24th Oct 2014 07:45
LONDON (Alliance News) - Bank of Georgia Holdings PLC, the holding company of JSC Bank of Georgia, Friday said the bank has signed a USD35 million senior loan agreement with Deutsche Investitions und Entwicklungsgesellschaft mbH.
In a statement, the holding company said the loan bears a maturity of five years and will be used to extend financing to small- and medium-sized enterprises in the country.
"The loan will enable us to enhance access to financing for our SME clients and further increase our competitiveness in the sector," Irakli Gilauri, chief executive, Bank of Georgia, said in a statement.
"Bank of Georgia and DEG have been partners for almost fifteen years now. We are proud to announce a further long-term financing for our long-time partner, earmarked for its business operations with SME clients. In doing so, we contribute to strengthening the Georgian financial sector and to creating and safeguarding jobs," said Ingrid van Wees, Senior Director Asia/Europe, DEG," Ingrid van Wees, senior director Asia/Europe, DEG, said in a statement.
Bank of Georgia Holdings shares were Friday quoted down 1.3% at 2,496.00 pence.
By Samuel Agini; [email protected]; @samuelagini
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