Tbilisi, 25 September 2019 - Today, the Overseas Private Investment Corporation (OPIC), the U.S. Government’s development finance institution, signed a Commitment Letter to provide USD 15 mln in financing to JSC Liberty Bank. The financing will be used to upgrade Liberty Bank’s infrastructure, including the roll-out of approximately 500 state-of-the-art ATMs. This project is part of Liberty Bank’s ongoing strategy to become a leading full-service Bank in Georgia.
Following the change of ownership in Liberty Bank in 2017, the new management has embarked on an aggressive business transformation strategy. Key pillars of Liberty Bank’s new targets include:
• Investing in the training of people to provide the best possible client services;
• Promoting a customer-focused business model to improve retail, MSME and Corporate customer needs;
• Building strong international partnerships to promote best business practices in Georgia.
The new management believes that Liberty Bank is well-positioned to promote financial inclusion across the country, given its unparalleled coverage of Georgia that extends to even the most remote locations of the country.
Levan Lekishvili, acting CEO of Liberty Bank said: “We are delighted to have an opportunity of working with Overseas Private Investment Corporation. This is a major milestone in the development of Liberty Bank and a very strong incentive for the management team to deliver on our stated business objectives. Roll out of these ATM’s will give our customers access to digital banking experience to address their daily banking needs on a 24/7 basis, 365 days’ a year.”
Irakli Rukhadze, Chairman of the Board of Liberty Bank said: “I would like to thank OPIC for the confidence it has shown in Liberty Bank. I would also like to thank our management team for the effort they have exerted towards making this transaction a success. The successful implementation of this project will greatly contribute to the continuing development of modern and competitive financial systems in Georgia.”
Kenneth Angell, OPIC Managing Director, said: ”OPIC is proud to partner with Liberty Bank to advance financial inclusion in Georgia. By supporting the expansion of important financial infrastructure, OPIC’s loan will help make formal financial services more accessible for SMEs and underbanked populations.”
The signing ceremony was attended by Chargé d'affaires Elizabeth Rood which highlights the continued support of the Government of the United States for Georgia’s economic growth.
The Overseas Private Investment Corporation (OPIC) is a self-sustaining U.S. Government agency that helps American businesses invest in emerging markets. Established in 1971, OPIC provides businesses with the tools to manage the risks associated with foreign direct investment, fosters economic development in emerging market countries, and advances U.S. foreign policy and national security priorities. OPIC helps American businesses gain footholds in new markets, catalyzes new revenues and contributes to jobs and growth opportunities both at home and abroad. OPIC fulfills its mission by providing businesses with financing, political risk insurance, and advocacy and by partnering with private equity fund managers.
OPIC services are available to new and expanding businesses planning to invest in more than 160 countries worldwide. Because OPIC charges market-based fees for its products, it operates on a self-sustaining basis at no net cost to taxpayers. All OPIC projects must adhere to the best international practices and cannot cause job loss in the United States.