Business
TBC Bank signs USD 55mn loan agreement with FMO
TBC Bank signs USD 55mn loan agreement with FMO.
About this update from Tbc Bank Group Plc
[{"type":"text","content":"\n \nRNS Number : 5182S TBC Bank Group PLC 21 December 2016 \n\nTBC Bank signs two loan agreements with FMO\nTBC Bank Group PLC announces that its subsidiary, JSC TBC Bank (\"TBC Bank\"), has signed two loan agreements in the total amount of USD 55 million with the Netherlands Development Finance Company (\"FMO\").\n \nFMO will provide funds through two loan facilities: a USD 25 million 7 year loan for TBC Bank, and a USD 30 million 5 year financing agreement for its wholly-owned subsidiary, Bank Republic. Subject to mutual agreement of the parties, the loans could be partially or fully converted into local currency in the future. The proceeds will be used to finance investment projects promoted by Micro & SME companies in Georgia. This partnership between TBC Bank and FMO will help further expand the entrepreneurship activities of small and medium size business clients of TBC Bank. \n \n\"We are delighted to continue our successful partnership with FMO. These two facilities will help TBC Bank to further strengthen its position in the SME segment by expanding its portfolio in areas of Georgia. We are especially pleased to continue cooperation with FMO, which is a testament to the truly efficient working relationship our respective organizations have formed during last ten years,\" commented Vakhtang Butskhrikidze, TBC Bank's CEO. \n \n \nFMO quote\n\"For many years TBC Bank has proven to be a prominent and reliable financier of the SME sector, which forms the backbone of the real Georgian economy. FMO is proud to conclude two new transactions with TBC Bank for the further sustainable development of the SME-sector. Finally, FMO deeply treasures its excellent, professional relationship with TBC Bank and remains convinced that TBC Bank will be an anchor point for many years to come\" commented Matthijs Laban - Manager Legal Affairs, FMO. \n \n \n \nIf you have any questions, please contact:\nHead of Investor Relations\nAnna Romelashvili \[email protected]\n \n \nAbout FMO\nFMO (the Netherlands Development Finance Company) supports sustainable private sector growth in developing and emerging markets, focusing on three sectors that have high development impact: financial institutions, energy, and agribusiness, food & water. With an invest...