BGEO sign £19m loan agreement

BGEO Group, the holding company of JSC Bank of Georgia, announced on Friday that the bank and Black Sea Trade and Development Bank have signed a GEL 60m (£19.4m) loan agreement, with a 5-year maturity.

The FTSE 250 firm said this long-term local currency loan facility will be used to finance investments and the working capital needs of local businesses in rural and urban areas of Georgia.

It said it will further support the development of Georgian SMEs without creating foreign exchange risk.

“This longer-term local currency loan facility reinforces BOG's commitment to support small and medium-size enterprises in Georgia and underpins its leading position in the SME sector,” the board said in a statement.

“BSTDB obtained the local currency funds through a private placement of GEL-denominated bonds arranged by Galt & Taggart, a wholly owned subsidiary of BGEO.”