JSC Bank of Georgia signs US$ 100 million long-term facility with DFC

Bank of Georgia Group PLC (“the Group”) announces that its subsidiary, JSC Bank of Georgia (the “Bank” or “Bank of Georgia”) and the U.S. International Development Finance Corporation (“DFC”) have signed a US$ 100 million loan agreement with a maturity of over 11 years. The facility will enable Bank of Georgia to on-lend to micro-, small-, and medium-sized business customers to minimise the impact of the COVID-19 pandemic-related economic implications in Georgia, including expanding access to finance and increasing our support to female-led enterprises.  

Archil Gachechiladze, Bank CEO commented: “I am delighted to join forces with DFC to extend much-needed long-term financing to micro-, small-, and medium-sized businesses in Georgia. This is our first cooperation with DFC since 2018 and this facility with its long-term tenor will enable us to continue to offer the most relevant financial products to our business customers. DFC has been a valuable partner for Bank of Georgia for many years and we highly appreciate their continuous commitment in supporting the development of the Georgian economy.”

Algene Sajery, DFC’s Vice President of the Office of External Affairs and Head of Global Gender Equity Initiatives, commented: “DFC’s support to JSC Bank of Georgia through this loan facility will help bolster micro-, small-, and medium-sized enterprises in Georgia recovering from the COVID-19 pandemic, including rural and women-owned businesses, which will be key to mobilise communities toward economic recovery. We are thrilled to support this investment which supports DFC’s 2X Women’s Initiative by empowering and unlocking the economic potential of women across the developing world.”