Bank of Georgia signs long-term $90m loan

Bank of Georgia has signed a long-term $90m loan with the International Finance Corporation (IFC), which will be used to help increase its role in diversifying Georgia's economy, expand access to finance and boost sustainable growth.

The facility, which includes $20m from the European Fund for Southeast Europe, bears a maturity of 10 years.

"The loan package will help Bank of Georgia finance more smaller businesses, which are a driving force for development but often lack the capital to grow," said Jan van Bilsen, IFC regional manager for the South Caucasus.

"This project is yet another step forward in implementing our strategy in Georgia - one pillar of which focuses on mobilizing our partners' resources to help expand the financial sector, boost access to finance, and reduce poverty."