Business
TBC and EBRD sign a EUR 25 million loan agreement
TBC and EBRD sign a EUR 25 million loan agreement.
About this update from Tbc Bank Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 8299P\n TBC Bank Group PLC\n 21 October 2021\n \n \n \n \n TBC and EBRD sign a EUR 25 million equivalent in GEL 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 EUR 25 million equivalent in GEL with the European Bank for Reconstruction and Development (\"EBRD\"). The facility is a joint financial instrument of the EBRD and the European Union (\"EU\") under its EU4Business initiative and is available for financing sustainable investments in technology and equipment.\n \n \n \n \n \n This funding will enable TBC Bank to finance long-term investments by Georgian SMEs in upgrading their products and services in line with EU standards and thereby enhance their competitiveness on local as well as international markets. Facility is complemented with EU grants and a free technical assistance that will further support SMEs to successfully implement their investments.\n \n \n \n \n \n Vakhtang Butskhrikidze, CEO, TBC Bank, commented: \n \n \n I would like to express my gratitude to the EBRD and the EU for their continuous support and successful partnership. The EU4Business-EBRD credit line has great importance for our country's economy, as it enables local businesses to benefit from the opportunities offered by the Deep and Comprehensive Free Trade Area (\"DCFTA\") between Georgia and the EU. In addition, by providing local currency funding, the EBRD helps to reduce our dependence on borrowing in foreign currencies, thus protecting business owners from direct exposure to exchange rate risk.\n \n \n \n \n \n \n About the EBRD\n \n \n \n The EBRD is a leading institutional investor in Georgia. Since the start of its operations there, the Bank has invested more than €4 billion in 265 projects in the financial, corporate, infrastructure and energy sectors, with 79 per cent of these investments in the private sector.\n \n \n \n \n \n About the EU\n \n \n The EU has been supporting SMEs in Georgia through the EU4Business initiative since 2009. With almost 50 different projects active with a total budget of more than €320 million, the EU is the largest foreign supporter of private-sector development in Georgia. These efforts are bringing results - in 2019 ...