- Bank of Georgia said its subsidiary, JSC Bank of Georgia, had signed an up to €60m loan guarantee agreement with European Investment Bank.

The agreement would increase the bank's capacity to offer financial services to Georgian MSMEs and mid-caps that 'invest in research and development and digitalisation, and are innovation-oriented,' the company said.

The loan signed under the InnovFin SME Guarantee Facility, covered 50% of every loan disbursed by the JSC Bank of Georgia under the guarantee and targeted small and medium-sized enterprises and mid-caps that required investment and working capital to finance research, development and innovation activities.

Further, as a response to the COVID-19 pandemic, the guarantee also covered 80% of loans provided by the bank to SMEs and mid-caps impacted by the crisis for their working capital needs.

At 10:07am: [LON:BGEO] Bank Of Georgia Group PLC share price was -17p at 1063p

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