Bank of Georgia Group PLC BOG signs GEL100mln 5-year loan agreement with IFC (3848I)
08 Agosto 2019 - 3:00AM
UK Regulatory
TIDMBGEO
RNS Number : 3848I
Bank of Georgia Group PLC
08 August 2019
London, 8 August 2019
JSC Bank of Georgia signs GEL 100 million 5-year loan agreement
with IFC
Bank of Georgia Group PLC ("the Group") announces that JSC Bank
of Georgia (the "Bank" or "Bank of Georgia") and the International
Finance Corporation ("IFC") have signed a GEL 100 million loan
agreement with a maturity of 5 years. The facility will support the
local currency needs of Georgian micro, small and medium sized
enterprises. The investment is supported by the Women Entrepreneurs
Opportunity Facility, a pioneering global initiative by IFC and
Goldman Sachs Foundation to expand access for women entrepreneurs.
Under the facility, 25% of the loan is dedicated to serve female
entrepreneurs. IFC will raise the local currency funds through a
private placement of GEL-denominated bonds to be arranged by Galt
& Taggart - a wholly owned brokerage subsidiary of the
Group.
Jan van Bilsen, IFC Regional Manager for the South Caucasus
commented: "IFC is working with Bank of Georgia, our long-standing
client, to help expand access to local currency financing, which is
critical for the growth of smaller businesses. Those businesses are
the engines of economic growth and women entrepreneurs are
especially underserved. We aim to ensure all smaller firms get the
access to finance they need to grow, create jobs, and drive
economic growth."
Cristina Shapiro, Global Director of Goldman Sachs 10,000 Women
commented: "We are committed to expanding access to finance and
business education for women-owned businesses. This partnership
allows us to work with an experienced local institution to help
more women-owned enterprises grow and close the $2.1 billion
finance gap in Georgia."
Archil Gachechiladze, Bank CEO commented: "I am delighted to see
that Bank of Georgia has once again joined forces with IFC to take
our long-standing partnership one step further with a major
cooperation on local currency facility. GEL-denominated funds from
IFC will enable us to increase lending to micro, small and medium
sized business segment where we see significant opportunities for
high quality loan book growth and for positive impact that the
access to local currency financing will have on our business
clients. The support provided by IFC and Goldman Sachs 10,000 Women
Entrepreneurs Opportunity Facility provides us with an important
tool to boost our support to female-led enterprises. Amid further
de-dollarisation of the Georgian economy, this local currency
facility will further strengthen our position as a leading local
currency lender on the Georgian market."
Name of authorised official of issuer responsible for making
notification: Natia Kalandarishvili, Head of Investor Relations and
Funding
About Bank of Georgia Group PLC
Bank of Georgia Group PLC ("Bank of Georgia Group" or the
"Group" - LSE: BGEO LN) is a UK incorporated holding company, which
comprises: a) retail banking and payment services, b) corporate and
investment banking and wealth management operations and c) banking
operations in Belarus ("BNB"). JSC Bank of Georgia ("Bank of
Georgia", "BOG" or the "Bank"), the leading universal bank in
Georgia, is the core entity of the Group. The Group targets to
benefit from superior growth of the Georgian economy through both
its retail banking and corporate and investment banking services
and aims to deliver on its strategy, which is based on at least 20%
ROAE and c.15% growth of its loan book.
JSC Bank of Georgia has, as of
the date hereof, the following
credit ratings:
Fitch Ratings 'BB-/B'
Moody's 'Ba3/NP' (FC)
& 'Ba2/NP' (LC)
For further information, please visit www.bankofgeorgiagroup.com
or contact:
Archil Gachechiladze Michael Oliver Sulkhan Gvalia Natia Kalandarishvili
CEO Adviser to the CFO Head of Investor
CEO Relations
+995 322 444 444
+995 322 444 144 +44 203 178 4034 +995 322 444 108 (9282)
agachechiladze@bog.ge moliver@bgeo.com sgvalia@bog.ge ir@bog.ge
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END
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