The Black Sea Trade and Development Bank (BSTDB) has extended a new medium-term 75 million GEL (about $30m/€25m) loan to the Bank of Georgia aimed at supporting small and medium-sized enterprises (SMEs) in Georgia, Agenda reports.
It is the second time the BSTDB is offering a loan to the Bank of Georgia to support SMEs. The first loan worth 60 million GEL ($25m/€20m) was issued in 2016 and supported 700 SMEs in Georgia.
"We are delighted to expand our successful partnership with Bank of Georgia, now our largest client in the country, to jointly offer much-needed financing solutions to the Georgian SME sector and to contribute to the de-dollarisation program in the banking sector initiated by the Georgian Government…For the first time, BSTDB will issue bonds via a public placement to fund the operation, which will be listed on the Georgian Stock Exchange and will contribute to capital market development in Georgia”, BSTDB Vice President of Banking Igor Leshukov said at a press conference held yesterday.
BSTDB is an international financial institution that supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors.