Rico Express, Georgia’s leading microfinance organization, has issued bonds worth GEL 200 million with the support of Foresight Brokers, under the state program for capital market development coordinated by the Ministry of Economy and Sustainable Development. The move aims to refinance GEL 130 million in bonds issued in 2023 and expand the company’s lending portfolio.
The bonds are 80% secured by a credit portfolio, carry a maturity of five years, and offer an interest rate of TIBR + 3%. “This issue is one of the largest GEL-denominated issues on the Georgian capital market and is particularly important for diversifying financial instruments and increasing access to alternative financing sources,” a Foresight representative said.
As of the fourth quarter of 2025, Rico Express’s assets reached GEL 1 billion, making it the top microfinance institution in Georgia by portfolio and capital. The company operates 70 branches nationwide and serves up to 2.5 million customers across the country.
Foresight Group, which includes Foresight Brokers and Foresight Investment Group, provides a wide range of investment services and manages the country’s first and only authorized retail investment fund, the Foresight Lari Fund. The successful bond issuance underscores the growing role of independent financial institutions in supporting Georgia’s capital market.
