TBC Raised $100 Million from EBRD to Support Small and Medium Businesses

The European Bank for Reconstruction and Development (EBRD) has announced a $100 million allocation for TBC Bank.

According to the EBRD, the money will be available for the bank in both the national currency and the US dollar.

The bank will receive funding in 2 tranches, with equal volumes.

The Financial Institute will provide funding to TBC to fund small and medium-sized businesses against the backdrop of the COVID pandemic.

Vakhtang Butskhrikidze, General Director of the Bank, said at an online meeting with the media a month ago that the bank had attracted $154 million from international financial organizations during the pandemic, and $450 million is planned to be raised by the end of the year.