BSTDB Enhances Support for the SME Sector in Georgia

Press Release | 19-Jun-2015

The Black Sea Trade and Development Bank (BSTDB) is providing a USD 7 million loan to Finca Bank Georgia, a new financial intermediary in the country. The proceeds of the loan will be used to mainly support industrial, agricultural and service-related micro and small- sized enterprises. The maturity of the loan is three years.

Signing the loan agreement at the BSTDB regional Business Forum in Tbilisi, Ihsan Ugur Delikanli, BSTDB President said: “Microfinance is an important tool for the healthy economic development. We hope that in cooperation with FINCA Georgia we will improve access to affordable financing for small businesses, particularly those in rural areas of the country”.

“FINCA has 15 years of experience working with micro and small business clients in Georgia. We understand their needs,” said Ketevan Burduli, COO of FINCA Bank Georgia. “This loan will help us expand access to working capital loans for both new and existing clients, so they can get on with what they do best.”

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FINCA Bank Georgia is a Joint Stock Company providing innovative financial services to more than 55 000 clients through 40 branches nationwide. With a loan portfolio of more than US$70 million at end 2014, FINCA Bank Georgia is part of the global FINCA microfinance network, serving nearly 2 million clients in 23 countries, with a double bottom line of financial sustainability and social performance. For more information visit http://fmh.finca.org/.

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 are in Thessaloniki, Greece. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. The authorized capital of the Bank is EUR 3.45 billion). BSTDB is rated long-term “A-” by Standard and Poor’s and “A2” by Moody’s. For information on BSTDB, visit www.bstdb.org.

Press contact:

Haroula Christodoulou

Phone: +30 2310 290533

E-mail: cchristodoulou@bstdb.org