The Business Association of Georgia Congratulates Member Companies Foresight and Rico Express on Successful Cooperation and Issuance of 200 Million GEL in Bonds

17 Dec '25

With the support of Foresight, under the state Capital Market Support Program, Rico Express issued GEL 200 million worth of bonds.

Under the state Capital Market Support Program of the Enterprise Georgia agency (Ministry of Economy and Sustainable Development of Georgia) and Foresight Brokers, a brokerage firm licensed by the National Bank of Georgia, the microfinance organization Rico Express carried out a GEL 200,000,000 bond issuance.

The purpose of the issuance is to refinance the GEL 130 million bonds issued in 2023 and to expand the portfolio. Rico Express bonds are 80% secured by a credit portfolio, have a 5-year maturity, and carry an interest rate set at TIBR + 3%.

Rico Express’s GEL 200 million issuance, executed with the support of Foresight - a financial institution fully independent from commercial banks - is one of the largest GEL-denominated issuances on the Georgian capital market. It is worth noting that this successfully executed issuance by Foresight holds special significance for diversifying the financial market and increasing access to alternative sources of financing.

Currently, Rico Express is the No. 1 microfinance organization in Georgia in terms of portfolio and capital. According to Q4 2025 data, the company's assets reached GEL 1 billion. Rico Express operates 70 branches across Georgia, serving nearly 2.5 million customers.

"We are delighted that through the cooperation of our member companies, Foresight and Rico Express, one of the largest GEL-denominated issuances for Georgia’s capital market was accomplished. This transaction clearly demonstrates that the local capital market is gradually assuming an important role as an alternative financing source, which promotes the diversification of the financial sector and the sustainable development of the private sector-ultimately yielding a distinctly positive impact on our country's economy," stated Levan Vepkhvadze, Executive Director of the Business Association of Georgia.

As a reminder, the Foresight group includes both the licensed brokerage firm Foresight Brokers and the licensed asset management company Foresight Investment Group. Foresight offers clients a diverse range of investment products as well as services related to securities. Furthermore, Foresight is the first financial institution to manage the first and currently only retail (authorized) investment fund in Georgia, the "Foresight GEL Fund."