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. Last Updated: 07/27/2016

$10M Loan in Georgia

n LONDON -- The European Bank for Reconstruction and Development said it was providing a $10 million loan and equity investment package to United Georgia Bank, the largest in the former Soviet republic.

The EBRD said Thursday it is also extending a $2 million medium-term loan to Georgia's Intellect Bank as part of a $12 million small- and medium-sized enterprises credit line signed last December.

"The EBRD aims to stimulate interest among the international banking community in developing business with Georgian banks and their clients," Pierre Mellinger, co-director of the EBRD's financial institutions team, said in a statement.