TBC Bank Group PLC said it has signed three loan agreements for a total of USD100 million, denominated in Georgian lari, with the European Bank for Reconstruction & Development.
The European bank will provide the funds through three loan facilities, with USD60 million in lari to support implementation of the guidelines of the EU Deep & Comprehensive Free Trade Area in Georgia, USD20 million denominated in lari to service specifically women-led businesses, and USD20 million denominated in lari to further support small and medium enterprise financing in Georgia.
This funding enables TBC Bank to provide long term loans in local currency, it said.
“We are delighted to continue our successful partnership with European Bank for Reconstruction & Development. Availability of local currency funding is of great importance for the Georgian financial sector and we are proud to have our longstanding partner, EBRD, arrange this complex transaction for TBC Bank. These facilities will help TBC Bank to further strengthen its leading position on the Georgian market,” said Vakhtang Butskhrikidze, chief executive officer of TBC Bank.
Shares in TBC Bank were up 0.8% at 1,461.00 pence Friday afternoon.