Tbilisi, May 23, 2017 – Today, Swiss-based investment company BlueOrchard Finance Ltd reaffirmed its cooperation with FINCA Bank Georgia, providing GEL 14 million for on-lending to Georgian growing small business sector. In compliance with terms and conditions of the agreement, the loan will support lending programs to micro, small and medium enterprises (MSME) throughout the country.
“I am glad that our partnership with BlueOrchard continues for the benefit of all stakeholders. Today we signed the agreement to get GEL 14 million and this transaction will increase our capacity to reach more micro, small and medium enterprises operating in the country, especially in remote rural areas where accessibility to financial resources in local currency and banking services is limited. With this funding we’ll further our support to customers in building brighter futures through achievement of their business and personal goals. Partnership of this kind is of paramount importance for us as well as for development of MSME sector in the country”, – said Vusal Verdiyev, CEO of FINCA Bank Georgia.
“BlueOrchard Finance Ltd is pleased to announce about partnering with FINCA Bank Georgia again to increase lending to MSMEs in Georgia which is of great importance for the growth of the country’s economy. We hope our cooperation will continue in the future and collaboration between our companies will be further increased. Our mutual goal is to improve access to financing for entrepreneurs in order to expand their business and create new opportunities for MSME sector in the country”, – stated Mr. Normunds Mizis, Regional Manager/Eurasia of BlueOrchard Finance Ltd.
About BlueOrchard Finance Ltd
BlueOrchard Finance Ltd was established in Geneva in 2001 as the first commercial manager of microfinance debt investments worldwide. It offers premium investment solutions to qualified investors and provides debt and equity financing to institutions in emerging and frontier markets. Company offices are located in four continents.
As a leading commercial microfinance intermediary BlueOrchard’s mission is to expand opportunities and raise the quality of life by means of assistance of income-producing activities through private investment in microfinancing. BlueOrchard creates innovative financial instruments and decisions for microfinancing, bridging the gap between capital markets and financial organizations, providing high yield of investments and at the same time supporting the development of millions of promising MSMEs.
About BlueOrchard Microfinance Fund
BlueOrchard Microfinance Fund is the first private and fully commercial microfinance fund worldwide with the longest track record in the industry. The fund aims at fostering financial inclusion and currently reaches more than half a million microentrepreneurs in more than 45 countries.
About FINCA Bank Georgia
FINCA Bank Georgia, built on the platform developed for over 18 years of operations in the country is a well-capitalized institution, with strong corporate governance, and expertise in financial services management. It has leading position in the field of micro financing. 79% of FINCA Bank Georgia’s total clients are from rural areas, who are potentially having limited access to financial services or to convenient financial services. Over 80,000 people earn their livelihoods in the businesses that FINCA Bank Georgia finances, and 76% of this figure is a direct result of the loans that FINCA Bank Georgia is providing.
JSC FINCA Bank Georgia identifies, pilots, and partners with other service providers to bring new life-enhancement services to clients, and funds cutting-edge research to track the benefits to clients allowing the bank to better serve them and maintain a leading position in Georgian microfinance sector. FINCA Bank Georgia is committed to ensure this through its commercial principles of performance and sustainability.
FINCA Bank Georgia, JSC, is part of the FINCA Impact Finance network, a network of 21 microfinance institutions and banks that provides socially responsible financial services and enables low-income individuals and communities to invest in the future.