Posted: 2 years ago

TBC Bank Signs $10 Mln Loan Agreement With EFSE

TBC Bank Group PLC said Monday that it has signed a loan agreement for an equivalent of $10 million with The European Fund for Southeast Europe.

The Georgia-focused lender said the loan will be used to finance investments and working capital needs of Georgian micro, small and medium-sized businesses.

Vakhtang Butskhrikidze, CEO, TBC Bank, commented:
"We are delighted to continue our trusted and successful partnership with EFSE. This facility is further testimony to our efforts to support micro, small and medium-sized enterprises (MSMEs) in rural and urban areas in Georgia and provide financing for local currency loans, which are in high demand. This transaction reflects both institutions' commitment to continue cooperation and we look forward to more years of productive partnership."

EFSE Board Chairperson Klaus Müller said:
"We are proud to strengthen our longstanding partnership with TBC Bank. Their strong performance and, especially, their resilience throughout the recent health crisis have been very impressive. I am particularly pleased to note that EFSE's investment will contribute to reducing the MSME finance gap. Facilitating access to underserved groups is core to EFSE, and TBC Bank is a perfect example of what can be achieved at the most micro level while positively impacting the whole economy."