The proposed project is in support of the Bank’s Financial Sector Strategy for Georgia which aims to strengthen the sector by addressing identified gaps and weaknesses and promoting best practice. The Framework will enable the Bank to increase both the amount and variety of medium-term funding available to a range of financial intermediaries.
The is expected to have three major sources of transition impact: Market expansion and competition for MSME lending, leasing, insurance and consumer finance through improvements in operational efficiency and the increased amount of financing available which will increase competition and lessen the concentration in specific sub-sectors. The project will also have a demonstration effect and is expected that GFSF will broaden the product lines of financial intermediaries to include new or /underdeveloped products such as insurance, leasing, mortgage and consumer finance. Finally, the project is also expected to contribute to the Transfer of skills by providing required technical assistance tailored for each financial intermediary to accompany transactions on an as-needed basis.
Existing Partner Banks and new partner financial intermediaries including banks, leasing, mortgage and insurance companies (FIs). The first partner bank under GFSF will be Basis Bank.
The product range under GFSF will include senior debt facilities for MSE and SME on-lending, mortgage lines, consumer finance, syndicated loans, quasi-equity and equity investments.
USD 75 million.
Screened FI. All transactions under this framework will comply with EBRD’s Environmental Procedures for Local Banks. These include compliance with applicable national environmental, health, safety and labour legislation, adherence to the Environmental Exclusion List, submission of Annual Environmental Report to the Bank and nomination of a senior staff member in charge of the environmental issues.
Previous TC has been provided to existing financial intermediaries including support for MSME and mortgage lending. Funds were provided by the EU and the ETC Multi-Donor Fund.
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