Business
TBC signs loan guarantee agreements with EIB Group
TBC signs loan guarantee agreements with EIB Group.
About this update from Tbc Bank Group Plc
[{"type":"text","content":"\n \nRNS Number : 8803X TBC Bank Group PLC 29 November 2017 \n\nTBC Bank signs EUR 94 million in loan guarantee agreements with EIB Group\nTBC Bank Group PLC (\"TBC PLC\") announces that its subsidiary, JSC TBC Bank (\"TBC Bank\"), has signed two guarantee agreements in the amount of EUR 94 million with the European Investment Bank Group (EIB and EIF):\n \n(i) an InnovFin agreement in the amount of EUR 80 million for innovative Georgian small and medium-sized enterprises (SMEs) and small mid-caps; and \n(ii) a EUR 14 million guarantee agreement under the EU4Business initiative targeting small loans to SMEs.\n \nThe InnovFin guarantee agreement covers 50% of each loan disbursed by TBC Bank under InnovFin guarantee. The second guarantee transaction covers 70% of each loan disbursed by TBC Bank under EU4Business.\n \nVakhtang Butskhrikidze, Chief Executive Officer of TBC Bank, said: \"The signing of the two guarantee agreements marks a significant milestone in our partnership with the European Investment Bank Group. The size and structure of the products will allow TBC Bank to accelerate financing of Georgian MSME and small mid-caps through reducing credit risk. The introduction of guarantee facilities to the Georgian financial sector is an important trigger to foster further growth of the economy and support MSME development. We are delighted to continue our successful partnership with EIB and EIF with the introduction of these innovative products and look forward to more transactions in the future\".\n \nEIB Vice-President Vazil Hudák commented: \"The support of the EIB Group to small and medium sized businesses in Georgia will strengthen the competiveness of this sector so it can better contribute to growth and job creation. Furthermore, this sector is not only significant from an economic point of view but is also important for further development of Georgia's middle class which contributes to political stability and improved living standards in the country\". \n \nCommenting on the signature, the EIF's Chief Executive, Pier Luigi Gilibert, said: \"I welcome the signature of the two guarantee agreements in Georgia. TBC Bank is a leading Georgian bank with a strong focus on lending to SMEs and small mid-caps. Today's agreem...