TBC Bank Attracted 65 Million GEL from EBRD

JSC TBC Bank ("TBC Bank") has signed three loan agreements totaling USD 65 million equivalent in Georgian Lari (GEL) with the European Bank for Reconstruction and Development (EBRD).

Funding will be available for investments in green technology, especially in climate adaptation and mitigation technologies. The financial package includes a comprehensive technical advisory package, co-financed by the Green Climate Fund (GCF) and supported by the Austrian Federal Ministry of Finance, which will help to originate and verify green investment opportunities.

Possible investments include technologies such as thermal insulation, photovoltaic solar panels, geothermal heat pumps and water efficient irrigation systems. Businesses can identify typical green technologies available in Georgia through the GEFF consultants.

“We have worked closely with EBRD for two decades. Over the last twenty years of very successful cooperation, EBRD has provided support to TBC Bank through numerous debt facilities, technical assistance programs and equity investments. Local currency funding is especially important for the Georgian financial sector as it allows for the reduction of dependence upon borrowing in foreign currencies and protects business owners and households from direct exposure to exchange rate risks. With these loans, TBC will further contribute to the positive development of its clients in various sectors of the economy, boosting job-creation and bringing long-lasting benefits to Georgia,” Vakhtang Butskhrikidze, CEO, TBC Bank, commented.

To note, The EBRD is a leading institutional investor in Georgia. Since the start of its operations in the country, the Bank has invested over €3.6 billion in 239 projects in the financial, corporate, infrastructure and energy sectors, with 89 per cent of these investments in the private sector.