15th Jul 2020 11:01
(Alliance News) - Bank of Georgia Group PLC on Wednesday said it signed a five year USD100 million multi-currency loan agreement with the European Bank for Reconstruction and Development.
The loan will support micro, small and medium size enterprises by providing uninterrupted access to long-term funding.
This is the first long-term loan from EBRD to Georgia as part of Covid-19 crisis support. The loan is designed to facilitate on-lending to the Georgian lender's clients to withstand the economic consequences brought by the pandemic.
Bank of Georgia Chief Executive Achil Gachechiladze said: "This is our first cooperation with EBRD in 2020, which will help us to overcome the challenges to support our clients during the global pandemic and the current economic downturn.
"Long-term facilities of this kind are essential for us to continue to offer the most needed financial products to our business clients during the crisis."
The loan comes after JSC Bank of Georgia, a subsidiary of the bank, last Tuesday signed a EUR60 million loan guarantee agreement with European Investment Bank Group under the InnovFin SME Guarantee Facility.
Bank of Georgia shares were down 2.8% at 972.00 pence each on Wednesday morning in London.
By Greg Roxburgh; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
Bank Of Georgia Group