The Black Sea Trade and Development Bank (BSTDB) has extended a US$5mn micro and SME loan facility to ProCredit Bank Georgia (former Microfinance Bank of Georgia).

The credit line carries a tenor of two years and intends to finance sub-loans offered by Procredit Bank Georgia to micro, small and medium-sized enterprises in Georgia. The support that BSTDB is giving through Procredit Bank Georgia will benefit multiple eligible Georgian enterprises and deliver the much-needed medium-term financing to the Georgian market. This new facility replaced a US$1mn trade finance credit line granted by BSTDB to Microfinance Bank of Georgia in 2001.

ProCredit Bank Georgia is a development-oriented full service bank offering a wide range of banking products and services. The bank focuses on lending to micro, small and medium-sized enterprises in order to improve access to financing for the dynamic and fast-growing SME sector in the country. Majority shareholders of the bank are well-established international organisations including, among others, KfW, IFC, EBRD and Procredit Holding. Procredit Bank Georgia is rated CCC+ by Fitch.

The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Turkey, and Ukraine. The BSTDB headquarters is in Thessaloniki, Greece. With an authorised capital of SDR1bn (US$1.45bn), the bank supports economic development and regional cooperation by providing financing, guarantees, and equity for projects in the public and private sectors in its member countries. BSTDB is assigned investment grade rating of Baa2 by Moody’s .