BOG and DFC sign US$100mln long-term loan facility

RNS Number : 9305T

Bank of Georgia Group PLC

30 November 2021

 

London, 30 November 2021

JSC Bank of Georgia signs US$ 100 million long-term facility with DFC

Bank of Georgia Group PLC ("the Group") announces that its subsidiary, JSC Bank of Georgia (the "Bank" or "Bank of Georgia") and the U.S. International Development Finance Corporation ("DFC") have signed a US$ 100 million loan agreement with a maturity of over 11 years. The facility will enable Bank of Georgia to on-lend to micro-, small-, and medium-sized business customers to minimise the impact of the COVID-19 pandemic-related economic implications in Georgia, including expanding access to finance and increasing our support to female-led enterprises. 

Archil Gachechiladze , Bank CEO commented: "I am delighted to join forces with DFC to extend much-needed long-term financing to micro-, small-, and medium-sized businesses in Georgia. This is our first cooperation with DFC since 2018 and this facility with its long-term tenor will enable us to continue to offer the most relevant financial products to our business customers. DFC has been a valuable partner for Bank of Georgia for many years and we highly appreciate their continuous commitment in supporting the development of the Georgian economy."

Algene Sajery , DFC's Vice President of the Office of External Affairs and Head of Global Gender Equity Initiatives, commented: "DFC's support to JSC Bank of Georgia through this loan facility will help bolster micro-, small-, and medium-sized enterprises in Georgia recovering from the COVID-19 pandemic, including rural and women-owned businesses, which will be key to mobilise communities toward economic recovery. We are thrilled to support this investment which supports DFC's 2X Women's Initiative by empowering and unlocking the economic potential of women across the developing world."

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 banking and investment banking operations in Georgia; and c) banking operations in Belarus ("BNB"). JSC Bank of Georgia ("Bank of Georgia", "BOG" or the "Bank"), the systemically important and leading universal bank in Georgia, is the core entity of the Group. The Bank is a leader in payments business and financial mobile application, with the strong retail and corporate banking franchise in Georgia. With a continued focus on increasing digitalisation and expanding technological and data analytics capabilities, the Group aims to offer more personalised solutions and seamless experiences to its customers to enable them to achieve more of their potential. The Group aims to benefit from growth of the Georgian economy, and through both its Retail Banking and Corporate and Investment Banking services targets to deliver on its strategy, which is based on at least 20% ROAE and c.10% growth of its loan book in the medium-term .  

JSC Bank of Georgia has, as of the date hereof, the following credit ratings:
Fitch Ratings	'BB-/B'
Moody's	'Ba2/NP'

For further information, please visit www.bankofgeorgiagroup.com or contact:

Archil Gachechiladze	Michael Oliver	Sulkhan Gvalia	Natia Kalandarishvili
CEO	Adviser to the CEO	CFO	Head of Investor Relations
[phone]	[phone]	[phone]	[phone] (9282)
[e-mail]	[e-mail]	[e-mail]	[e-mail]

This 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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