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SOCIETE GENERALE

SOCIETE GENERALE to Open Large Credit Line to Georgia

SOCIETE GENERALE will open large credit line to Georgia for acquiring defense equipment.

The matter concerns to a credit line of 47 835 326.78 EUR, which has been signed between Georgia and SOCIETE GENERALE on December 8. the credit will be allocated within the frame of “COFACE Credit Line Agreement A”.

The agreement envisages allocation of financial resource for acquiring devices and services envisaged by the agreement signed on June 15, 2015 between Ministry of Georgian Defense and THALES – RAYTHEON SYSTEMS COMPANY.

Total value of purchasing equipment and services totals to 52,560 million EUR, while the sum which should be paid in advance amounts to 15% of the total value – 7,89 million EUR.

However, the government needs agreement ratification by the parliament in order to get the credit line.

To remind, Georgia has signed a contract with France on acquisition of air defense system on June 15. As a result, country’s air defense capabilities should be strengthened. Therefore, other details have not been named yet.

It should be noted, that French-American TRS produces ground surveillance radars, air defense command and control systems. In addition, it offers cyber capabilities.