Based on the rich experience and knowledge, European Bank ensures technical support to the Ministry of Economic and Sustainable Development of Georgia and "the Agency of Entrepreneurship Development" for small and middle scaled enterprise, in order to stimulate their competitiveness, encourage entrepreneurship, improve the potential of raising foreign investment, introduction of innovations and active appliance of modern technologies, reports GHN based on press service of the Prime Minister.

European Bank will support development of sustainable infrastructure for business consultation service and support to the individual enterprises in development contact with local consultants. European Bank will also implement market development activities, such as professional development of local consultants, small and medium scale businesspeople and development of their potential.

"I am glad, that today the basis for a new initiative is developed. It is the wonderful opportunity for cooperation with government of Georgia within the framework of development of the most important segment of the state economy -entrepreneurship support program. Genuine sector is the spine for healthy and developing economics of any country. Strong and productive relationship has been developed with the Ministry of Economics and Sustainable Development of Georgia in the sectorial policy fields through dialogues. Therefore, we are pleased with continuation by successful team work with them under a new initiative" - Bruno Balvanera, a regional director of the Caucasus, Moldova and Belarus missions of European bank stated.

The memorandum, which was signed by the European Bank of Reconstruction and Development, the Ministry of Economics and Sustainable Development of Georgia and the Agency for Development of Entrepreneurship, defines the future format of cooperation between the parties.