Bank of Georgia in GEL 100m Loan Deal for Small Firms

Bank of Georgia Group said its JSC Bank of Georgia unit andInternational Finance Corp (IFC) had signed a GEL 100m (£28m) loan agreement to support micro, small and medium sized enterprises with local currency.

The loan has a maturity of five years and is supported by the Women Entrepreneurs Opportunity Facility, a global initiative by (IFC) and Goldman Sachs to expand access for female entrepreneurs.

Under the terms of the deal, 25% of the loan is dedicated to serve female entrepreneurs. IFC will raise the local currency funds through a private placement of GEL-denominated bonds to be arranged by Galt & Taggart - a brokerage subsidiary of Bank of Georgia Group.