Bank of Georgia Grp

BOG and EBRD sign US$100 mln 5-year loan agreement

RNS Number : 0711T
Bank of Georgia Group PLC
15 July 2020
 

 

 

 

 

London, 15 July 2020

 

 

JSC Bank of Georgia signs US$ 100 million 5-year loan agreement with EBRD

 

 

Bank of Georgia Group PLC (the "Group") announces that its subsidiary, JSC Bank of Georgia (the "Bank" or "Bank of Georgia") and the European Bank for Reconstruction and Development ("EBRD") have signed a US$ 100 million multi-currency loan agreement with a maturity of five years, allowing the Bank to draw-down the funds both in local and foreign (US Dollar and Euro) currencies. The facility aims to support micro, small and medium size enterprises through providing uninterrupted access to long-term funding. This is the first long-term facility from EBRD as part of COVID-19 crisis support to Georgia, designed to facilitate on-lending to the Bank's clients to withstand the negative consequences brought by the economic impact of the pandemic.

Archil Gachechiladze , Bank CEO commented: "I am very pleased to see that EBRD continues to be Bank of Georgia's strong and reliable partner in providing both local and foreign currency funding for our micro, small and medium size business   clients. This is our first cooperation with EBRD in 2020, which will help us to overcome the challenges to support our clients during the global pandemic and the current economic downturn. Long-term facilities of this kind are essential for us to continue to offer the most needed financial products to our business clients during the crisis. I would like to thank our partner for being a reliable supporter of the Georgian economy and look forward to working with EBRD on many more successful deals in the future."

 

Catarina Bjorlin Hansen , EBRD Regional Director for the Caucasus, said: "Bank of Georgia is our longstanding client and is very well-placed to channel EBRD funds to companies that are going through this unprecedented period of volatility. Getting financial help to businesses and providing uninterrupted lending is essential for keeping Georgia's economy going."

 

 

 

 

 

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 in Georgia; 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. In the medium to long-term, 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 CEO

CFO

Head of Investor Relations

+995 322 444 144

+44 203 178 4034

+995 322 444 108

+995 322 444 444 (9282)

[email protected]

[email protected]

[email protected]

[email protected]

 

  This news 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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