Business
TBC and EFSE sign a USD 10 million loan agreement
TBC and EFSE sign a USD 10 million loan agreement.
About this update from Tbc Bank Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 1435Q\n TBC Bank Group PLC\n 25 October 2021\n \n \n \n \n TBC and EFSE sign a USD 10 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 USD 10 million equivalent in GEL with The European Fund for Southeast Europe (EFSE). The facility will finance investments and the working capital needs of Georgian micro small and medium-sized businesses (MSMEs).\n \n \n \n \n \n Vakhtang Butskhrikidze, CEO, TBC Bank, commented: \n \n \n \"We are delighted to continue our trusted and successful partnership with EFSE. This facility is further testimony to our efforts to support micro, small and medium-sized enterprises (MSMEs) in rural and urban areas in Georgia and provide financing for local currency loans, which are in high demand. This transaction reflects both institutions' commitment to continue cooperation and we look forward to more years of productive partnership.\"\n \n \n \n \n \n \n EFSE Board Chairperson Klaus Müller said\n \n :\n \n \n \"We are proud to strengthen our longstanding partnership with TBC Bank. Their strong performance and, especially, their resilience throughout the recent health crisis have been very impressive. I am particularly pleased to note that EFSE's investment will contribute to reducing the MSME finance gap. Facilitating access to underserved groups is core to EFSE, and TBC Bank is a perfect example of what can be achieved at the most micro level while positively impacting the whole economy.\"\n \n \n \n \n \n About EFSE\n \n \n An impact investment fund established in 2005, the European Fund for Southeast Europe (EFSE) aims to foster economic development and prosperity in Southeast Europe and the Eastern Neighbourhood Region by investing in the success of micro and small enterprises as well as improved living conditions for private households. As access to financial services is key to developing this segment, EFSE focuses on helping local financial sectors strengthen their ability to provide responsible financing to this target group. Alongside its investment activities through local partners, EFSE multiplies its impact through the EFSE Development Facility, which provides technical assistance, training, and ...