Home / Banking / TBC Bank gets $50m loan from China Development Bank

TBC Bank gets $50m loan from China Development Bank

TBC Bank and China Development Bank signed $ 50 million loan agreement.

According to the bank, this is the largest loan resource that the Chinese Development Bank has allocated to the Georgian company.

“We are proud to implement the first transaction with China Development Bank. Our cooperation is a logical continuation of recent positive economic events between countries. This first transaction is the beginning of successful cooperation. Consequently, in the future we expect the fruitful partnership for several years, “said TBC Bank’s financial director Giorgi Shagidze.

According to TBC Bank, this amount will be used for general corporate goals and will help TBC Bank expand its financial transactions in the Georgian market, especially in small, medium and micro segment and those engaged in trade relations with China.

The China Development Bank was founded in 1994 by government financing and operates as an independent legal company under the direct supervision of the State Council.

It represents the world’s largest financial development institution and China’s largest bank in the field of foreign investment and financial cooperation. The Chinese Development Bank serves the “One Belt One Road” initiative. The Bank promotes cooperation with foreign governments, enterprises and financial institutions in infrastructure, machinery manufacturing, financial, agriculture and other leading industries.