The Governor of the National Bank of Georgia, Natia Turnava, participated in an event dedicated to the issuance of GEL 200 million in bonds by the microfinance organization Rico Express, held within the framework of the State Capital Market Development Program.

Within the Capital Market Support State Program implemented by the licensed brokerage company Forsyth Brokers and the Agency Enterprise Georgia of the Ministry of Economy and Sustainable Development of Georgia, Rico Express carried out a GEL 200 million bond issuance. The purpose of the issuance is to refinance GEL 130 million in bonds issued in 2023 and to expand the company’s loan portfolio. This issuance represents one of the largest lari-denominated placements in Georgia’s capital market and was executed with the support of Forsyth, a financial institution fully independent from commercial banks.

At the event, Natia Turnava spoke about the importance of corporate bonds and emphasized that the capital market is increasingly emerging as a significant alternative source of financing.

“The issuance of corporate bonds enables companies to improve liquidity, expand their portfolios, and further develop their operations. This clearly demonstrates that Georgia’s capital market is evolving. The current year has been particularly successful. The total volume of corporate bonds issued this year has exceeded GEL 1.5 billion, and several more placements are expected by the end of the year,” stated the Governor of the National Bank of Georgia.

As part of the event, a panel discussion was also held, during which the First Vice Governor of the National Bank of Georgia, Ekaterine Mikabadze, addressed the importance of alternative financing sources for Georgian businesses.

Rico Express is currently one of the largest participants in the microfinance sector. According to data from the fourth quarter of 2025, the company’s assets amount to GEL 1 billion. The company operates 70 branches nationwide and serves customers throughout Georgia.

The State Capital Market Support Program aims to expand access to non-bank financing sources and to promote the sustainable development of the financial market.