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TBC and EBRD sign a $23 mln GEL loan agreement
TBC and EBRD sign a $23 mln GEL loan agreement.
About this update from Tbc Bank Group Plc
[{"type":"text","content":"\n \nRNS Number : 1623Y TBC Bank Group PLC 27 December 2019 \n\nTBC and EBRD sign a $23 million equivalent in GEL loan agreement\n \nTBC Bank Group PLC (\"TBC PLC\") today (26th December) announces that its subsidiary, JSC TBC Bank (\"TBC Bank\"), has signed three loan agreements totaling USD 23 million equivalent in Georgian Lari (GEL) with the European Bank for Reconstruction and Development (EBRD). Funding will be available for investments in green technology, especially in climate adaptation and mitigation technologies. The financial package includes a comprehensive technical advisory package, co-financed by the Green Climate Fund (GCF) and supported by the Austrian Federal Ministry of Finance, which will help to originate and verify green investment opportunities.\nPossible investments include technologies such as thermal insulation, photovoltaic solar panels, geothermal heat pumps and water efficient irrigation systems. Businesses can identify typical green technologies available in Georgia through the GEFF consultants.\nVakhtang Butskhrikidze, CEO, TBC Bank, commented: \n“We have worked closely with EBRD for two decades. Over the last twenty years of very successful cooperation, EBRD has provided support to TBC Bank through numerous debt facilities, technical assistance programs and equity investments. Local currency funding is especially important for the Georgian financial sector as it allows for the reduction of dependence upon borrowing in foreign currencies and protects business owners and households from direct exposure to exchange rate risks. With these loans, TBC will further contribute to the positive development of its clients in various sectors of the economy, boosting job-creation and bringing long-lasting benefits to Georgia.”\nCatarina Bjorlin Hansen, EBRD Regional Director for Caucasus said: \n\"Improving access to green finance is one of our key priorities in Georgia. TBC Bank has a strong client base that can better reach out to private sector players both in the capital and in the regions. Energy is a significant cost component for companies and households and these investments can help firms and residents to significantly reduce their energy consumption, therefore become more competitive.\"\nAbout EBRD\nThe EBRD is a leading institutional investor in Georgia. Since the start of its ...