TBC and Proparco sign a USD 50 million loan agreement to support SMEs in Georgia
TBC Bank Group PLC ("TBC PLC") announces that its subsidiary, JSC TBC Bank ("TBC Bank"), has signed a loan agreement in the amount of USD 50 million with Proparco. The facility will finance investments and the working capital needs of Georgian small and medium-sized businesses (SMEs).
TBC Bank being the number one player and contributor in all segments offering diversified product range to businesses, including SME, this facility will enable to further support this segment and strengthen its position on the market. This transaction further reinforces partnership between Proparco and TBC Bank.
Vakhtang Butskhrikidze, CEO, TBC Bank, commented:
"We are delighted to continue and further strengthen our cooperation with Propacro. This transaction reflects both institutions' strong commitment to support, small and medium-sized enterprises (SMEs) in Georgia, one the most important contributors to economic growth and job creation in the country. This is our second co-operation and we look forward to working with Propacro on many more successful deals in the future."
Stéphane Froissardey, Regional Director for Turkey, Caucasus, Central Asia, Balkans and Eastern Europe:
"We are glad to renew our collaboration to support the Georgian SME sector, through a credit facility that will be 100% on-lent by TBC to its SME clients! It will support and encourage the bank's strategy towards SMEs, and strengthen the partnership started between our institutions 10 years ago.
About Proparco
Proparco is the private sector financing arm of Agence Française de Développement Group (AFD Group). It has been promoting sustainable economic, social and environmental development for over 40 years. Proparco provides funding and support to both businesses and financial institutions in Africa, Asia, Latin America and the Middle-East. Its action focuses on the key development sectors: infrastructure, mainly for renewable energies, agribusiness, financial institutions, health and education.
Its operations aim to strengthen the contribution of private players to the achievement of the Sustainable Development Goals (SDGs) adopted by the international community in 2015. To this end, Proparco finances companies whose activity contributes to creating jobs and decent incomes, providing essential goods and services and combating climate change. For a World in Common.
For further information: http://www.proparco.fr and @Proparco
For further enquiries, please contact:
Director of International Media and Investor Relations
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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 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 38.4% of customer loans and 40.1% of customer deposits as of 30 September 2021, according to data published by the National Bank of Georgia.
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