MCFF - Cartu Bank NRP



Project number:


Business sector:

Financial institutions

Notice type:


Environmental category:


Approval date:

30 Jan 2009



PSD disclosed:

06 Feb 2009

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

Tel: +995 95 22 22 83


Business opportunities

For business opportunities or procurement, contact the client company.

For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168

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Text of the PIP

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