Press Release: FINCA Bank Georgia Expands Lending to MSME with 15 million GEL injection from SymbioticsWednesday 3rd, June 2020
Tbilisi, June 3, 2020 – Today, a new agreement for the senior debt was signed between Symbiotics and FINCA Bank Georgia by which Symbiotics injects 15 million GEL to further support MSME lending programs of FINCA Bank Georgia.
“It is very important for FINCA Bank Georgia that partnership with Symbiotics is expanded with this loan agreement of GEL 15 million signed today. This partnership will enable us to continue serving our clients, especially those, whose businesses were adversely affected by COVID19, increase our outreach to more micro and small enterprises in rural areas to foster accessibility and financial inclusion. Partnership of this kind is critical for support of micro and small enterprises in Georgia.”, said Vusal Verdiyev, CEO of FINCA Bank Georgia.
“It is with great pleasure that we solidify our cooperation with FINCA Bank Georgia during times of unprecedented social and economic distress caused by the COVID19 pandemic. We deem the support to microentrepreneurs, SMEs and also FINCA Bank Georgia’s important agricultural client base essential as these businesses will form the backbone of achieving economic recovery in Georgia.”, noted Daniel Schriber, Head of Investments at Symbiotics.
About FINCA Bank Georgia
FINCA Bank Georgia is a Joint Stock Company built on the platform developed for over 22 years of operations in the country. FINCA Bank Georgia is part of the FINCA Impact Finance Network, a group of 20 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. About 70% of FINCA Bank Georgia’s total clients are from rural areas, who are potentially having limited access to convenient financial services. 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.
and medium enterprises and low- and middle-income households in emerging and frontier markets. Since 2005, Symbiotics has structured and originated some 4,000 deals for over 450 companies in almost 90 emerging and frontier markets representing more than USD 5.5 billion. These investments have been purchased by more than 25 fund mandates and more than 50 third party specialized fund managers, forming a growing ecosystem and marketplace for such transactions.
For more information, contact:
Mariam Esebua, FINCA Bank Georgia, Head of Marketing, PR and Customer Experience Department
Samy Derradji, Symbiotics, Corporate Communication Manager