Banking
Posted: 2 weeks ago

BOG signs GEL 90 mln Loan Agreement with EBRD

Bank of Georgia Group PLC announces that its subsidiary, JSC Bank of Georgia, and the European Bank for Reconstruction and Development have signed a c.GEL 90 million loan agreement with a maturity of five years. The facility aims to continue to provide micro, small and medium-sized enterprises access to increasingly demanded long-term local currency funding and to further support their alignment with the European Union's Deep and Comprehensive Free Trade Agreement requirements.

This financing is part of a wider EU4Business and EBRD credit line - a financing instrument to boost the competitiveness of local firms in the Eastern Partnership region. EBRD will obtain the local currency funds through a private placement of GEL-denominated bonds arranged by Galt & Taggart, a wholly-owned brokerage subsidiary of the Group. 

Archil Gachechiladze , Bank CEO commented: "I am very glad to see that EBRD is Bank of Georgia's reliable partner in providing local currency funding for our micro, small and medium-sized business clients. Local currency long-term facilities of this kind enable us to continue to offer the most needed financial products to our business customers. I would like to thank EBRD for being a long-standing supporter of the Georgian economy and I look forward to working with them on many more successful deals in the future."