TBC Bank to receive funding from EBRD to finance agricultural sector in Georgia
Wednesday, October 5On October 28, TBC Bank and the European Bank for Reconstruction and Development (EBRD) signed yet another agreement on a EUR 10 mln facility. The distinguishing feature of this new loan is that TBC Bank will receive this sum in the local currency to finance the agricultural sector of the Georgian economy. TBC Bank corporate and SME customers will be given the possibility to obtain financing from TBC Bank in local currency and for up to 5 years. “TBC Bank is proud to be the first Georgian bank to sign this agreement with the EBRD, as a part of the whole economy of the country we acknowledge the importance of the development of this particular sector and would like to support small and medium businesses involved in agriculture and processing,” said Vakhtang Butskhrikidze, General Director of TBC Bank.
TBC Bank and the EBRD have a longstanding relationship, commencing in 1996. Today the EBRD is a shareholder of TBC Bank with a 20% stake in the equity. During more than 15 years of cooperation the EBRD provided financing to TBC Bank through a diversified product range: trade financing, SME financing, energy efficiency, housing, co-financing, subordinated loans, equity and now agro loans. The EBRD is also one of the main providers of technical assistance projects to TBC Bank.