BGEO Group PLC (“BGEO” or the “Group”), the holding company of JSC Bank of Georgia (the “Bank” or “BOG”), Georgia’s leading bank, announces that BOG continues to attract longer term local currency funding as the Bank and Black Sea Trade and Development Bank (“BSTDB”) have signed a GEL 60 million loan agreement, with a 5-year maturity. This long-term local currency loan facility will be used to finance investments and the working capital needs of local businesses in rural and urban areas of Georgia. It will further support the development of Georgian SMEs without creating foreign exchange risk. This longer-term local currency loan facility reinforces BOG’s commitment to support small and medium-size enterprises in Georgia and underpins its leading position in the SME sector. BSTDB obtained the local currency funds through a private placement of GEL-denominated bonds arranged by Galt & Taggart (“G&T”), a wholly owned subsidiary of BGEO.
