Bank of Georgia signs $35m senior loan deal with German bank

Bank of Georgia announced it has signed a $35m senior loan agreement with Deutsche Investitions und Entwicklungsgesellschaft (DEG).

The five-year loan will be used to extend financing to the growing small to medium enterprise (SME) sector in the country.

"I'm very pleased to once again join forces with the bank's long standing partner DEG and reinforce our commitment to supporting small and medium size enterprises in Georgia. The loan will enable us to enhance access to financing for our SME clients and further increase our competitiveness in the sector," said chief executive Irakli Gilauri.

"Bank of Georgia and DEG have been partners for almost 15 years now," added Ingrid van Wees, senior director of Asia and Europe at DEG.

"We are proud to announce a further long-term financing for our long-time partner, earmarked for its business operations with SME clients. In doing so, we contribute to strengthening the Georgian financial sector and to creating and safeguarding jobs."

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