MCFF - Cartu Bank NRP

Overview
Project Summary Document
Environmental and Social Documentation
Procurement
Complaints

Project ID 40014

Status Complete

Location

Georgia

Business Sector

Financial Institutions

Notice Type

Private

Sub-projects

Project timeline

Exploratory
Passed Concept Review
Passed Structure Review
Passed Final Review
Board Approved
Signed
Implementing
Completed

Project ID 40014

Status Complete

Location

Georgia

Business Sector

Financial Institutions

Notice Type

Private

Environmental Category

Approval Date

30 Jan 2009

Disclosure date

06 Feb 2009

As per section 1.4.2 (iii) of the Directive on Access to Information: "For Projects approved by Bank management where the Board of Directors has delegated the approval authority, the PSD shall be disclosed at the start of the relevant no-objection notification period to a member country of the Bank in accordance with Article 13 (iii) of the Agreement Establishing the EBRD."

Project Description

MCFF will be used to provide medium- to long-term financing to Georgian private companies, clients of Cartu Bank, to meet their requirements for larger loans.

The operation will support the client’s business diversification strategy across Georgia and help to enhance its competitive position in the market.

Transition Impact

The transition impact of this equity investment will mainly arise from institutional development of the bank through changes in corporate governance, strategy and business development, operations and risk management systems. In addition, this investment will strengthen Cartu’s capital base thereby enhancing the ability of the bank to further expand its market share in Tbilisi and the regions and hence facilitate the competition in the banking sector as a whole. Via the MCFF and SME facilities, EBRD’s support of Cartu will add to the overall lending capability of the banking sector in Georgia thereby increasing financial intermediation. The proposed loans will increase the supply of funding to SMEs thereby increasing access to bank finance.

The Client

Cartu Bank, the sixth largest bank by assets in Georgia with total assets of USD 373 million and equity of USD 64 million, as of end of 2008.

EBRD Finance

USD 10 million (EUR 7.7 million equivalent) for the MCFF Non Recourse Portion.

Project Cost

EUR 32.1 million.

Environmental Impact

Screened FI.

Technical Cooperation

TC will be put in place to assist in the implementation of the Institution Building Plan.

Company Contact

George Nozadze, Head of FI Division
Cartu Bank
39a Chavchavadze Avenue,
0162 Tbilisi
Georgia

Tel: +995 95 22 22 83
Email: gnozadze@cartubank.ge

Transition impact

ETI Score:60

PSD last updated

01 Feb 2019

Business opportunities

For business opportunities or procurement, contact the client company.

For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

Public Information Policy (PIP)

The PIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations. Please visit the Public Information Policy page below to find out how to request a Public Sector Board Report.
Text of the PIP

Environmental and Social Documentation is not available for this project.

Selected procurement notices related to this project may be shown below. Further procurement opportunities related to this and other projects, if available, maybe be viewed in the EBRD Procurement Portal.

The EBRD's Environmental and Social Policy (ESP), Access to Information policy (AIP) and Project Accountability Policy (PAP) enable sound and sustainable development in its projects. The Independent Project Accountability Mechanism (IPAM) deals with complaints about environmental, social and disclosure matters related to the Bank’s investments.

No complaints about this project have been made so far.

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