FINCA Bank Georgia to Expand Lending to MSME with 15 million GEL injection from SymbioticsWednesday 27th, June 2018
Tbilisi, May 18, 2018 – Today, a loan agreement was signed between Symbiotics and FINCA Bank Georgia by which Symbiotics injects GEL 15 million to further support MSME lending programs of FINCA Bank Georgia in the country.
“It is very important for FINCA Bank Georgia that partnership with Symbiotics is expanded with the loan agreement of GEL 15 million signed today. This partnership will enable us to increase our outreach to more micro and small enterprises operating in the country, especially in rural areas to foster accessibility and financial inclusion. Partnership of this kind is of vital importance for development of micro and small enterprises in Georgia”, – said Vusal Verdiyev, CEO of FINCA Bank Georgia.
“With over twelve years of partnership, in which we have seen Finca transform from a NGO into a full-fledged bank while safeguarding its mission of poverty alleviation via financial inclusion, we are delighted to close yet another transaction with Finca Bank Georgia that will enhance the growth of micro- and small enterprises and support the prosperity of their surrounding communities via the bank’s extensive rural outreach.” – noted Daniel Schriber, Head of Investments at Symbiotics.
Symbiotics is the leading market access platform for impact investing. Over the past decade, the company has originated and structured nearly 3300 investment transactions, worth more than USD 4.1 billion, on behalf of 384 companies in 79 emerging and frontier markets, all serving a measurable sustainable and inclusive finance objective, purchased by 50 different investment funds and institutional investors. Symbiotics is a registered asset manager in Switzerland, a registered investment adviser in the United Kingdom, and has further office presence in Mexico, the Netherlands, Singapore and South Africa, regrouping more than 135 employees worldwide.
About FINCA Bank Georgia
FINCA Bank Georgia is a Joint Stock Company built on the platform developed for over 20 years of operations in the country. FINCA Bank Georgia is part of the FINCA Impact Finance Network, a group of 21 microfinance and financial institutions that provides socially responsible financial services and enables low-income entrepreneurs and small business owners to invest in the future.
FINCA Bank Georgia has leading position in the field of micro financing. 79% of FINCA Bank Georgia’s total clients are from rural areas, who are potentially having limited access to convenient financial services. Over 80,000 people earn their livelihoods in the businesses that FINCA Bank Georgia finances, and 76% of this figure is a direct result of the loans that FINCA Bank Georgia is providing.
JSC FINCA Bank Georgia identifies, pilots, and partners with other service providers to bring new life-enhancement services to clients, and funds cutting-edge research to track the benefits to clients allowing the bank to better serve them. FINCA Bank Georgia is committed to ensure this through its commercial principles of performance and sustainability.