Bank of Georgia Group PLC BOG signs EUR 50mln loan agreement with EIB (2883X)
18 Dicembre 2019 - 8:15AM
UK Regulatory
TIDMBGEO
RNS Number : 2883X
Bank of Georgia Group PLC
18 December 2019
London, 18 December 2019
JSC Bank of Georgia signs a EUR 50 million equivalent 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
50 million loan agreement (the "Facility") with European Investment
Bank ("EIB") with the maturity of up to 7 years. Up to 50% of the
Facility can be drawn in Georgian Lari, while the remaining amount
will be denominated in Euros or US Dollars. The local currency
tranche is also supported by the Neighbourhood Investment Facility
of the European Union. The purpose of the credit is to finance
investment projects promoted by micro, small and medium sized
(MSMEs) and mid-capitalisation enterprises (MidCaps) in Georgia and
support the implementation of projects important for the local
private sector development.
Archil Gachechiladze, Bank of Georgia CEO commented: "I am very
glad to see that our second transaction with EIB since 2015 has
been successfully completed. The multicurrency long-term facility
gives us flexibility to utilise the funds according to the currency
and maturity needs of our MSME and MidCap clients. Most
importantly, it is in our discretion to use half of the funds in
local currency lending, which strengthens our positions with the
private sector as a leading lender of the long-term GEL denominated
financial resources. I would like to thank EIB for their
cooperation with us and look forward to having many more successful
deals together in the future."
"Support for economic development and smart, sustainable and
inclusive growth is a key priority of the EU's work with Georgia,"
said EIB Vice-President Lilyana Pavlova. "As the EU bank, we are
committed to supporting small and medium-sized businesses - and we
need the help of local partners to do so. I am therefore happy that
with Bank of Georgia, we are extending our cooperation with a
strong existing partner of the EIB. SMEs play a significant role in
Georgia's economy and our transactions will pave the way for better
business prospects for those companies and the country in
general."
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 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. 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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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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END
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