TBC Bank and DEG Sign a USD 70 Million Loan Agreement

TBC Bank signed a loan agreement amounting to USD 70 million with the German Institution DEG. The seven-year loan will facilitate finances to small and medium size enterprise in Georgia. 

"We are very proud to be long-term partners with DEG. This transaction reflects both institutions' commitment to continue cooperation and we look forward to many more years of productive partnership ", said Vakhtang Butskhrikidze, CEO of TBC Bank. 

"We have been partnering with TBC Bank for two decades, and are still impressed by its professional management, its agility in adapting to the rapidly changing environment and its strong commitment to its SME clients. With this loan we take pride in further contributing to the positive development of the bank and its clients in various sectors of the economy, boosting job-creation and long lasting benefits for the country", said Petra Kotte, Head of Division Financial Institutions and German Business at DEG - Deutsche Investitions- und Entwicklungsgesellschaft mbH.

Shares of TBC Bank on the London Stock Exchange were up 0.34% on 29 June.  

GED, a subsidiary of KfW Group, is a German development finance institution promoting business initiatives in developing and emerging markets as a contribution sustainable growth and improved living conditions of the local population.

By Anna Zhvania