The loan co-financing – the interest rate subsidy program – for companies involved in the hotel business will be extended from six to 12 months, – said Georgian Prime Minister Giorgi Gakharia.

As the Prime Minister noted, this is the only opportunity for the state to support the tourism sector.

“The first anti-crisis step we took was to help the tourism sector and, first of all, the hotel business. Within just three months, it emerged that this was not enough. Therefore, we extended the loan co-financing program for these companies, which are involved in the hotel business, from three months to six months. Since it is already clear that this too will not be enough, today we have to decide to extend loan co-financing – the interest rate subsidy program – from six to 12 months, or for one year in total. This is the only opportunity to support the sector as despite the cautiously optimistic economic indicators, the tourism sector is still under pressure. Therefore, we must do everything to help this sector,” Giorgi Gakharia stated.

According to the head of the government, the window of opportunity will open for companies that failed to become beneficiaries of this program during these six months, and they will have the opportunity to participate in the additional six-month component of the program for one month, from 10 September to 10 October.

“All companies will have the opportunity to participate in the additional six-month component of the program, even if they have not participated in this program until now. This gives small hotels the opportunity to become beneficiaries of this program. This is extremely important in order to help the sector and retain jobs,” – Giorgi Gakharia stated.