Bank of Georgia Group PLC ("<strong>the Group</strong>") announces that its subsidiary, JSC Bank of Georgia (the<strong> “Bank” </strong>or <strong>“Bank of Georgia</strong>”) has signed a US$ 200 million loan agreement with a maturity of five years with the Asian Development Bank (“<strong>ADB</strong>”) and the Japan International Cooperation Agency (“<strong>JICA</strong>”). 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. <!--more-->

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.

<strong><em>Sulkhan Gvalia</em></strong>, 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.”

<strong><em>Ashok Lavasa</em></strong>, 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.”

<strong><em>Shohei Hara</em></strong>, 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