On, June 4, 2018, Swiss-based impact investment manager BlueOrchard Finance Ltd reaffirmed its cooperation with FINCA Bank Georgia, providing a senior loan USD 5 million (equivalent in Georgian currency) and USD 5 million subordinated loan for on-lending to growing business sector. In compliance with terms and conditions of the agreement, the loan will support FINCA Bank Georgia lending programs to micro and small enterprises throughout the country.
“I am glad that our partnership with BlueOrchard continues for the benefit of all stakeholders. Today we signed the agreement to get USD 5 million senior loan as well as the USD 5 million subordinated loan and this transaction will increase our capacity to reach more micro and small enterprises operating in the country, especially in remote rural areas to increase accessibility and financial inclusion. With this funding, we’ll further our support to customers in building better futures through achievement of their business and personal goals. The partnership of this kind is of paramount importance for us as well as for the development of micro and small enterprises in the country”, – said Vusal Verdiyev, CEO of FINCA Bank Georgia.
“BlueOrchard Finance Ltd is pleased to announce about partnering again with FINCA Bank Georgia to increase lending to MSMEs in Georgia, a sector which is of great importance for the growth of the country’s economy. We hope that our cooperation will continue in the future and collaboration between our companies will be further increased. Our mutual goal is to improve access to financing for MSMEs in order to expand their businesses and create new opportunities for the sector in the country”, – said Normunds Mizis, Chief Credit Officer of BlueOrchard Finance Ltd.
About BlueOrchard Finance Ltd
BlueOrchard is a leading global impact investment manager. The firm is dedicated to fostering inclusive and climate-smart growth while providing attractive returns for investors. BlueOrchard was founded in 2001, by the initiative of the UN, as the world’s first commercial manager of microfinance debt investments. Today, BlueOrchard provides investors around the world with premium investment solutions, including credit, private equity, and sustainable infrastructure. Being an expert in innovatively blended finance mandates, the firm is a trusted partner of leading global development finance institutions. With a major global presence and offices on four continents, BlueOrchard has invested to date more than USD 4.7bn across 70 emerging and frontier markets, enabling tangible social impact. BlueOrchard is a licensed Swiss asset manager authorized by FINMA. Its Luxembourg entity is a licensed alternative investment fund manager (AIFM) authorized by CSSF.
About BlueOrchard Microfinance Fund
The BlueOrchard Microfinance Fund (BOMF) is the first private and fully commercial microfinance fund worldwide with the longest track record in the industry. To date, 18 million micro-entrepreneurs across 50 countries have been reached by microfinance institutions funded by BOMF providing loan capital, savings, insurance and related products to low-income households.
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 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 a 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.