Source - Alliance News

TBC Bank Group PLC on Monday said it signed a €70 million loan agreement with the European Investment Bank, dedicated to financing small and medium-sized enterprises and mid-caps in Georgia.

The financial services firm in Georgia and Uzbekistan said the financing would have a special focus on climate-related investments and female entrepreneurs.

It also said the facility would be complemented by support under the ’Greening the Financial Systems’ technical assistance programme, funded by the German government’s ’International Climate Initiative’ scheme.

‘We are proud to have built such a successful relationship with the EIB, spanning already over a decade. Completion of this benchmark transaction is another testament to the well-established, strong partnership between our organizations and our shared values to promote sustainable development of Georgian economy,’ said JSC TBC Bank Chief Executive Officer Vakhtang Butskhrikidze.

‘The facility will enable TBC to continue supporting Georgian SMEs, by providing more affordable, long-term financing, aiming to stimulate economic growth and job creation; moreover, the special focus on climate related investments and female entrepreneurs will improve the sustainable business environment in the country.’

EIB Vice-President Teresa Czerwinska, responsible for its activities in Georgia, commented: ‘The EIB is pleased to support Georgian SMEs with this innovative loan intermediated through one of Georgia’s leading banks, TBC Bank. It is innovative because a substantial portion of the loan is specifically allocated to green and inclusive finance focusing on gender equality.

‘The commitment to supporting small businesses, coupled with a strong focus on green and inclusive financing in very close cooperation with the EU, aligns seamlessly with the priorities of the EIB.’

Shares in TBC Bank were flat at 2,795.00 pence each in London late Monday.

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