Loan to Absolute Bank for on-lending to the bank's customers for eligible sub-projects. The operation will enable Absolute Bank to provide medium-term credit resources to the private sector enterprises in Georgia. This is expected to increase investment capacity in the Georgian economy and to encourage growth of employment and production in the country.
The operation is expected to strengthen a local financial intermediary, which will result in greater capacity to offer credit and other banking services to the local economy on the basis of lending criteria and standards which are of international quality.
Commercial bank established in Georgia with 60 per cent of US investors and 40 per cent participation of various Georgian entities. Since starting operations in February 1995, Absolute Bank has attracted a good deposit base, built a good loan portfolio, and acquired a commercial reputation as one of the leading financial institutions in the country.
Bank-to-bank credit line of US$ 5 million (ECU 3.97 million equivalent) disbursable in two unequal tranches.
US$ 5 million (ECU 3.97 million equivalent).
C/0: The project does not require an environmental analysis or an environmental audit. Absolute Bank will follow the EBRD's "Environmental Procedures for Local Banks" in relation to all sub-loans. In implementing these procedures, Absolute Bank will assess potential environmental issues associated with sub-projects, which are required to comply with local/national health and safety, environmental and public consultation requirements. Absolute Bank will report annually to the EBRD on environmental issues related to the loan.
Project preparation assistance was provided through an ECU 200,000 grant.
For business opportunities or procurement, contact the client company.
EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168
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
Project Complaint Mechanism (PCM)
The Project Complaint Mechanism (PCM) is the EBRD's accountability mechanism. It provides an opportunity for an independent review of complaints from individuals and organisations concerning EBRD-financed projects which are alleged to have caused, or are likely to cause, environmental and/or social harm.
Please visit the Project Complaint Mechanism page to find information about how to submit a complaint. The PCM Officer (email@example.com) is available to answer any questions you may have regarding the submission of a complaint and criteria for registration and eligibility, in accordance with the PCM Rules of Procedure.