Citi, OPIC and Bank Of Georgia Support Growth of Microfinance Sector in Georgia with $10 Million Term Funding
Friday, November 15, 2013
New York – Citi, the Overseas Private Investment Corporation (OPIC), and the Bank of Georgia announced the closing of a USD $10 million term loan to fund the growth of Bank of Georgia’s Microfinance portfolio to promote the financial inclusion of micro-entrepreneurs and small businesses in the Republic of Georgia. This loan will be the first from Citi and OPIC for the microfinance sector in Georgia, and is a part of Citi and OPIC’s joint global initiative to support microfinance lending in emerging markets.
“We are delighted with this opportunity to join forces with Citi and OPIC to extend loans to small businesses in Georgia. The newly-drawn facility will further enhance Bank of Georgia’s competitiveness in micro lending, a segment that makes up a sizeable part of the Bank’s Retail Banking loan portfolio. This facility will also allow the Bank to continue supporting the development of small businesses, which is fundamental for the growth of the country’s economy” said Irakli Gilauri, Chief Executive Officer of Bank of Georgia.
“Expanded access to finance for the micro and small enterprise sector has the potential to accelerate economic growth in Georgia and broaden financial inclusion for those outside the economic mainstream,” said Steve Donovan, Citi’s Regional Executive of Treasury & Trade Solutions for MENA, Turkey and Central Asia. “This transaction demonstrates and reinforces Citi’s and OPIC’s shared commitment to unlock opportunities to access both start-up and sustaining capital for aspiring and established small businesses.”