This Project was approved in the context of the Bank's response to the COVID-19 pandemic. To avoid delays to the delivery of this project, the Bank's President granted a deviation from the ordinary timelines for PSD disclosure, as contemplated by Section V of the Directive on Access to Information. Details of the Bank's response to COVID-19, and this deviation, can be found on our website.
MSME senior unsecured credit line of up to USD 100 million in favour of JSC Bank of Georgia. The Project will go under the Financial Intermediaries Framework (BDS 15-50) and will be complementary to the EBRD COVID-19 crisis response in Georgia, helping to address challenges outlined in the Solidarity Package (BDS20-039).
The Project will enable Bank of Georgia to maintain uninterrupted lending to MSMEs severely affected by the economic consequences of the COVID-19 pandemic.
ETI score: 60
The project contributes to the objectives of the Financial Intermediary Framework, supporting Competitive and Resilient transition qualities. With its wide regional outreach, BOG is well positioned to provide finance to MSMEs and attract new MSME clients. BoG will ensure sound banking principles and will support local currency lending.
EBRD's participation in the proposed transaction is expected to be highly additional in light of severe impact of the COVID-19 pandemic on the Georgian economy and MSME sector in particular, greatly elevated risk aversion by commercial lenders and confidence-enhancing effect of EBRD's financial backing.
Environmental and Social Summary:
Categorised FI (ESP 2019). Bank of Georgia (BoG) is well known to the Bank through a number of transactions, over a number of years. BoG has a well-developed suite of policies and procedures for the management of key issues under PRs 2, 4 and 9. BoG will be required to continue compliance with PRs 2, 4 and 9 and to provide the EBRD with annual E&S reports.
Implementation Summary (only complete if and when an OPA is completed): not applicable
Technical Cooperation: None
ETI score: 60
BANK OF GEORGIA JSC
EBRD Finance Summary
Total Project Cost
Company Contact Information
+995 32 2444444
29A Gagarini Str., 0160, Tbilisi.
PSD last updated
03 Jul 2020
Further information regarding the EBRD’s approach to measuring transition impact is available here.
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More information on the EBRD’s practices in this regard is set out in the ESP.
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Access to Information Policy (AIP)
The AIP 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 following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.
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Independent Project Accountability Mechanism (IPAM)
If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).
IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.
Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM via email email@example.com to get guidance and more information on IPAM and how to submit a request.