Bank of Georgia receives EUR 18.5 million loan from EFSE

Bank of Georgia Holdings PLC (“BGH”), the holding company of JSC Bank of Georgia (“the Bank”), Georgia’s leading bank, announces that the Bank has received a EUR 18.5 million senior loan from the European Fund for Southeast Europe (EFSE). The loan is expected contribute to expanding the Micro and Small Enterprise (SME) lending of the Bank.

“With more than 20% of its business loan portfolio dedicated to Micro, Small and Medium Enterprises (MSME), and one of the largest branch networks in the country reaching small entrepreneurs, Bank of Georgia is a significant player in the microfinance segment in the country, hence an excellent partner for the EFSE,” says Monika Beck, Chairperson of the Board of the EFSE. “We are pleased to further expand our yet excellent partnership and to jointly work on reaching the EFSE’s goal to foster economic development and prosperity in its target regions.”

“I am delighted to join forces with EFSE to finance the micro and small enterprise businesses, which represent one of the most important contributors to the economic growth and job creation in Georgia. This facility, as well as increasing our competitive position in the micro and small enterprise sector also reinforces our commitment to supporting small businesses in the country”, commented Irakli Gilauri, CEO of Bank of Georgia.