BGEO Group PLC (the “Group” or “BGEO”), announces that its banking business subsidiary, JSC Bank of Georgia (the “Bank”) has recently drawn-down GEL 135 million - the second tranche of the local currency facility signed with European Bank for Reconstruction and Development (“EBRD”) in May 2016. Similar to the first tranche disbursed upon signing the loan agreement, the second tranche has a maturity of five years and aims to further support micro, small and medium sized enterprises in their alignment with the European Union’s Deep and Comprehensive Free Trade Agreement requirements, as well as women-led companies. EBRD raised the local currency funds through a private placement of GEL-denominated bonds arranged by Galt & Taggart, the Group’s wholly owned brokerage subsidiary. As a result, total funds attracted by the Bank through this EBRD local currency facility now total GEL 242 million.
