Bank of Georgia signs US$ 50 million 7-year Fin...
Bank of Georgia signs US$ 50 million 7-year Financing Package agreement with EFSE
Bank of Georgia
JSC Bank of Georgia (LSE: BGEO) (the “Bankâ€), Georgia’s leading universal bank and the European Fund for Southeast Europe (“EFSEâ€) have signed today a loan agreement for US$ 50 million seven-year financing package that will contribute to expanding the housing and micro and small enterprise (MSE) lending of the Bank.
Bank of Georgia is a leading provider of mortgage and MSE lending in Georgia. The extended tenor of the EFSE’s financing package will help the Bank address the need of micro and small enterprises and households for long-term financing. The funding from EFSE is expected to create financial opportunities for approximately 2,000 MSEs and more than 600 households.
“I am delighted to welcome EFSE to the group of our lenders. This partnership with an experienced lender within Europe and CIS countries such as EFSE, will allow us continue expanding our mortgage and MSE lending, thereby serving these rapidly-growing segments and will further increase our competitiveness. I look forward to doing more with EFSE in the future.†noted Irakli Gilauri, Chief Executive Officer.
About the European Fund for Southeast Europe (EFSE)
The
development finance fund European Fund for Southeast Europe (EFSE) is
aimed at fostering economic development and prosperity in Southeast
Europe, including: Albania, Armenia, Azerbaijan, Belarus, Bosnia and
Herzegovina, Bulgaria, FYR Macedonia, Georgia, Kosovo, Moldova,
Montenegro, Romania, Serbia and Ukraine. It offers long-term funding
instruments to local financial institutions for on-lending business
loans to micro and small enterprises (MSEs) as well as housing loans to
low-income private households. The investment activities of EFSE are
supported by the EFSE Development Facility, which provides funding for
technical assistance, consulting and training to partner lending
institutions as well as awareness raising and market enabling activities.
The
development finance fund European Fund for Southeast Europe (EFSE) is
aimed at fostering economic development and prosperity in Southeast
Europe, including: Albania, Armenia, Azerbaijan, Belarus, Bosnia and
Herzegovina, Bulgaria, FYR Macedonia, Georgia, Kosovo, Moldova,
Montenegro, Romania, Serbia and Ukraine. It offers long-term funding
instruments to local financial institutions for on-lending business
loans to micro and small enterprises (MSEs) as well as housing loans to
low-income private households. The investment activities of EFSE are
supported by the EFSE Development Facility, which provides funding for
technical assistance, consulting and training to partner lending
institutions as well as awareness raising and market enabling activities.
For further information about EFSE, please visit: http://www.efse.lu
About Bank of Georgia
Bank of Georgia is the leading
Georgian bank offering a broad range of corporate banking, retail
banking, wealth management, brokerage and insurance services to its
clients in Georgia, Ukraine and Belarus. Bank of Georgia is the largest
bank in Georgia by assets, loans, deposits and equity, with 34.2% market
share by total assets (all data according to the NBG as of 30 September
2010). The bank has 137 branches and more than one million retail and
171,052 corporate current accounts.
Bank of Georgia has, as of the date hereof, the following credit ratings:
| Standard & Poor’s |  | ‘B/B’ |
| FitchRatings | ‘B+/B’ | |
| Moody’s | ‘B3/NP’ (FC) & ‘Ba3/NP’ (LC) |
For further information, please visit www.bog.ge/ir or contact:
| Irakli Gilauri | Â | Macca Ekizashvili |
| Chief Executive Officer | Head of Investor Relations | |
| +995 32 444 109 | +44 (0) 20 3178 4052 | |
This news report is presented for general informational purposes only and should not be construed as an offer to sell or the solicitation of an offer to buy any securities.
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