JSC Liberty Bank announces changes in senior management team
JSC Liberty Bank announces the appointment of Mr. George Gvazava as acting Chief Risk Officer effective 3rd of June, 2022. Mr. Gvazava will take over from Mr. Abashidze.
Mr. George Gvazavais finance professional with extensive experience in banking and risk management.
Mr. Gvazava has a successful track record of working with the leading financial institutions in Georgia for more than 15 years. Mr. Gvazava started as a Credit Analyst at VTB Bank Georgia and since then held various management and top management positions. Prior to joining JSC Liberty Bank, Mr. Gvazava was the Head of Risk Department at VTB Bank Georgia.
Mr. Gvazava holds an MBA degree from Edinburgh Business School (EBS).
EU4Environment supports Georgia in strengthening waste management policy
The Georgian government has amended its national waste management strategy and approved a new action plan, boosting the scope and ambition of the country’s policies in managing waste.
The update to the National Waste Management Strategy and the preparation of the New National Action Plan were formally approved this month, and were achieved with technical support from the EU-funded EU4Environment Programme.
The amended National Waste Management Strategy 2016-2030 aims to define the waste management policy and goals at the national level for 15 years and seeks to ensure the best international experience in the process of developing a waste management system in Georgia, through gradual convergence with the goals and objectives of the European waste management policy.
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GLOBALink | Vlog: what's life like under closed-off management in Shanghai
Shanghai has been working hard to boost the supply of daily necessities for people under restrictions due to a resurgence of COVID-19. Xinhua's Li Shuting paid a visit to an elderly couple, to see what their life is like.
Produced by Xinhua Global Service
Team Europe: EIB immediate Covid-19 response support to the Georgian MSME sector reaches milestone with additional support to Liberty Bank
- The EU bank will extend Covid-measures to the existing credit line at the Liberty Bank for a total of €17.5 million, including a €2.5 million multi-currency top-up.
- Loan reinforces Team Europe support for the recovery of Georgian MSMEs from the COVID-19 pandemic as well as sustains jobs, maintains liquidity and operations, and fuels the economic recovery of Georgia.
- In 2020 alone, EIB provided €70 million to support faster recovery of Georgian businesses from COVID-19 pandemic
The European Investment Bank (EIB), the lending arm of the European Union, and Liberty Bank agreed to expand an existing credit line for Georgian micro, small and medium-sized enterprises (MSMEs) with additional €2.5 million to a total of €17.5 million. With this signature, the EIBs total Covid-19 immediate response comprises additional lending exceeding € 70 million, and existing loans benefiting from Covid measures exceeding € 90 million.
The EIB loans inject fresh capital into the national financial market at a time when the COVID-19 pandemic is burdening SMEs with liquidity issues and restricting their ability to access finance for maintaining daily operations or funding expansion plans.
The loan agreement was signed in presence Charles Michel, the President of the European Council.
Please find the video materials here: https://we.tl/t-HjPiBizZZK
EIB President Werner Hoyer, said: “Team Europe and the EIB will continue to build up our support for the Georgian MSMEs and fuel the economic and social recovery of the national economy from COVID-19. Last year alone we boosted Georgian recovery from COVID-19 with EUR 170 – 70 million in new lending for MSMES, and 100 million for the reinforcement of the national healthcare sector`s ability to deal with the pandemic. Today, the EIB increased both the amount and the attractiveness of our loans available to MSMEs, as this is the first loan the EU Bank provides to a counterpart in Georgia in local currency. We look forward maintaining our position as the trusted ally of the Republic of Georgia and a key source of support for sustainable social and economic development.”
CEO of Liberty Bank Vasil Khodeli commented: “I would like to thank EIB and the EU for their continuous support and the confidence they have shown in Liberty Bank. Thanks to the increased loan amount, Liberty Bank will unlock significant additional lending for MSMEs in Georgia. The coronavirus has hit MSMEs very hard and this facility will provide much needed support for our clients to overcome short-term liquidity shortages, maintain jobs and support economic recovery in the upcoming months. The additional multi-currency facility equivalent to GEL 10 million includes the possibility to make financing available in local currency, which provides us with greater flexibility to finance and support wider range of MSME businesses in Georgia. This is also a further sign of our commitment to help businesses of all sizes to get through the turbulent times.”
Further increasing affordability of EIB loans
The loan introduces the option to make funding available in synthetic lari, Georgia’s national currency, and increases the affordability of the loans for MSMEs. The expansion will help Georgian MSMEs sustain jobs, maintain liquidity to continue operations, and fuel the economic recovery of Georgia from the COVID-19 pandemic.
The investment from the EU bank forms part of the EIB’s SME Outreach Initiative, which promotes access to finance for MSMEs by supporting smaller local banks to better service their clients. MSMEs are the backbone of the Georgian economy and major employers in the country. The loan expansion comes with a €450,000 in technical assistance to support Liberty Bank improve and expand its offer for MSMEs.
Team Europe adds value for Georgian companies
Covered by a guarantee from the European Union, the loan from the EU bank will enable increase in lending activities to MSMEs without jeopardising the long-term stability of the country’s financial sector or its ability to support the economic recovery from the pandemic in the long term.
This credit line comes with increase attractiveness to SMEs benefiting from the more flexible lending terms enabled by the EIB’s COVID-19 emergency measures. These measures are extended as part of the Team Europe’s efforts to Georgia and other EU partner countries during the pandemic.
To date, the EU bank has invested more than €290 million in credit lines for Georgian businesses, sustaining more than 54,000 jobs in the country.
About the EIB:
The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals.
The EIB in Georgia:
The EU Bank has been supporting economic and social development of Georgia since in 2007, providing to date some EUR 1.85 billion to local economy. The EU Bank activities in the country supported key infrastructure projects (EUR 1bn), MSMEs and mid-caps (EUR 290m), Municipal infrastructure (EUR 280m) and green energy generation projects (EUR 23.5m). COVID-19 recovery activities in 2020 totalled EUR 170m.
Georgia is among a few non-EU countries eligible to benefit from the European Investment Fund (EIF) operations, designed to support small and medium enterprises (SMEs) with risk-sharing instruments. Today, the EIB Group portfolio of guarantees in Georgia cover EUR 382.9 million of SMEs loans.
The EIB finances most projects in Georgia under the EU External Lending Mandate. This provides the EIB with a guarantee covered by the EU budget for projects in the fields of social and economic infrastructure, local private sector development and climate action. Projects may also benefit from EU grants made available under the DCFTA program funded by the NIP, which amongst others promotes EIB’s efforts to make funding available in local currency.
About JSC Liberty Bank:
Liberty Bank is one of the largest Banks in Georgia, with total Assets of over GEL 2 bln and Capital GEL 200 mln. The Bank operates the largest branch network comprised of over 360 branches and 570 ATMs. The Bank is the exclusive agent of the Government of Georgia for the distribution of pensions and social benefits. The Bank employs over 4600 employees serving over 1.7 mln customers.
For more information on the EIB’s activities in Georgia please follow: https://www.eib.org/en/publications/the-european-investment-bank-in-georgia
Source: The EU Press Release
JSC Liberty Bank signed a Memorandum of Understanding with the United Nations Population Fund
The purpose of this MoU is to provide a framework of cooperation and facilitate collaboration between Liberty and UNFPA in areas of common interest – to promote healthy and active ageing and gender equality in Georgia. This cooperation considers the following areas of activity:
- Liberty Bank will partner with UNFPA Georgia Country Office to inform older people about COVID-19 and disseminate relevant materials among the older people across the country. UNFPA Georgia and Liberty Bank will also conduct a joint campaign to raise awareness on COVID-19 among older people, their family members and caregivers;
- Liberty Bank will support “60+ clubs for healthy and active life”, initiated by UNFPA Georgia in partnership with local municipalities and NGOs.
- UNFPA Georgia and Liberty Bank will explore opportunities to promote gender equality and empowerment of women and girls in Georgia.
“I am extremely proud of this new partnership, which reinforces Liberty’s commitment to the safety of older population in Georgia and also, prevention and raising awareness regarding Covid-19.” said Vasil Khodeli, the CEO of Liberty Bank, “For the past few years, at Liberty we have been continuously creating special spaces and events for 60+ population through various educational and entertainment programs offline and online. Today, we are excited to greet UNFPA as our partners and join the forces towards promoting the importance of healthy and active life for elderly as well as explore the opportunities to promote gender equality and empowerment of women in Georgia.”
“We at the UNFPA see huge potential in this partnership with the Liberty Bank,” said Lela Bakradze, Head of the UNFPA Georgia Country Office, “Promoting healthy and active ageing and gender equality will help the country to progress towards achieving sustainable development. It is very important to partner with Liberty Bank – a company which shares our values and is ready to invest in the better lives of senior citizens, women and adolescent girls in Georgia. We believe that our cooperation will be a new step towards building more equal society where no one will be left behind.”
The Government of Georgia thanks Liberty Bank for a very timely and correct decision, given the current situation in the country
The Government of Georgia thanks Liberty Bank for a very timely and correct decision, given the current situation in the country.
The Government of Georgia - in cooperation with Liberty Bank - decided to provide pension recipients of all ages without exception with pension payments for the month of April in advance, in order to prevent the spread of the coronavirus in the country. The government has already allocated the relevant funds from the state budget.
Pensions will also be issued using different regulations in order to prevent the spread of the virus. Specifically, receiving pension payments in cash will only be possible in accordance with the schedule that was announced by Liberty Bank in advance. However, pensioners will be able to use the funds available on their accounts at retail outlets - pharmacies or stores, as well as for the payment of utility bills, as soon as the funds are transferred, i.e., from 28 March.
Citizens should visit www.myliberty.ge or call the relevant phone number (032 208 from a cell phone, or 208 from a landline) to view the schedule for the payment of pensions in cash.
The Government of Georgia is urging pensioners to take care of their health and avoid standing in line at the bank to make cash withdrawals as today, plastic cards can be used to pay for virtually all services. And if they wish to receive their pensions in cash, it is essential that they maintain social distance while standing in line.
Several days ago, Liberty Bank allocated 100 million GEL to provide pensioners over the age of 70 with pensions for the month of April in advance, and it did so on its own initiative and using its own resources. The purpose of the initiative was to protect people in the highest risk group - those over the age of 70 - from the increased threat posed by the virus, in particular by reducing their need to go to the bank and maximizing the distribution of the flow of citizens.
Press Service of the Government Administration