02.03.2017
ProCredit Holding AG & Co. KGaA DE0006223407
DGAP-News: ProCredit Holding AG & Co. KGaA: EUR 50 million to benefit SMEs in Georgia as EIF and ProCredit Bank Georgia sign first InnovFin transaction
DGAP-News: ProCredit Holding AG & Co. KGaA / Key word(s): Miscellaneous
ProCredit Holding AG & Co. KGaA: EUR 50 million to benefit SMEs in Georgia
as EIF and ProCredit Bank Georgia sign first InnovFin transaction
02.03.2017 / 12:19
The issuer is solely responsible for the content of this announcement.
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Frankfurt am Main, 02.03.2017
EUR 50 million to benefit SMEs in Georgia as EIF and ProCredit Bank Georgia
sign first InnovFin transaction
The European Investment Fund (EIF) and ProCredit Bank Georgia signed an
InnovFin agreement in Luxembourg today that will benefit innovative
Georgian small and medium-sized enterprises (SMEs) and small mid-caps.
The InnovFin agreement, the first of its kind in Georgia, will enable
ProCredit Bank Georgia to provide loans to innovative companies over the
next two years with the support of a guarantee provided by the EIF and
backed by Horizon 2020, the EU Framework Programme for Research and
Innovation. The InnovFin guarantee covers 50% of each loan disbursed by
ProCredit Bank Georgia and is expected to generate a total loan portfolio
of EUR 50 million.
Carlos Moedas, European Commissioner for Research, Science and Innovation,
said: "Horizon 2020, our research and innovation programme, is open to the
world, and a productive relationship with Eastern Partnership countries
such as Georgia is an important part of our strategy. This deal takes our
cooperation with Georgia one step further. It will support Georgia's
economy, as Georgian companies can now benefit from EU-guaranteed loans to
boost their research and innovation potential".
Commenting on the signature, the EIF's Chief Executive, Pier Luigi
Gilibert, said: "I welcome the signature of this first InnovFin agreement
in Georgia. Today's agreement will enable ProCredit Bank Georgia to expand
its financing activities, which will allow innovative Georgian companies to
benefit from more attractive loans."
Alex Matua, Director of ProCredit Bank Georgia, said: "The InnovFin
programme is very important for ProCredit Bank Georgia, as it gives us the
possibility to develop further and finance the businesses that we believe
are the core of the economy. We focus on small and medium enterprises that
have innovative vision and embrace modern European standards. They are
planning their future development and we are the financial institution that
always supports them."
Borislav Kostadinov, member of the Management Board of ProCredit Holding,
added: "We are very pleased to announce that the InnovFin guarantee
agreement, which has already been successfully implemented in eight of our
banks in South Eastern and Eastern Europe, will now be introduced in
Georgia, thereby easing access to financing for innovative Georgian SMEs.
Of the amount allocated to the ProCredit group in 2016, one third has
already been utilised to support innovative companies over the course of
the year."
The aim of the InnovFin SME Guarantee is to encourage banks or other
financial institutions to lend to SMEs and small mid-caps (up to 499
employees) in need of investment and/or operating capital to finance
research, development and innovation activities, with EU financial support.
Financial institutions are being selected by the EIF following a call for
expression of interest for financial intermediaries across Europe.
About the EIF
The European Investment Fund (EIF) is part of the European Investment Bank
group. Its central mission is to support Europe's micro, small and medium-
sized businesses (SMEs) by helping them to access finance. The EIF designs
and develops venture and growth capital, guarantees and microfinance
instruments which specifically target this market segment. In this role,
the EIF fosters EU objectives in support of innovation, research and
development, entrepreneurship, growth, and employment.
About ProCredit Bank Georgia
ProCredit Bank Georgia, as a part of the ProCredit group, has been engaged
in the banking business for more than 17 years. The bank's main goal is to
finance small and medium businesses with long-term development plans. By
offering simple and accessible deposit facilities and other banking
services, and by investing substantial resources in financial education,
ProCredit Bank Georgia aims to promote a culture of saving and financial
responsibility.
ProCredit Bank Georgia carries the highest possible rating in Georgia
issued by Fitch Ratings, BB/Stable, which is one notch above the sovereign
rating (BB-/Stable). It offers its customers innovative, modern, convenient
banking services and strives to be a reliable business partner for them.
About the ProCredit group
ProCredit Holding AG & Co. KGaA, headquartered in Frankfurt am Main,
Germany, is the parent company of the international ProCredit group,
comprising banks with a focus on South Eastern and Eastern Europe that have
specialised in serving SMEs. In addition to this strong regional presence,
the group also operates in Germany and South America. The core shareholders
of ProCredit Holding AG & Co. KGaA are the strategic investors Zeitinger
Invest and ProCredit Staff Invest (comprising investment vehicles for
ProCredit staff members), the Dutch DOEN Participaties B.V., KfW and the
IFC (World Bank Group). ProCredit Holding AG & Co. KGaA is supervised, on a
consolidated basis, as the superordinated company of the ProCredit group
pursuant to the German Banking Act by the German Federal Financial
Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht,
BaFin) and by the Deutsche Bundesbank. For additional information, visit:
www.procredit-holding.com.
About InnovFin
The InnovFin SME Guarantee Facility is established under the "EU InnovFin
Finance for Innovators" initiative developed under Horizon 2020, the EU
Framework Programme for Research and Innovation. It provides guarantees and
counter-guarantees on debt financing of between EUR 25,000 and EUR 7.5
million in order to improve access to loan finance for innovative SMEs and
small mid-caps (up to 499 employees). The facility is managed by the EIF,
and is rolled out through financial intermediaries - banks and other
financial institutions - in EU Member States and Associated Countries.
Under this facility, financial intermediaries are guaranteed by the EU and
the EIF against a proportion of their losses incurred on the debt financing
covered under the facility.
Press contacts:
EIF: David Yormesor
Tel.: + 352 24 85 81 346, e-mail: [email protected]
ProCredit Bank Georgia: Natia Tkhilaishvili
Tel.: + 995 595 22 03 66, e-mail: [email protected]
ProCredit Holding: Andrea Kaufmann
Tel.: +49 69 951 437 138, e-mail: [email protected]
European Commission: Maud Noyon
Tel: + 32 229 80379, e-mail: [email protected]
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02.03.2017 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.dgap.de
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Language: English
Company: ProCredit Holding AG & Co. KGaA
Rohmerplatz 33-37
60486 Frankfurt am Main
Germany
Phone: +49-69-951437-0
Fax: +49-69-951437-168
E-mail: [email protected]
Internet: www.procredit-holding.com
ISIN: DE0006223407
WKN: 622340
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Dusseldorf, Tradegate Exchange
End of News DGAP News Service
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