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EBRD participates in corporate bond issue in Georgian lari

By Loretta  Martikian

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  • Investment in bond issues by Evex Hospitals
  • EBRD to participate in local currency corporate bond issuance
  • Supports development of local currency and capital markets in Georgia

The EBRD is investing GEL 12.5 million in a bond subscription by Evex Hospitals, the largest healthcare services provider in Georgia and fully owned by JSC Georgia Healthcare Group (GHG).

GHG has been listed on the London Stock Exchange through its UK-incorporated holding company Georgia Healthcare Group PLC since November 2015.

The total size of the bond issuance is GEL 50 million and the proceeds will be used to refinance existing debt.

The EBRD plays a leading role in the development of the local currency and capital markets in Georgia, working with the Georgian government, the National Bank of Georgia and local financial institutions to encourage borrowing in local currency and to develop and strengthen local capital markets.

Catarina Bjorlin Hansen, EBRD Regional Director for the Caucasus, said: “This is our fourth transaction with Evex since 2016, when the EBRD provided a financing facility for the renovation and refurbishment of a hospital in Tbilisi. We are delighted to be part of this important deal, contributing towards the development of more efficient and deeper local currency capital markets. The transaction sends a strong signal that bonds are a viable source of local currency funding for the private corporate sector.”

The EBRD is a leading institutional investor in Georgia. To date, the EBRD has invested €3.5 billion in 235 projects in various sectors of the Georgian economy. Strengthening the local capital and currency markets is part of the EBRD’s efforts to promote the six transition qualities which define successful and sustainable market economies as  competitive, well governed, green, inclusive, resilient and integrated.

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