TBC Bank Raised €25 Million from EIB to Support Small and Medium Businesses

TBC Bank and the European Investment Bank (EIB) have signed an agreement to increase their existing credit line by € 25 million.

In total, TBC has attracted € 81 million in financial resources from the European Investment Bank under its existing line of credit, which will be used to support small and medium-sized businesses affected by Covid-19 for 7 years. Loans for businesses are issued in Euros, US Dollars and GEL, depending on the need for financing.

"I am proud of the successful cooperation with the European Investment Bank, which started eight years ago. The European Investment Bank continues to stand by us in these difficult times and, with the help of TBC, provides critical support to the Georgian small and medium enterprises that have suffered the most as a result of the Kovid 19 pandemic, ”said Vakhtang Butskhrikidze, CEO of TBC Bank.

"As the European Bank, we are proud to support Georgia and its economy at this particularly difficult time. The European Investment Bank is intended to support Georgian small and medium-sized businesses and the country's financial sector so that, despite the pandemic, they can continue to function and develop the Georgian economy, ”said Teresa Chervinska, Vice President of the European Investment Bank.

The European Investment Bank is the only bank owned by EU member states. Long-term financing of sound investments is available through the EIB to achieve EU policy objectives. The largest borrower and lender by volume, the European Investment Bank provides sustainable investment project financing and expert services to help meet EU policy objectives.