BasisBank acquires new partner and receives 10,000,000 EUR credit line from the European Fund for Southeast Europe (EFSE) as a first joint project to support housing finance.
The European Fund for Southeast Europe (EFSE) has provided a local currency loan equivalent to EUR 10 million to BasisBank, Georgia for on-lending to Georgian households for home purchase and improvement. The collaboration was confirmed at an EFSE signing ceremony celebrating “The Power of Local Currency Financing” in Chișinău, Moldova, on 10 October.
EFSE Board Chairman Christoph Tiskens said: “We are proud to welcome BasisBank to the EFSE family of partner institutions. For nearly 15 years, EFSE has been providing the resources for people to invest in their future in Southeast Europe and the Eastern Neighbourhood Region, including Georgia. This impact is made possible through cooperation with on-the-ground partners like BasisBank, whose local market expertise and responsible business approach allow us to channel funding to those who need it.”
David Tsaava, General Director of BasisBank, commented: “We are happy to partner with EFSE and support sustainable housing finance in Georgia. EFSE’s assistance and expertise will enable BasisBank to enhance its contribution to sustainable housing funding and development. It is especially remarkable for us, as it is a first joint project with our new partner EFSE that aims to encourage our retail clients to improve their living conditions through home purchase and improvement. Another advantage of our partnership with EFSE is that the facility will be offered in local currency, proving to be beneficial for both our customers and the country’s economy. We believe that our cooperation with EFSE will be successful and long-lasting.”