TBC Bank and EBRD Sign a USD 10 Million Loan Agreement
By Messenger Staff
Friday, October 5TBC Bank and European Bank for Reconstruction and Development (EBRD) have concluded a USD 10 million loan agreement under the Caucasus Energy Efficiency Program (CEEP). The five year loan facility will be dedicated to financing renewable energy and energy efficiency projects of our corporate and SME customers.
EBRD has established the CEEP in order to extend loans to financial institutions in the region for on-lending to private sector entities with a view to finance energy efficiency and rational energy utilization investments. TBC Bank was the first Georgian bank to receive the initial USD 10 million facility in 2007 and this is the second loan of this type for our Bank.
“We are pleased to continue our successful relationship with EBRD, TBC Bank’s long-standing partner and shareholder. The CEEP loan agreement will allow us to continue financing the energy sector, one of the most important and fast expanding industries in the country,” commented Vakhtang Butskhrikidze, the Chief Executive Officer.