BSTDB INCREASES FINANCING TO MICRO AND SMALL BUSINESSES IN GEORGIA

Press Release | 25-Jan-2005

The Black Sea Trade and Development Bank (BSTDB) extended a USD 5 million Micro and SME loan facility to ProCredit Bank Georgia (former Microfinance Bank of Georgia).

The credit line carries a tenor of two years and intends to finance sub-loans offered by Procredit Bank Georgia to micro, small and medium-sized enterprises in Georgia. The support that BSTDB is giving through Procredit Bank Georgia will benefit multiple eligible Georgian enterprises and deliver the much-needed medium-term financing to the Georgian market. This new facility replaced a USD 1 million trade finance credit line granted by BSTDB to Microfinance Bank of Georgia in 2001.

ProCredit Bank Georgia is a development oriented full service bank offering a wide range of banking products and services. The Bank focuses on lending to micro, small and medium-sized enterprises in order to improve access to financing for the dynamic and fast-growing SME sector in the country. Majority shareholders of the Bank are well-established international organizations including, among others, KfW, IFC, EBRD and Procredit Holding AG. Procredit Bank Georgia is rated CCC+ by Fitch.

The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Türkiye, and Ukraine. The BSTDB headquarters is in Thessaloniki, Greece. With an authorized capital of SDR 1 billion (approx. USD 1,45 billion), the Bank supports economic development and regional cooperation by providing financing, guarantees, and equity for projects in the public and private sectors in its member countries. BSTDB is assigned investment grade rating of Baa2 by Moody’s.