Bank of Georgia (BOG) and the International Finance Corporation (IFC) have signed a 100 million GEL loan agreement with a 5-year maturity.
The GEL-denominated financial resources are to enliven small and medium enterprises. The investment is carried out as part of “the Opportunities for Female Entrepreneurs” program, which is the global initiative of IFC and Goldman Sachs Foundation in support of female entrepreneurs.
Under the program, 25% of the loan will be directed to the needs of female entrepreneurs. The IFC will accumulate the financial resources through a private placement of GEL-denominated Eurobonds. The transaction will be fulfilled by Galt & Taggart, a BOG affiliated company.
“We are happy Bank of Georgia and IFC continue implementing essential transactions in the domestic currency. These transactions enable to supply GEL-denominated financial resources to micro, small and medium business segments and generate new financial opportunities for female entrepreneurs. This is the second successful transaction by BOG and IFC in the domestic currency, as part of the Opportunities for Female Entrepreneurs program. I would like to express warm gratitude to our partners for being reliable supporters of crediting Georgia’s micro, small and medium business industries in the national currency. Amid dedollarization of Georgian economy, the successful transaction with IFC will further strengthen the position of Bank of Georgia, as the leading creditor on GEL-denominated financial resources market”, BOG deputy director general Sulkhan Gvalia noted.
Jan Van Bilsen, the IFC regional manager in the South Caucasus noted: “Our cooperation with Bank of Georgia will allow to tackle one of the key challenges for the private sector development in Georgia – access to GEL-denominated financial resources will increase. This is one more advanced project for promoting the backbone of all economies - small business industry”.
“With huge potential of development, female entrepreneurs are able to make essential effect on growth in developing economies. That’s why we promote education program and expand financial resources for women”, Charlotte Kinan, director of the 10,000 Initiatives for Women noted.
‘We are happy to have the opportunity to continue our support to Bank of Georgia, because this bank expands crediting of women-owned businesses and fosters narrowing the 2.1 billion USD financial deficit in Georgia”, she noted.
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