Bank of Georgia signs US$35 million loan agreement with DEG

Bank of Georgia Holdings PLC (“BGH”), the holding company of JSC Bank of Georgia (“the Bank”), Georgia’s leading bank, announces that the Bank has signed a US$35 million senior loan agreement with Deutsche Investitions und Entwicklungsgesellschaft mbH (“DEG”). The loan bears a maturity of five years and will be used to extend financing to the growing 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 Irakli Gilauri, CEO, Bank of Georgia.

"Bank of Georgia and DEG have been partners for almost fifteen years now. 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," said Ingrid van Wees, Senior Director Asia/Europe, DEG.