Business
TBC and EBRD Sign a USD 20 million Loan Agreement
TBC and EBRD Sign a USD 20 million Loan Agreement.
About this update from Tbc Bank Group Plc
[{"type":"text","content":"\n\nTBC and EBRD Sign a USD 20 million Loan Agreement\n \nTBC Bank Group PLC (\"TBC PLC\") announces that its subsidiary, JSC TBC Bank (\"TBC Bank\"), has signed a loan agreement in the amount of USD 20 million with the European Bank for Reconstruction and Development (\"EBRD\"). The facility is available for disbursement in two currencies, including Georgian Lari, thereby improving access to increasing demand for local currency funding. The loan is part of the EBRD's Women in Business (WiB) programme and is supported by the European Union and Sweden.\n \nThe project will promote women's entrepreneurship and more broadly women's participation in the economy by alleviating gender gaps in access to finance. The first loss risk cover available under the WiB loan, will enable TBC to further enhance financing of female borrowers whose borrowing capacity might be hindered by shortage of collateral. Moreover, women entrepreneurs will be able to benefit from the advisory services, mentoring, and trainings available under the advisory service framework of WIB project. The European Union is further supporting the loan under its European Fund for Sustainable Development Plus (EFSD+) guarantee programme, which is designed to empower MSMEs, fostering their competitiveness and growth.\n \nFrancis Malige, EBRD Managing Director for Financial Institutions, said: \"Building an inclusive and sustainable economy remains one of the EBRD's priorities, and women entrepreneurs are an important driver of economic growth in Georgia. With today's signing, we look forward to seeing more female leaders bringing their business ideas to life, and would like to thank TBC Bank, the European Union and Sweden, for their ongoing partnership.''\n \nLawrence Meredith, EU Director for Eastern Neighbourhood and Institution Building, said: \"For the first time, a synergy of EU financial instruments and technical assistance - through our EFSD+ guarantees and the Women in Business programme - will play a pivotal role in boosting lending to women-led MSMEs in Georgia. This unique operation consolidates the existing EU support for female entrepreneurship and gender equality in the Eastern Partnership region and allows us to further deliver on our Economic and Investment Plan in Georgia.\"\n \nGiorgi Megrelishvili, CFO of JSC TBC Bank, ...