Finance Minister Mete pointed out that this government instrument to support the footwear and clothing industry is designed to provide more positive and relief terms than the previous guarantee funds approved by the government during the pandemic.

“The Normative Act will be approved at the cabinet meeting next week, when the details will be defined and which are expected to offer more incentives and more positive terms than the previous sovereign guarantee funds. The sovereign guarantee fund will cover around 70% of the bank loans due to be provided by the banking system with a margin of 1.5 or 2%, for a “grace period” of about 9 months,” Finance Minister said.

The Council of Ministers adopted last month a Normative Act on revision of 2024 state budget to provide a sovereign guarantee fund of 4 billion lek to support the country’s footwear and clothing industry.

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