3rd Sep 2021 10:32
(Alliance News) - Bank of Georgia Group PLC on Friday announced that its subsidiary JSC Bank of Georgia has signed a GEL90 million - around GBP20.9 million - loan agreement with a maturity of five years with the European Bank for Reconstruction & Development.
The facility will be for providing micro, small and medium-sized enterprises access to long-term local currency funding. This financing is part of a wider EUR4Business and EBRD credit line, a financing instrument to boost competitiveness of local firms in the Eastern Partnership region.
EBRD will obtain the funds through a private placing of lira-denominated bonds arranged by Galt & Taggart.
"I am very glad to see that EBRD is Bank of Georgia's reliable partner in providing local currency funding for our micro, small and medium-sized business clients. Local currency long-term facilities of this kind enable us to continue to offer the most needed financial products to our business customers. I would like to thank EBRD for being a long-standing supporter of the Georgian economy and I look forward to working with them on many more successful deals in the future," said Chief Executive Officer Archil Gachechiladze.
Shares in Bank of Georgia were flat at 1,610.00 pence on Friday in London.
By Dayo Laniyan; [email protected]
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