Bank of Georgia in GEL 28M loan deal with EBRD

Bank of Georgia said it had secured a GEL 28m (£7.4m) loan from the European Bank for Reconstruction and Development (EBRD) so it could provide small and medium sized enterprises access to “increasingly demanded local currency funding”.

The loan agreement has a maturity of five years and would also support alignment with the European Union's Deep and Comprehensive Free Trade Agreement requirements, the bank added.

Chief executive Archil Gachechiladze said that while de-dollarisation of the Georgian economy was gaining speed and scale “local currency facilities of this kind are increasingly essential for us to continue to offer the most needed financial products to our business clients”.