operating in spring.