14th Nov 2013 14:38
LONDON (Alliance News) - Bank of Georgia Holdings PLC Thursday said Citi and Overseas Private Investment Corp had agreed to lend it up to USD10 million so that it can provide financing for small businesseses in Georgia.
The loan will be the first from Citi and OPIC, the US Government's development finance institution, for the microfinance sector in Georgia, and as part of Citi and OPIC's joint global initiative to support microfinance lending in emerging markets, Bank of Georgia said.
"The newly-drawn facility will further enhance Bank of Georgia's competitiveness in micro lending, a segment that makes up a sizeable part of the Bank's Retail Banking loan portfolio. This facility will also allow the Bank to continue supporting the development of small businesses, which is fundamental for the growth of the country's economy," Irakli Gilauri, chief executive officer, said in a statement.
Bank of Georgia shares were Thursday quoted at 2,075.00 pence, down 4.0%.
By Samuel Agini; [email protected]; @samuelagini
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