The National Bank of Georgia’s Governor, Natia Turnava, spoke at an event marking microfinance organisation Rico Express’s GEL 200 million bond issuance under the State Capital Market Development Program, highlighting corporate bonds as an increasingly important alternative financing channel. In her remarks, she said total corporate bond issuance in 2025 had exceeded GEL 1.5 billion. Rico Express’s issuance was carried out within the Capital Market Support State Program implemented by licensed brokerage company Forsyth Brokers and Enterprise Georgia (Ministry of Economy and Sustainable Development). The proceeds are intended to refinance GEL 130 million of bonds issued in 2023 and to expand the firm’s loan portfolio; the placement was described as one of the largest lari-denominated issues in Georgia’s capital market and executed with support from Forsyth, which is independent from commercial banks. First Vice Governor Ekaterine Mikabadze also participated in a panel discussion on the importance of alternative financing sources for Georgian businesses. Turnava said additional corporate bond placements were expected by the end of 2025.
National Bank of Georgia 2025-12-17
National Bank of Georgia reports 2025 corporate bond issuance above GEL 1.5 billion as Rico Express places GEL 200 million
Governor Natia Turnava of the National Bank of Georgia emphasized corporate bonds' role in alternative financing at Rico Express’s GEL 200 million bond issuance event. Part of the State Capital Market Development Program, the issuance aims to refinance GEL 130 million of 2023 bonds and expand the loan portfolio. Turnava noted total corporate bond issuance in 2025 surpassed GEL 1.5 billion, with more placements expected by year-end.