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The European Bank for Reconstruction and Development (EBRD) is investing up to GEL 10 million (€3.2 million) in the debut local currency bond issuance of Nova Group, a leading Georgian producer and retailer of construction and home improvement materials.
The GEL 50 million (€16 million) bond issuance will be listed on the Georgian Stock Exchange and is expected to have a tenor of up to five years. Proceeds will be used to fund capital expenditure, meet working capital needs and refinance existing loans.
This transaction is a significant milestone for Nova and represents an important step in the development of Georgia’s domestic capital markets.
Nova, which was established in 2006 as a producer of roofing materials, has grown into one of Georgia’s leading manufacturers and retailers of construction materials.
In addition to the provision of financing, the EBRD will also help Nova to implement a corporate governance action plan. This will include measures aimed at strengthening board operations, internal controls and ethical standards, reinforcing Nova’s commitment to best practices.
This investment is aligned with the EBRD’s strategic objectives of deepening Georgia’s local capital markets, diversifying funding sources for companies and strengthening financial resilience. By supporting Nova’s inaugural bond issuance, the Bank is helping to introduce longer-tenor instruments into the market, enhance liquidity and provide a benchmark for future issuers. The transaction will also promote higher transparency and governance standards through public listing and disclosure requirements.
The EBRD is a leading institutional investor in Georgia, where it is committed to fostering sustainable private-sector growth, improving access to finance and promoting good governance. To date, the EBRD has invested more than €5.7 billion across 316 projects in Georgia’s financial, corporate, infrastructure and energy sectors. Of that investment, 84 per cent has been in the private sector.