Banking
Posted: 2 weeks ago

Bank of Georgia Plans to Raise $500 Million

The Bank of Georgia plans to attract $500 million in the coming months, - the General Director of the Bank informed the investors.

In the first quarter report, Archil Gachechiladze writes that the country's leading bank receives strong support from international financial institutions.

"In recent months, we have been able to attract long-term loans in both local and foreign currencies. The $ 00 million loan will be attracted from IFC, EIB and FMO. In addition, we continue to negotiate with partners and expect to sign a $500 million credit line agreement in the next 2-6 months. This will allow us to continue to actively support our clients and economic recovery, "- said Archil Gachechiladze.

It should be noted that the Bank of Georgia ended the first quarter with a loss of 99.9 million GEL. The damage caused by the COVID 19 pandemic is caused by the creation of a reserve for possible losses on loans.