BoG receives $10 million USD financing package from OPIC, Citi

In promoting the financial inclusion of micro-entrepreneurs and small businesses in Georgia, Citi and OPIC issued a USD $10 million term loan to fund the growth of Bank of Georgias (BoG) microfinance portfolio. Citi is an American multinational financial services corporation and the Overseas Private Investment Corporation (OPIC) is a U.S. governments development finance institution.

The loan will be the first from Citi and OPIC for the microfinance sector in Georgia, and is a part of Citi and OPICs joint global initiative to support microfinance lending in emerging markets.

According to Citis Regional Executive, MENA, Turkey and Central Asia - Steve Donovan, the expanded access to finance for the micro and small enterprise sector has the potential to accelerate the economic growth in Georgia and broaden financial inclusion for those outside the economic mainstream.

OPIC President and CEO, Elizabeth L. Littlefield said at the signing ceremony of the term loan at BoGs head office in Tbilisi on Thursday, that the small businesses are fundamental to economic growth and job creation but often still struggle to obtain the financing needed to support and expand their operations.

Chief Executive Officer of Georgias leading bank, Irakli Gilauri believes that the finances allow the Bank to continue supporting the development of small businesses, which is fundamental for the growth of the countrys economy.

BoGs UK incorporated holding company Bank of Georgia Holdings plc is listed on the main market of the London Stock Exchange (BGEO:LN).