BGEO Group PLC (the Group or BGEO) attracted
credit line of GEL 135 million from the European Bank for Reconstruction and
This is the second tranche of the local currency facility.
Similar to the first tranche disbursed upon signing the loan agreement, the second tranche has a maturity of five years and aims to further support micro, small and medium sized enterprises in their alignment with the European Union's Deep and Comprehensive Free Trade Agreement requirements, as well as women-led companies.
EBRD raised the local currency funds through a private placement of GEL-denominated bonds arranged by Galt & Taggart, the Group's wholly owned brokerage subsidiary.
As known, EBRD issued Eurobonds of 120 million GEL (46,7 million EUR) with a maturity of five years late April, 2016, which underwriter was TBC Bank.
“Bank CEO commented: "I am pleased to see that EBRD, Bank of Georgia and Galt & Taggart have once again joined forces to provide Georgian micro, small and medium sized enterprises with long-term local currency funding. We are currently achieving strong levels of local currency lending growth, and this GEL-denominated funding and its accompanying incentives offered by EBRD will continue to successfully serve the on-going de-dollarisation of the Georgian economy and benefit local businesses in gaining further access to tailor-made financial products”, - Kaha Kiknavelidze