PCG Housing (IFC-40961)

Regions
  • Europe and Central Asia
Where the impacts of the investment may be experienced.
Countries
  • Georgia
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
Proposed
Bank Risk Rating
FI
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
May 22, 2018
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
ProCredit Bank JSC
The holder of the loan, grant, or other investment.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 20.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Aug 8, 2018

Disclosed by Bank Apr 19, 2018


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Project Description

This project provides financing to ProCredit Bank JSC to support the provision of loans to residential mortgage borrowers in Georgia.

Investment Description
  • International Finance Corporation (IFC)
Private Actors

ProCredit Bank JSC, Georgia was initially founded as a microfinance institution in 1999 and IFC was a founding shareholder of the Bank. Over time, PCBG gradually shifted its focus and turned into a universal bank, predominantly serving to SME and retail clients. It is currently the fifth largest bank in the country, with a market share of 3.9 percent by total assets, 4.5 percent by total loans, and 3.2 percent by total deposits as of December 31, 2017. It had total assets of US$524 million and equity of US$76 million as of the same date.

Contact Information

ProCredit Bank 
David Gabelashvili 
Director 
(+995 32) 220 22 22 
d.gabelashvili@procreditbank.ge 
21 Al. Kazbegi Ave., 0160 Tbilisi, Georgia 
www.procreditbank.ge 

ACCOUNTABILITY MECHANISM OF IFC
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 CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/