Bank of Georgia Group PLC BOG signs loan guarantee agreement with EIB Group (1804S)
07 Luglio 2020 - 10:00AM
UK Regulatory
TIDMBGEO
RNS Number : 1804S
Bank of Georgia Group PLC
07 July 2020
London, 7 July 2020
Bank of Georgia signs EUR 60 million loan guarantee agreement
with EIB Group
Bank of Georgia Group PLC announces that its subsidiary, JSC
Bank of Georgia (the "Bank" or "Bank of Georgia") has signed an up
to EUR 60 million loan guarantee agreement under the InnovFin SME
Guarantee Facility (the "InnovFin Guarantee" or the "Guarantee")
with European Investment Bank Group ("EIB Group"). The InnovFin
Guarantee covers 50% of every loan disbursed by the Bank under the
Guarantee and targets small and medium-sized enterprises ("SME")
and mid-caps that require investment and working capital to finance
research, development and innovation activities. Further, as a
response to the COVID-19 pandemic, the Guarantee also covers 80% of
loans provided by the Bank to SMEs and mid-caps impacted by the
crisis for their working capital needs.
Archil Gachechiladze , Bank of Georgia CEO commented: "I am
delighted to see that Bank of Georgia and EIB Group have
successfully cooperated under the InnovFin Guarantee Facility,
which will increase the Bank's capacity to offer financial services
to Georgian MSMEs and mid-caps that invest in research and
development and digitalisation, and are innovation-oriented .
Instruments like the InnovFin Guarantee are crucial for the
modernisation of the country's businesses and the approximation of
their standards to best practices in Europe. As a financial
intermediary, we are happy to be able to extend credit to
forward-looking enterprises in Georgia, especially considering
recent developments vis-à-vis the global COVID-19 pandemic, and to
maintain a healthy portfolio at the same time. I wish to thank the
EIB Group for this support and hope to have further successful
transactions with them in the future."
Lilyana Pavlova , EIB Vice-President responsible for the EU
bank's operations in Georgia commented: "The EU bank's financing
aims to increase the quality of life of Georgian people and to
build a more innovative and greener economy that is strongly
connected to the EU. Addressing the economic well-being of smaller
innovative businesses is a key element of the EIB Group's response
to the COVID-19 crisis . This operation is enabled jointly by the
EIB Group and a well-established partner - Bank of Georgia. It is
facilitated by new features of the InnovFin SME Guarantee, which
make it possible for the EIF to provide enhanced terms and
conditions for guarantees and counter-guarantees to incentivise
financial intermediaries to provide working capital financing to
SMEs and mid-caps hit by the economic impact of the coronavirus
pandemic."
Carl Hartzell , EU Ambassador to Georgia stated: "Small and
medium-sized businesses are key to Georgia's economic development,
and many of them have been hit hard by the COVID-19 crisis. We are
very happy that the European Union, via our bank the EIB, has been
able to facilitate further access to finance to help them overcome
current challenges and to innovate and develop for the future."
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 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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END
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