BAKU, Azerbaijan, November 7
By Tamilla Mammadova – Trend:
European Bank for Reconstruction and Development (EBRD) is investing 12.5 million lari ($4.2 million) in a bond subscription by Evex Hospitals, the largest healthcare services provider in Georgia fully owned by JSC Georgia Healthcare Group (GHG), Trend reports with reference to EBRD.
GHG has been listed on the London Stock Exchange through its UK-incorporated holding company Georgia Healthcare Group PLC since November 2015.
The total size of the bond issuance is 50 million lari ($16.9 million) and the proceeds will be used to refinance existing debt.
EBRD plays a leading role in the development of the local currency and capital markets in Georgia, working with the Georgian government, the National Bank of Georgia and local financial institutions to encourage borrowing in local currency and to develop and strengthen local capital markets.
“This is our fourth transaction with Evex since 2016, when EBRD provided a financing facility for the renovation and refurbishment of a hospital in Tbilisi. We are delighted to be part of this important deal, contributing towards the development of more efficient and deeper local currency capital markets," said Catarina Bjorlin Hansen, EBRD Regional Director for the Caucasus.
"The transaction sends a strong signal that bonds are a viable source of local currency funding for the private corporate sector,” he added.
EBRD is a leading institutional investor in Georgia. To date, EBRD has invested 3.5 billion euro in 235 projects in various sectors of the Georgian economy.
Strengthening the local capital and currency markets is part of the EBRD’s efforts to promote the six transition qualities which define successful and sustainable market economies as competitive, well governed, green, inclusive, resilient and integrated.
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