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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.”

(c) Banknews

 

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    JSC Bank of Georgia signs a US$50 million additional tier 1 capital perpetual subordinated syndicated facility agreement

    Bank of Georgia Group PLC (the “Group”) announces that its subsidiary, JSC Bank of Georgia (the «Bank» or “Bank of Georgia”) today signed US$ 50 million Additional Tier 1 Capital Perpetual Subordinated Syndicated Facility (the “Facility”), with the European Bank for Reconstruction and Development (“EBRD”) and Swedfund International AB (“Swedfund”) as Lenders. The Facility is callable by the Bank after 5 years from the disbursement date and on every subsequent interest payment date, subject to prior consent of the National Bank of Georgia. On closing, subject to the National Bank of Georgia’s approval, the facility is expected to be included in additional Tier 1 capital of the Bank.

    The Facility includes a green component, whereby the Bank is expected to identify and apply amounts equal to the AT1 Capital Loan into Green Economy Transition (GET)-eligible investments. EBRD will also provide a grant for a technical cooperation programme to support Bank of Georgia in its green financing initiatives.

    Archil Gachechiladze, Bank of Georgia’s Chief Executive Officer, commented: «I am delighted that our long-standing and very successful partnerships with EBRD and Swedfund have now extended to an inaugural Additional Tier 1 Capital Facility with a green component for Bank of Georgia. This syndicated facility provides the Bank with an opportunity to further diversify its capital structure from a foreign currency perspective, and the green component will enhance our existing environmental and social commitments. I would like to thank EBRD and Swedfund for their support, and hope to have further successful transactions with them in the future.»

    Francis Malige, EBRD’s Managing Director, Financial Institutions, commented: “This is EBRD’s first-ever perpetual subordinated Additional Tier I Capital Loan. I am very pleased to sign it with our longstanding partner Bank of Georgia, a bank of systemic importance. This loan will boost Bank of Georgia’s capital base, provide a natural hedge against currency fluctuations and support continuous flow of credit to Georgia’s real economy. I am also particularly happy to commend Bank of Georgia for its commitment to deploy the full amount of the loan to green investments that meet EBRD’s strict eligibility criteria for the Green Economy Transition.”

    Maria Håkansson, Swedfund’s Chief Executive Officer, commented: “It is important for us to support a leading and systemically important bank in Georgia. We look forward to continued partnership and collaboration with Bank of Georgia. This is Swedfund’s second investment in Bank of Georgia with the purpose to support financial inclusion and a sustainable green transition. Bank of Georgia has a broad customer base, a well-diversified loan portfolio and strong presence in all major sectors of the Georgian economy, as well as a proven track record of supporting SMEs. Swedfund is investing in parallel with EBRD with the purpose to facilitate the expansion of the Bank’s portfolio of green finance projects.”

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