JSC Bank of Georgia Signs a US$ 20 Million Equivalent in GEL Loan Agreement with EBRD

Bank of Georgia Group PLC (the “Group”) announces that today its subsidiary JSC Bank of Georgia (the “Bank” or “Bank of Georgia”) and the European Bank for Reconstruction and Development (“EBRD”) signed a loan agreement in the amount of the GEL equivalent of US$ 20 million with a maturity of five years. This funding comes under the EU4Business-EBRD Credit Line programme, one of the most successful and popular financing instruments across the region and among micro, small and medium sized enterprises (MSMEs) in Georgia. Its objective is to enable local MSMEs to enhance their competitiveness and alignment with European standards, with a particular focus on investments in green technologies. In addition to financing, MSMEs will benefit from incentive grant funding and free-of-charge technical assistance by international advisors, funded by the EU under its EU4Business initiative.

Archil Gachechiladze, Bank of Georgia’s CEO commented: “Today we saw yet another milestone in the successful cooperation between Bank of Georgia and EBRD. ERBD has been a strong supporter of local MSMEs, and we are proud that Bank of Georgia was the first financial institution in Georgia to join the EU4Business-EBRD Credit Line programme in 2016. Our goal is to fulfil a variety of the needs of our MSME clients and help them align their businesses with best practices and EU standards. This funding supports this goal and, importantly, has a strong focus on green initiatives. I would like to thank the whole team at EBRD for their efforts and collaboration.”

Odile Renaud-Basso, EBRD’s President commented: “We have a very long-standing partnership with Bank of Georgia. We’ve been working with them for years, developing new products. This credit line we signed today is important to support MSME competitiveness. The programme also benefits from the support of the European Union with technical assistance and incentive grants for companies to develop and grow.”