The FINANCIAL -- The Asian Development Bank (ADB) is investing 19.5 million Georgian lari in JSC Evex Hospitals’ local currency corporate bond issuance. The proceeds of the issuance, combined with the company’s internal accrual, will refinance some of Evex Hospitals’ debt and support the company to achieve better operational efficiency, quality of services, and governance.
The total bond issuance is 50 million Georgian Lari ($17.4 million). Evex Hospitals is the leading hospital provider in Georgia and is wholly owned by the London Stock Exchange-listed Georgia Healthcare Group PLC through its subsidiary JSC Georgia Healthcare Group.
ADB Country Director for Georgia Mr. Shane Rosenthal and Evex Hospitals’ Director Mr. Giorgi Mindiashvili met at today’s signing ceremony in Tbilisi to formalize ADB’s investment.
“This investment supports Georgia’s universal health care program to provide access to better health care for Georgians,” said Mr. Rosenthal. “It also highlights ADB’s continued support for capital market development in Georgia, especially through the deepening of its corporate debt securities and local currency bond market. We are delighted to support dual efforts to develop the capital market and to invest in the country’s human capital.”
ADB has supported Georgia since 2007 and is one of the country’s largest multilateral development partners. To date, ADB’s sovereign and nonsovereign loans to Georgia total about $3.5 billion, including in capital market development. In November 2019, ADB raised 85.05 million Georgian lari from its first Georgian lari-denominated offshore bond issuance.
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. In 2018, it made commitments of new loans and grants amounting to $21.6 billion. Established in 1966, it is owned by 68 members—49 from the region.