(Alliance News) – Bank of Georgia Group PLC said Wednesday that subsidiary JSC Bank of Georgia has signed an EUR50 million loan facility with the European Investment Bank, the lending arm of the EU, with a maturity of seven years.
Up to 50% of the facility can be drawn in Georgian lari, and the remaining amount in euros or dollars.
The facility will be used to finance investment projects promoted by micro, small and medium-sized businesses in Georgia, as well as support projects that will go towards developing the local private sector.
“I am very glad to see that our second transaction with EIB since 2015 has been successfully completed. The multicurrency long-term facility gives us flexibility to utilise the funds according to the currency and maturity needs of our MSME and MidCap clients,” said Chief Executive Officer Archil Gachechiladze.
“Most importantly, it is in our discretion to use half of the funds in local currency lending, which strengthens our positions with the private sector as a leading lender of the long-term GEL denominated financial resources. I would like to thank EIB for their cooperation with us and look forward to having many more successful deals together in the future,” Gachechiladze added.
Shares in Bank of Georgia – which is headquartered in London – were up 0.4% at 1,585.00 pence on Wednesday.