EBRD to lend up to $7m to VTB Bank (Georgia)
August 31, 2009
Micro, Small and Medium-Sized Enterprise (“MSME”) loan of up to USD 7 million equivalent. The MSME loan will assist VTB Georgia to further develop and expand its lending activities to private sector Georgian entrepreneurs and farmers, particularly outside of the capital.
By supporting one of the leading local banks, EBRD will add to the overall lending capability of the banking sector in Georgia. The MSME loan will increase supply of medium-term funding and will allow an increasing number of MSMEs and farmers, including in the areas outside of Tbilisi, to have access to bank financing.
VTB Bank (Georgia) is a subsidiary of VTB Bank OJSC, an investment grade Sponsor and the second largest bank in Russia. VTB Georgia is a universal commercial bank, ranking sixth in Georgia by total assets (USD 228 million as of 30 June 2009).
MSME Loan of up to USD 7 million equivalent
Total project cost:
USD 15.6 million equivalent
Company — VTB Bank Georgia
Full nameAO "VTB Bank Georgia"