Bank of Georgia to receive loan from European Investment Bank

(Alliance News) - Bank of Georgia Group PLC on Monday confirmed that its Armenian banking subsidiary Ameriabank CJSC has signed a EUR105 million loan agreement with the European Investment Bank.

The Tbilisi-based lender said the loan intends to allow local micro, small and medium-sized enterprises and mid-cap companies to invest in growth, improve competitiveness and implement more sustainable business practices.

This follows the subsidiary's receipt of a USD200 million loan from the World Bank Group's International Finance Corp in mid-January.

At least 20% of the loan will be directed toward green investments, the Bank of Georgia added, with part of the funding made available in local currency to protect against currency risks.

"This collaboration will provide local businesses with affordable funding, enabling them to reach their full potential and contribute significantly to Armenia's economic growth," said Ameriabank Chief Financial Officer Hovhannes Toroyan.

"As the largest lender in the Armenian economy, with a solid portfolio in green and sustainable financing, we are confident in our ability to foster a more sustainable and inclusive economic future for Armenia."

Shares in Bank of Georgia were down 0.7% at 4,720.00 pence each in London on Monday morning.

By Emily Parsons, Alliance News reporter

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