Business
TBC and AIIB Sign a US$ 100 million loan agreement
TBC and AIIB Sign a US$ 100 million loan agreement.
About this update from Tbc Bank Group Plc
[{"type":"text","content":"\n \n \n TBC Bank and AIIB Sign a US$ 100 million loan agreement\n \n \n \n \n \n TBC Bank Group PLC (\"TBC PLC\") announces that its subsidiary, JSC TBC Bank (\"TBC Bank\"), has signed a loan agreement in the amount of US$ 100 million with Asian Infrastructure Investment Bank (\"AIIB\"), marking AIIB's first ever transaction with a commercial bank in Georgia. The entire facility is available for disbursement in two currencies, including Georgian Lari, thereby improving access to increasing demand for local currency funding.\nThis facility is designated to finance the business activities of local entrepreneurs, primarily working capital needs and medium-term investments of borrowers, promoting their sustainable economic development. In addition, local currency financing will help to reduce dependence on foreign currency borrowings, protecting business owners from direct exposure to exchange rate risk.\n \n \n \n \n \n \n \n \n Mr. Vakhtang Butskhrikidze, CEO, TBC Bank, commented:\n \n \n \n \"We are proud to have completed this inaugural transaction and become the first partner financial institution for AIIB in Georgia. The availability of local currency financing is very important to support the de-dollarization of the Georgian economy and provide the most popular financial products to our business customers, thereby supporting economic growth and job creation in the country. This transaction reflects both institutions' commitment to launching a successful cooperation and we look forward to more years of productive partnership. \"\n \n \n \n \n \n \n Mr. Konstantin Limitovskiy, Vice President Investment Operations, AIIB, commented:\n \n \n \n \n \"\n \n This transaction, which falls under AIIB's Covid-19 Recovery Facility, exemplifies our commitment to adapt and innovate in support of our clients. For the first time, AIIB will provide a medium term loan in Georgian Lari (GEL). GEL financing will address the scarcity of local currency funding in the market and support the economic resilience of SMEs.\n \n \n We are pleased to establish a partnership with TBC Bank, the leading bank in Georgia with a well-earned reputation for excellence in SME finance. AIIB continues to support the real economy in Georgia to maintain recovery momentum. This transaction marks the beginning of a long and mutually beneficial relati...