TBC Bank signs EIB Loan Agreement
TBC Bank has signed a loan agreement worth 90m Georgian Lari (£24.4m) with the European Investment Bank (EIB).
The funds are available to draw either in euros, US dollars or Georgian Lari, with the five year loan facility being used primarily to finance micro, small and medium size businesses in Georgia. TBC Bank CEO Vakhtang Butskhrikidze said, 'This is TBC's first transaction in Georgian Lari with EIB, and is a testament to the truly close working relationship we have formed since the launch of our partnership in 2012. 'Local currency funding is of great importance for the Georgian financial sector as it allows to reduce dependence upon borrowing in foreign currencies. 'Local currency funding will protect business owners and households from direct exposure to exchange rate risk while it helps to de-dollarise TBC Bank's portfolio.'