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TBC Bank has Attracted USD 106.5 Million from International Partners

TBC Bank has signed a $ 106.5 million syndicated loan agreement with the Netherlands Development Finance Company “FMO”.

This is the second contract of syndicated loan organized by TBC Bank’s long-term partner, Netherlands Development Finance Company (“FMO”).

The loan product was created with syndication with OPEC International Development Fund (OFID). Other transaction participants are: Symbiotics, which operate through the Micro, Small and Medium Sized Bond Platform (MSME Bond Platform); Atlantic Forfaitierungs AG; London Forfaiting Company Limited and other institutional investors, with a total value of 56.5 million US dollars.

The Netherlands Development Finance Corporation (FMO) resource allows TBC Bank to engage in financing micro, small and medium enterprises (MSME) in Georgia, and the share of OPEC’s International Development Fund (OFID) will contribute to the implementation of international trade financing projects.

“We are proud to have such a successful relationship with the bank’s long-term partner, the Netherlands Development Finance Company (” FMO “), as well as with OPEC International Development Fund (OFID) and other participants of the Syndicate. The amount of funding clearly indicates our first syndicated loan success and partnership. This large volume loan will help TBC Bank to strengthen its leading position on the market for micro, small and medium enterprises, “said TBC Bank’s CEO Vakhtang Butskhrikidze.

Linda Broekhuizen investment director of the Netherlands Development Finance Corporation (FMO), said: “FMO is proud to give this innovative syndicated credit line to TBC Bank through which new investors enter Georgia. The loan will enable TBC Bank to increase growth and create job opportunities in the country”.

CEO of the OPEC International Development Fund (OFID) Mr. Suleiman Jasir Al-Herbish said: “The financial sector of the country is the guarantee of economic stability and growth; It is of paramount importance for poverty reduction and development. The OPEC International Development Fund (OFID) took on the obligation to promote international trade. Distribution of financial resources through a financial intermediary, such as TBC Bank, increases the scope of our work and influence on sustainable development. The Loan Agreement conforms to our commitment to developing countries worldwide. “

The Netherlands Development Finance Corporation (FMO) aims at promoting sustainable private sector in developing economies. Its investment portfolio is 9 billion euros, making it one of the world’s largest European banks for promoting private sector in developing countries.

OFID is a financial institute developed by the Organization for Oil Exporting Countries (OPEC) established in 1976 with the objective of developing countries.