BOG signs $200mln long-term loan with ADB and JICA

RNS Number : 1136V

Bank of Georgia Group PLC

09 December 2021

 

London, 9 December 2021

JSC Bank of Georgia signs US$ 200 million long-term facility with ADB and JICA

Bank of Georgia Group PLC ("the Group") announces that its subsidiary, JSC Bank of Georgia (the "Bank" or "Bank of Georgia") has signed a US$ 200 million loan agreement with a maturity of five years with the Asian Development Bank ("ADB") and the Japan International Cooperation Agency ("JICA"). The facility aims to support micro-, small- and medium-sized enterprises in Georgia, including female-led businesses, through providing continued access to long-term finance to minimise the impact of the COVID-19 pandemic-related economic implications in Georgia. Half of the facility is also available for disbursement in local currency and promotes access to increasingly demanded long-term local currency funding.

Bank of Georgia will also be supported by the ADB's technical assistance resources dedicated to enhancing the growth of women-owned MSMEs, and addressing gender equality and women's empowerment.

Sulkhan Gvalia , Bank CFO commented: "I am delighted to join forces with ADB and JICA on this successful partnership, which will enable us to continue extending much-needed long-term financing to MSMEs in Georgia. This is our first cooperation with JICA and we are very happy to be the first partner in Georgia under their Private Sector Investment and Finance (PSIF) scheme since its relaunch in 2012. I would like to thank both ADB and JICA for their cooperation and look forward to further strengthening our collaboration in the future."

Ashok Lavasa , Vice-President, Private Sector Operations and Public-Private Partnerships at ADB commented: "ADB always aims to join forces with best-in-class partners whose goals are aligned with those of ADB. In this case, both institutions share the objectives of achieving greater financial inclusion, gender equality, job creation, and access to affordable financial services. This project contributes to such goals."

Shohei Hara , Director General, Private Sector Partnership and Finance Department at JICA commented: "The facility will promote further sustainable economic growth of MSMEs and women's social success in Georgia by improving their access to financial services."

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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