Bank of Georgia Group PLC BOG signs a EUR 25 million loan agreement with EIB (6896I)
December 15 2020 - 03:00AM
UK Regulatory
TIDMBGEO
RNS Number : 6896I
Bank of Georgia Group PLC
15 December 2020
London, 15 December 2020
Bank of Georgia signs a EUR 25 million multicurrency loan
agreement with EIB
Bank of Georgia Group PLC announces that its subsidiary, JSC
Bank of Georgia (the "Bank" or "Bank of Georgia") has signed a EUR
25 million loan agreement with European Investment Bank ("EIB")
with the maturity of up to seven years (the "Facility"). This
represents a top-up on the existing EUR 50 million multicurrency
loan facility signed with EIB in December 2019. The Facility can be
drawn in Euros, US Dollars, or made available in Georgian Lari.
Part of the local currency tranche is also supported by the
Neighbourhood Investment Facility of the European Union.
The purpose of the credit is to aid recovery of micro, small and
medium sized (MSMEs) and mid-capitalisation enterprises (MidCaps)
in Georgia from COVID-19 pandemic, and to finance investment
projects important for the local private sector development. The
operation is part of the Team Europe's COVID-19 emergency response
to help sustain jobs, maintain liquidity and operations, and fuel
the economic recovery of Georgia.
Archil Gachechiladze , Bank of Georgia CEO commented: "I am very
glad to see our successful partnership with EIB continue. The
multicurrency long-term facility further strengthens our position
as a leading provider of long-term financial resources on the
market and gives us the flexibility to use the funds according to
the currency and maturity needs of our MSME and MidCap clients.
Such facilities are key to private sector development in Georgia,
especially during these challenging times. I would like to thank
EIB for their cooperation, and look forward to many more successful
deals in the future."
Teresa Czerwińska , Vice-President of the EIB, in charge of
operations in Georgia, said: "As the bank of the European Union, we
are proud to be bolstering Georgia and its economy in this hour of
need, no matter how difficult the situation is. The EIB financing
will support both Georgian SMEs and the country's financial sector
so that they can continue to operate despite the pandemic and drive
the Georgian economy forward. This means that we will save jobs,
incomes and revenues. Together with our partners in the country's
public and private sector, we look forward to building a prosperous
and sustainable future for Georgia."
Carl Hartzell , EU Ambassador to Georgia, said: "The EU stands
by Georgia during the pandemic. The EU has mobilised an
unprecedented GEL 1.5 billion COVID-19 support package for Georgia,
of which economic recovery of businesses is a fundamental part.
This top-up by the EU Bank strengthens this component by providing
more assistance via local Georgian banks. Thanks to this agreement,
an additional number of Georgian small and medium businesses will
be able to access finance to get them through these challenging
times."
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-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 'Ba2/NP'
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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