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EBRD Issues First Public Bond in Georgian Lari

The European Bank for Reconstruction and Development (EBRD) issued its first public bond in Georgia’s lari currency, as it looks to raise funds for local projects and develop the country’s debt market.

The EBRD said on Monday the five-year bond, worth 107 million lari ($49 million), was placed on the Georgian Stock Exchange on Friday with an initial three-month coupon of 6.45 percent.

The EBRD, which issued corporate bonds in lari in 2014, said the new issue would help fund infrastructure and energy projects and small and medium businesses.