Home News With the support from Enterprise Georgia, two more fishing companies have expanded

With the support from Enterprise Georgia, two more fishing companies have expanded

With the support of Enterprise Georgia’s Industrial and Credit Guarantee components, two fishing companies - LTD NANA 25 and  LTD TEMO have expanded.

According the co-founders, by purchasing the new ships, the yearly production will exceed at least ten times, in particular, with new vessels fishermen will catch up to 5000-7000 tons of foam for a processing plant, additional 250-300 tons of foam sorted for export. The vessels are equipped with all the tools needed for safe fishing.

The fisherman is the agency’s financial support mechanism, as part of which Enterprise Georgia will be co-financing the fishing ship’s leasing interest rate for the first 3 years, as well as 90% of the loan, which the companies got to expand their business, will be guaranteed by the Georgian Government.

Supporting the fishing sector as a segment of the maritime industry is now one of Enterprise Georgia’s priorities, which is a result of the collaborative work between the Georgian Ministry of Economy and Sustainable Development, Enterprise Georgia, and the Maritime Transport Agency of Georgia.

Through the program’s support, the fishing fleet will enhance considerably and, as a result, create new work opportunities. Implementing modern technologies in the sector will considerably increase the diversity, as well as the volume, of sea produce and the geographic reach of its distribution.

The program simultaneously gives out under 5 Million GEL of support as part of the Credit Guarantee Mechanism (providing a 90% guarantee) and refinancing of the Bank loan plus the 3% co-financing opportunity. It is also possible to lease a ship. In this case, the re-financing commission plus the 5% co-financing mechanisms are activated.   

With their new ships, the anglers will be able to meet the maximum fishing quota, which is not possible today. It should be noted that the fishermen today are renting fishing ships from other countries, because Georgian ships are in dire conditions. Today, we have 30 fishing ships where under 500 fishermen and sailors are employed. Due to relatively dysfunctional ships existent on the local market, fishermen and sailors are not able to get retrained.


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