EBRD, Bank of Georgia sign loan deal within int'l factoring
The Bank of Georgia and the European Bank for Reconstruction and Development (EBRD) signed a loan agreement in the amount of $10 million and a financing agreement in the amount of 10 million euro in the framework of international factoring on June 5.
The Director General of the Bank of Georgia Irakli Gilauri and EBRD Director for Caucasus, Moldova and Belarus Bruno Balvanera stated at a press conference, loan was issued for a term of five years and is designed for the grant of loans to private enterprises, financing of investments aimed at improving energy efficiency and rational energy consumption.
EBRD will allocate 10 million euro under its program to promote trade in order to support the supply of international factoring on the market.
"The Bank of Georgia has successful experience of lending to corporate customers with regards to energy efficiency within the program on the Caucasus energy efficiency carried out jointly with our long-standing partner and shareholder - the EBRD," Gilauri said. "We continue to provide funding for business and give it the opportunity to introduce energy-efficient technologies."
According to him, the international factoring proposal will allow the Bank of Georgia to increase the range of products provided to corporate customers.
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