TBC Bank signs another loan agreement with the European Investment Bank

TBC Bank Group announced on Thursday that its subsidiary, JSC TBC Bank, has signed a loan agreement for €30m with the European Investment Bank (EIB).

The FTSE 250 company said the five-year loan facility would primarily be used to finance small and medium size enterprises in Georgia.

“We are proud to have built such a successful relationship with EIB, TBC Bank's long standing partner,” said TBC Bank chief executive officer Vakhtang Butskhrikidze.

“This is already the fourth transaction we have accomplished since the launch of our partnership in 2012, which is a testament to the truly efficient working relationship our respective organizations have formed.

“This facility will help TBC Bank to further strengthen its leading position in the Georgian small and medium enterprise (SME) segment.”

EIB vice-president Vazil Hudák added that thanks to EIB support, Georgian SMEs would have improved access to long-term finance, which was a prerequisite for their growth and competitiveness.

“This will help create new job opportunities and foster the general development of Georgia's economy,” Hudák said.

“Through this new loan to TBC Bank, the EIB contributes to the implementation of EU external policy objectives to stabilise and promote the private sector in the Eastern Partnership Region.”