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Bank of Georgia
                  

    NOT FOR RELEASE, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES OF AMERICA,
                           AUSTRALIA, CANADA OR JAPAN

  Bank of Georgia Enters Into A US$12.5 Million Loan Agreement With Nederlandse
        Financierings-Maatschappij voor Ontwikkelingslanden N.V. ('FMO')

Tbilisi, Georgia - 8 January, 2007 - Bank of Georgia (LSE:BGEO)(GSE:GEB), a
leading universal bank in Georgia, announced today that it has entered into a
US$12.5 million seven-year loan agreement (the 'Loan') with Nederlandse
Financierings-Maatschappij voor Ontwikkelingslanden N.V., the Dutch development
bank. The Loan will be used to finance the growth of Bank of Georgia's SME loan
portfolio.

Lado Gurgenidze, Chairman of the Supervisory Board, commented: 'We continue to
draw longer tenor financing to gain additional flexibility with regard to asset
and liability management.'

About Bank of Georgia

Bank of Georgia, a leading universal Georgian bank, is the largest bank by total
assets, gross loans and total equity in the country. The bank has 98 branches
and over 380,000 retail clients. The bank offers a full range of retail banking
and corporate and investment banking services to its customers across Georgia.
The bank also provides a wide range of corporate and retail insurance products
through its wholly-owned subsidiary, BCI, as well as asset & wealth management
services.

Bank of Georgia has 'B+/B' rating with a stable outlook from Standard & Poor's;
'B3/NP' (FC) and 'Baa3/P-3' (LC) ratings with a stable outlook from Moody's; and
a 'B-/B' credit rating with a positive outlook from FitchRatings.

For further information, please visit www.bog.ge/ir or contact:

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Bank of Georgia                     Bank of Georgia            Bank of Georgia              Shared Value Limited
Lado Gurgenidze                     Nicholas Enukidze          Macca Ekizashvili            Larisa Kogut-Millings
Chairman of the Supervisory Board   Deputy Chairman of the     Head of Investor Relations
                                    Supervisory Board
[phone]                     [phone]            [phone]              [phone]
[e-mail]                  [e-mail]   [e-mail]                    [e-mail]
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This press release is not an offer of securities for sale in the United States.
The securities referred to herein have not been and will not be registered under
the US Securities Act of 1933, as amended (the 'Securities Act'), and may not be
offered or sold in the United States or to US persons unless the securities are
registered under the Securities Act or an exemption from the registration
requirements of the Securities Act is available. No public offering of the
securities will be made in the United States. Other selling restrictions are
applicable.