Statement by Cartu Foundation
According to Cartu Foundation, false information has recently been circulated on social media, and the Foundation considers it necessary to provide clarification.
The 2018 “Social Solidarity Act”
According to the Foundation, in 2018, within the framework of the “Social Solidarity Act,” Cartu Foundation purchased problem obligations of individuals in the amount of four billion one hundred four million four hundred twenty-nine thousand four hundred eighty-four GEL.
The total amount was 4,104,429,484 GEL.
Loan Forgiveness for 615,164 Individuals
The Foundation states that, through this unprecedented charitable act, 615,164 individuals had one million three hundred eighty-seven thousand two hundred ninety-six loans forgiven.
In total, 1,387,296 loans were written off under the program.
Financial Institutions Participating in the Program
According to Cartu Foundation, the program covered 55 banks and other financial institutions of various legal forms operating in Georgia.
In the Foundation’s assessment, writing off such a large volume of problem loans significantly eased the burden on citizens and improved the country’s financial environment.
Criteria for Purchasing the Loans
The Foundation explains that it purchased all loans that met the previously announced criteria.
Specifically, these were loans whose principal amount did not exceed 2,000 GEL and for which individual debtors had not paid loan interest during the previous year.
Loans Were Purchased Only from Institutions That Agreed to Participate
The Foundation emphasizes that the loans were purchased only from financial institutions that agreed to participate in the program.
Accordingly, the program did not apply to obligations that did not meet the established criteria or were connected to financial institutions that did not participate in the program.
How Citizens Can Verify Their Status
Citizens covered by the program can verify their status and obtain the relevant certificates from the credit information bureau Creditinfo.
In addition, upon a written request from a citizen, Cartu Foundation provides relevant information regarding a specific loan.
Foundation’s Clarification Regarding the Absence of Claims
Cartu Foundation states that these obligations were purchased solely for the purpose of forgiving them.
According to the Foundation, any claim by the Foundation regarding these loans is completely excluded.
Appeal to Citizens
The Foundation states that if any credit institution currently demands repayment from an individual for a loan from the mentioned period, this is either a mistake that can easily be verified, or the specific obligation did not meet the established criteria and therefore was not included in the 2018 program.
Cartu Foundation calls on all interested persons not to be misled by the commotion created by dishonest individuals and to verify the status of their obligations with the relevant institutions.