11.May .2020 18:54

EBRD supports Georgia Healthcare Group during the crisis

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The EBRD is supporting the healthcare sector in Georgia with a US$ 25 million loan to Georgia Healthcare Group (GHG) to fund working capital and operational expenditure requirements for the group’s critical role in fighting the coronavirus pandemic in the country.

The funds will enable GHG to adapt six major hospitals for Covid-19 patients as well as enhance its diagnostic capacities, which are critical for tracking the virus, by testing in the country’s most advanced medical laboratory, Mega Lab, which was originally financed by the EBRD in 2019.

Georgia Healthcare Group, listed on the London Stock Exchange, was established in 2015 and has become one of the leading private healthcare providers in Georgia. The group’s portfolio includes hospitals, clinics, pharmacies, medical insurance and diagnostic laboratory.

The EBRD investment is provided under its Resilience Framework that was set up to meet the immediate short-term liquidity and working-capital needs of existing clients affected by the impact of the coronavirus pandemic. It will enhance GHG’s capacity to help the authorities treat coronavirus-infected patients in accordance with WHO guidelines and, consequently, to suppress further transmission of the disease.

Catarina Bjorlin Hansen, EBRD Regional Director for the Caucasus, said: “GHG is our longstanding client and we are delighted to strengthen its operations. Solid healthcare infrastructure is paramount at this challenging time and with this project we invest in people, in saving lives and in their futures.”

“I want to thank the EBRD, our longstanding partner, with whom our group has completed another successful transaction. The allocated funds will enable us to support the country to combat the coronavirus epidemic, maintain strong liquidity and service quality in order to properly address our patients’ and customers’ needs, and protect the well-being of our citizens,” commented Nikoloz Gamkrelidze, CEO of Georgia Healthcare Group.

The EBRD is a leading institutional investor in Georgia. Since the start of its operations in the country, the Bank has invested over €3.8 billion in 250 projects in the financial, corporate, infrastructure and energy sectors, with 87 per cent of these investments in the private sector.