TBC Bank and EIB sign a EUR 25 million credit line expansion agreement
TBC Bank Group PLC ("TBC PLC") announces that its subsidiary, JSC TBC Bank ("TBC Bank") and the European Investment Bank ("EIB") have signed an agreement to expand the existing credit line facility of EUR 56 million by additional EUR 25 million. This seven-year loan facility will be primarily used to support the recovery of small and medium size enterprises affected by the COVID-19 pandemic. The funds can be disbursed either in EUR, USD or synthetic GEL, based on our funding needs.
Vakhtang Butskhrikidze, CEO of TBC Bank, commented:
"We are proud to have an impressive track record of successful cooperation with EIB spanning more than eight years, which is a testament to our truly efficient working relationship. EIB continued to stand by our side during these difficult times and extended much needed support to Georgian SMEs, which were affected the most by the COVID-19 pandemic."
EIB Vice-President Teresa Czerwińska, who is in charge of operations in Georgia, commented:
"As the bank of the European Union, we are proud to be bolstering Georgia and its economy in this hour of need. The EIB financing will support both Georgian SMEs and the country's financial sector so that they can continue to operate despite the pandemic and drive the Georgian economy forward. Together with our partners in the country's public and private sector, we look forward to building a prosperous and sustainable future for Georgia."
The European Investment Bank (EIB) is the European Union's bank. It is the long-term lending institution of the EU and is the only bank owned by and representing the interests of the European Union Member States. It makes long-term finance available for sound investments in order to contribute towards EU policy goals. The EIB works closely with other EU institutions to implement EU policy.
As the largest multilateral borrower and lender by volume, the EIB provides finance and expertise for sound and sustainable investment projects, which contribute to furthering EU policy objectives. More than 10% of EIB activity supports the EU's external and development policies, while the rest is focused on Europe.
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About TBC Bank Group PLC ("TBC PLC")
TBC Bank Group PLC ("TBC PLC") is a public limited company registered in England and Wales. TBC PLC is the parent company of JSC TBC Bank ("TBC Bank") and a group of companies that principally operate in Georgia in the financial sector and other closely related fields. TBC PLC also recently expanded its operations in Uzbekistan. TBC PLC is listed on the London Stock Exchange under the symbol TBCG and is a constituent of the FTSE 250 Index. It is also a member of the FTSE4Good Index Series and the MSCI United Kingdom Small Cap Index.
TBC Bank, together with its subsidiaries, is a leading universal banking group in Georgia, with a total market share of 39.3% of loans and 38.3% of non-banking deposits as of 30 September 2020, according to data published by the National Bank of Georgia.