Georgia’s household debt crisis deepens in the wake of COVID-19
Approximately 150 kilometres north of Georgia’s capital, Tbilisi, and nestled into a valley below Mount Kazbek lies the town of Stepantsminda. Home to a population of fewer than 2,000 permanent residents, Stepantsminda has become a popular destination over the last decade and has economically benefited from Georgia’s growing tourism sector. Keti, a local woman from the Kazbegi region, joined the area’s emergent hospitality sector in 2015. She opened a hotel with the help of a loan from one of the country’s largest private banks, Bank of Georgia.