Black Sea Trade and Development Bank Lends $7 Million into FINCA Bank Georgia to Expand Funding to Micro Entrepreneurs and Small Business
Tbilisi, June 19, 2015 – Today, the Black Sea Trade and Development Bank (BSTDB) became FINCA Georgia’s newest financial partner, providing a loan of USD 7 million for on-lending to small business owners so they can increase income and create jobs. The loan will support industrial, agricultural, and service-related micro and small-sized enterprises.
Signing the loan agreement at the BSTDB regional Business Forum in Tbilisi, Ihsan Ugur Delikanli, BSTDB President said: “Microfinance is an important tool for healthy economic development. By working with FINCA Bank Georgia, BSTDB funds will become available to micro and small businesses owners, which will increase their ability to grow. We hope, in particular, to increase access to finance for women entrepreneurs and people in rural areas.”
FINCA Bank Georgia is part of the global FINCA network of microfinance institutions. According to Delikanli: “FINCA Bank Georgia, a well-capitalized institution with strong corporate governance, has established a distinguished niche in micro lending in the competitive banking sector in Georgia. BSTDB has provided loans to FINCA in other countries and we see BSTDB as a strong partner for development.”
“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.”
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, Turkey, 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.