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EBRD, Bank of Georgia take steps to mitigate coronavirus impact on private sector

Finance Materials 15 July 2020 17:17 (UTC +04:00)
EBRD, Bank of Georgia take steps to mitigate coronavirus impact on private sector

BAKU, Azerbaijan, July 15

By Tamilla Mammadova – Trend:

The European Bank for Reconstruction and Development (EBRD) is providing a loan of up to $100 million to Bank of Georgia (BoG) for on-lending to local private businesses to address the economic impact of the COVID-19 pandemic, Trend reports with reference to EBRD.

BoG will provide longer-term loans with a special focus on micro, small and medium-sized enterprises (MSMEs) that form an important segment of the Georgian economy. Currently, supporting these companies is a priority for EBRD more than ever, said the bank.

EBRD is stepping up efforts to help combat the impact of the coronavirus and support the recovery. The bank is committed to providing support worth 21 billion euros over 2020-21 to the 38 economies where it currently invests, said the report.

“Bank of Georgia is our longstanding partner and well placed to channel EBRD funds to companies that are going through this unprecedented period of volatility. Rendering financial help to businesses and providing uninterrupted lending is essential for keeping the economy going,” said EBRD Regional Director for the Caucasus Catarina Bjorlin Hansen.

“I am very pleased to see that the EBRD continues to be Bank of Georgia’s strong and reliable partner in providing both local and foreign currency funding for our micro, small and medium-sized business and corporate clients. This is our first cooperation with the EBRD in 2020, which will help us to support our clients during the global pandemic and the current economic downturn, ” said Bank of Georgia's CEO Archil Gachechiladze.

Bank of Georgia has been financing businesses in all sectors in Georgia for almost 30 years. The bank is listed on the London Stock Exchange through its parent company, Bank of Georgia Group PLC.

The EBRD is a leading institutional investor in Georgia. Since the start of its operations in the country, the bank has invested over 3.8 billion euros in 251 projects in the financial, corporate, infrastructure and energy sectors, with 87 percent of these investments in the private sector.

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