Home News EBRD to open $3M credit line to Bazisbank

EBRD to open $3M credit line to Bazisbank


European Bank for Reconstruction and Development (EBRD) plans to open credit line of $3 million to the bank. Agreement should be signed at the end of the month, during EBRD representatives visit in Georgia.

This is the first credit line from EBRD, Bazisbank mentions. Until now, the bank has received $1 million from World Bank. EBRD credit covers 5-year period and should be used for small and middle business.

Among other news is Visa credit card emission with Geocell, local mobile operator. It will be available to obtain free 30-day credit; annual interest will make up 10% in case of longer term. Cardholder will be granted with free minutes on mobile calls as a bonus.

As for Bazisbanks financial highlights, in the 1st quarter of 2007 net profit made up 1.06 million lari, which is 5 times more than last years same showings and places the bank on the 7th place in banking sector. Net profit totaled up to 2.3 million lari in 2006.

Total assets increased by 1.8% in January-March and made up 81.03 million

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