Bank of Georgia to issue $28 million loan to construction sector

Business Materials 19 February 2009 12:59 (UTC +04:00)

Georgia, Tbilisi, Feb. 19 / Trend , N.Kirtzkhalia/

The Bank of Georgia is resuming cooperation with construction companies and will offer to buy apartments in new buildings. The Bank of Georgia is prepared to issue $28 million for the project, General Director Irakli Gilauri said at a briefing on Feb. 19.

The bank will offer mortgage loans for citizens purchasing apartments from 10 different companies.

The mortgage loans will be issued under 30-percent financing for 10 years.

The interest rate will start at 13 percent.

The bank signed a memorandum of understanding with three companies, including Iberiya, Kalas and Bagebi-City on Feb. 19. The bank will sign an agreement with an additional 7 companies.