Bank of Georgia receives €18.5m senior note

26th Jun 2014 15:25

Bank of Georgia has received an €18.5m senior loan from the European Fund for Southeast Europe (EFSE), it announced on Thursday.It said it anticipated the loan would contribute to the expansion of its micro and small enterprise lending. "I am delighted to join forces with the EFSE to finance the micro and small enterprise businesses, which represent one of the most important contributors to the economic growth and job creation in Georgia," the group's Chief Executive Officer, Irakli Gilauri, said. "This facility, as well as increasing our competitive position in the micro and small enterprise sector, also reinforces our commitment to supporting small businesses in the country." More than 20% of Bank of Georgia's business loan portfolio is dedicated to Micro, Small and Medium Enterprises (MSME). For its part, EFSE said that as one of the largest branch networks in the country reaching small entrepreneurs, Bank of Georgia was "a significant player in the microfinance segment" and as such, made "an excellent partner". Shares in the group had fallen 0.51% to 2,340p by 15:09.NR