TBC Bank Group PLC TBC and EIB sign a EUR 70 mln loan agreement (1647X)
18 Diciembre 2023 - 5:41AM
UK Regulatory
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RNS Number : 1647X
TBC Bank Group PLC
18 December 2023
TBC and EIB sign a EUR 70 mln loan agreement
TBC Bank Group PLC ("TBC PLC") announces that its subsidiary,
JSC TBC Bank ("TBC Bank"), has signed a loan agreement in the
amount of EUR 70 million with the European Investment Bank (EIB).
The multicurrency loan bears a maturity of up to seven years and
will be dedicated to finance small and medium-sized enterprises
(SMEs) and mid-caps in Georgia, with special focus on climate
related investments and female entrepreneurs. The facility is
complemented by support under the Greening the Financial Systems
technical assistance programme, funded by the German government's
International Climate Initiative.
Vakhtang Butskhrikidze, CEO of JSC TBC Bank, said : "We are
proud to have built such a successful relationship with the EIB,
spanning already over a decade. Completion of this benchmark
transaction is another testament to the well-established, strong
partnership between our organizations and our shared values to
promote sustainable development of Georgian economy. The facility
will enable TBC to continue supporting Georgian SMEs, by providing
more affordable, long-term financing, aiming to stimulate economic
growth and job creation; moreover, the special focus on climate
related investments and female entrepreneurs will improve the
sustainable business environment in the country."
EIB Vice-President Teresa Czerwińska, responsible for the Bank's
activities in Georgia, remarked: "The EIB is pleased to support
Georgian SMEs with this innovative loan intermediated through one
of Georgia's leading banks, TBC Bank. It is innovative because a
substantial portion of the loan is specifically allocated to green
and inclusive finance focusing on gender equality. The commitment
to supporting small businesses, coupled with a strong focus on
green and inclusive financing in very close cooperation with the
European Union, aligns seamlessly with the priorities of the
EIB."
European Union Ambassador to Georgia Pawe Herczyński said: "The
EU's Economic and Investment Plan for the Eastern Partnership is
the backbone of EU-Georgia cooperation for the years to come. It
sets ambitious targets and identifies important flagship
initiatives including our support to 80,000 Georgian SMEs. The EU
is pleased to support today's loan agreement, which takes a
sustainable and inclusive approach to ensuring access to finance
and job creation. A more inclusive, greener economic sector is
crucial for the development and resilience of Georgia's economy and
society. Working on these EU priorities -a more inclusive, greener
economy- will help Georgia on its EU path."
About the EIB and EIB Global
The European Investment Bank (EIB) is the long-term financing
institution of the European Union, owned by its Member States. It
provides long-term finance for sound investments in pursuit of EU
policy goals, supporting projects in four priority areas:
infrastructure, innovation, climate and environment, and SMEs.
EIB Global is the EIB Group's specialised arm devoted to
increasing the impact of international partnerships and development
finance, contributing to the three overarching priorities of the
European Union: the European Green Deal, the Global Gateway and
jobs, and sustainable and inclusive growth. Within Team Europe, EIB
Global fosters strong, focused partnerships alongside fellow
development finance institutions and civil society in close
cooperation with other multilateral development banks. EIB Global
brings the EIB Group closer to local people, companies and
institutions through our offices around the world.
For further enquiries, please contact:
Director of Investor Relations and International Media
Andrew Keeley
Or
Head of Investor Relations
Anna Romelashvili
ir@tbcbank.com.ge
About TBC Bank Group PLC ("TBC PLC")
TBC Bank Group PLC ("TBC PLC") is a public limited company
registered in England and Wales. TBC PLC is the parent company of
JSC TBC Bank ("TBC Bank") and a group of companies that principally
operate in Georgia in the financial sector. TBC PLC also offers
non-financial services via TNET, the largest digital ecosystem in
Georgia. Since 2019, TBC PLC has expanded its operations into
Uzbekistan by operating fast growing retail digital financial
services in the country. TBC PLC is listed on the London Stock
Exchange under the symbol TBCG and is a constituent of the FTSE 250
Index. It is also a member of the FTSE4Good Index Series and the
MSCI United Kingdom Small Cap Index.
TBC Bank, together with its subsidiaries, is a leading universal
banking group in Georgia, with a total market share of 39.1% of
customer loans and 37.5% of customer deposits as of 30 September
2023, according to data published by the National Bank of Georgia
on the analytical tool Tableau.
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