Bank of Georgia SME Loan (IFC-40689)

  • Europe and Central Asia
Geographic location where the impacts of the investment may be experienced.
  • Georgia
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Nov 30, 2018
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 100.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Loan Amount (USD)
$ 100.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Jun 13, 2024

Disclosed by Bank Oct 30, 2018

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to IFC website, the Project consists of an investment up to GEL 200 million (not exceeding US$ 100 million equivalent) in Joint Stock Company Bank of Georgia. The purpose of the proposed IFC investment is to support and expand the Bank’s lending program to small and medium enterprises in Georgia and at least 25 percent of proceeds will support the Bank’s lending operations to women-owned businesses.                                 

People Affected By This Project
People Affected By This Project refers to the communities of people likely to be affected positively or negatively by a project.

The Project would support one of the leading private banks having a good geographical coverage in SME segment. The proceeds will be used for financing SMEs and women-owned SMEs, supporting their access to long term local currency funding. IFC's funding would help Bank of Georgia in responding to its clients' long-term funding needs while matching maturities more effectively. The Project would strengthen IFC's role of increasing access to finance for women by partnering with a financially sustainable bank by supporting it in areas of strategic interest such as banking on women.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Financial Intermediary
A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

JSC Bank of Georgia is one of the largest banking groups in Georgia. The Bank is a major part of a group of companies that provide banking, leasing, brokerage and investment management services to corporate and individual customers. As of June 30, 2018 99.55% shares of JSC Bank of Georgia are owned (directly and indirectly) by Bank of Georgia Group PLC (“the BOGG”). BOGG is listed on the London Stock Exchange and represents the Bank’s ultimate parent company. The shares of BOGG are admitted to the premium listing segment of the Official List of the UK Listing Authority and to trading on the London Stock Exchange PLC's Main Market for listed securities. As of 30 June 2018 the top three shareholders of the BOGG are JSC Georgia Capital (19.9%), Harding Loevner LP (6.82%) and Schroder Investment Management (3.57%).

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Project Contact: Natia Kalandarishvili
Head of Investor Relations and Funding, JSC Bank of Georgia  
Telephone No.: +995 32 444 444
Email Address:
Office Address: JSC Bank of Georgia, 29a Gagarini Str., Tbilisi, Georgia


The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at You can learn more about the CAO and how to file a complaint at

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