Miscellaneous BOG receives US$25 mln loan from IFC
Bank of Georgia receives US$25 million loan from IFC
Bank of Georgia Holdings plc. ("BGH") (LSE: BGEO LN), the holding company of JSC Bank of Georgia (the "Bank"), Georgia's leading bank, announced today that it is partnering with IFC, a member of the World Bank Group to expand lending to Georgia's small and medium enterprises, focusing on women-owned businesses, and thus support their financial inclusion and improve competitiveness of the Georgian economy.
This will be the first IFC's banking on women facility to be introduced in Georgia and it is expected to have a strong demonstration effect in the market. IFC is providing a US$25 million loan to Bank of Georgia and is considering mobilizing additional funding for the project from other lenders. Through the Bank's extensive network of 164 branches throughout the country the project is expected to benefit businesses in the regions as well as the capital.
"Growing the SME loan portfolio remains one of the objectives of the Bank's Retail Banking segment and I am especially pleased that the newly obtained facility will allow Bank of Georgia to extend financing to women entrepreneurs who play a vital role in the development of the country's SME sector, and will help to create more job opportunities in the Georgian economy," said Irakli Gilauri, Bank of Georgia CEO. "I would like to thank the Bank's long standing partner and shareholder IFC for the continuous collaboration,"
Thomas Lubeck, IFC Regional Manager, South Caucasus, said, "This agreement will help small and medium enterprises in Georgia continue to expand and modernize. Women-owned businesses represent an untapped market for financial institutions and this project will encourage lending to women entrepreneurs, helping improve the lives of a wide section of society."
IFC supports female entrepreneurship as an important part of its mission to foster sustainable private sector growth in developing countries. IFC works with financial institutions to expand financial services to women entrepreneurs through specialized credit lines, market analyses, and capacity building. IFC launched its Banking on Women program in Europe and Central Asia in 2011 to support lending to women through financial intermediaries.
IFC is a shareholder of Bank of Georgia Holdings PLC, which took a premium listing on the London Stock Exchange (LSE) on February 28th, 2012.
Georgia has been a member of IFC since 1995. IFC's cumulative investments in the country to date total $660 million in 42 projects across various sectors. IFC Advisory Services projects in Georgia focus on reforming the tax system to benefit small businesses, helping raise food safety standards, and strengthening the risk-management practices of banks.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets. In fiscal 2011, amid economic uncertainty across the globe, we helped our clients create jobs, strengthen environmental performance, and contribute to their local communities-all while driving our investments to an all-time high of nearly $19 billion. For more information, visit www.ifc.org.
About Bank of Georgia Holdings plc
Bank of Georgia Holdings plc is a UK-incorporated holding company of Bank of Georgia. Bank of Georgia is the leading Georgian bank, based on total assets (with a 34% market share), total loans (with a 35% market share) and client deposits (with a 34% market share) as of 31 March 2012, all data based on standalone financial information filed by banks in Georgia with the National Bank of Georgia. The Bank offers a broad range of corporate banking, retail banking, wealth management, brokerage and insurance services to its clients.
Bank of Georgia has, as of the date hereof, the following credit ratings:
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Standard & Poor's |
'BB-/B' |
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FitchRatings |
'BB-/B' |
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Moody's |
'B1/NP' (FC) & 'Ba3/NP' (LC) |
|
For further information, please visit www.bogh.co.uk, www.bog.ge/ir or contact:
|
Irakli Gilauri |
Macca Ekizashvili |
|
|
Chief Executive Officer |
Head of Investor Relations |
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+995 322 444 109 |
+995 322 444 256 |
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igilauri@bog.ge |
ir@bog.ge |
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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.
This information is provided by RNS
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