TBC Signs EUR 94 Mln Agreement with EIB Group
TBC signed two guarantee agreements for Euro 94 million with European Investment Bank Group (EIB), in a signing ceremony held at Biltmore Tbilisi Hotel on Wednesday.
The guarantee agreement for EUR 80 million will be used to develop SME (small and medium size innovative enterprises) in Georgia within InnovFin, while a grant agreement of EUR 14 million (EU4Business) will be used to support micro enterprises in Georgia.
The InnovFin agreement will secure 50% of the each loan issued by TBC Bank, while the other agreement within EU4Business will secure 70% of the loans issued by TBC Bank.
“The signing of theses guarantee agreements with EIB Group marks an impotant stage of the cooperation between our companies,” Vakhtang Butskhrikidze, TBC Bank CEO said. “The amount and structure of guarantee products enables TBC Bank to support financing and development of SMEs in Georgia. Bringing the factor of guarantee possibilities to the Georgian financial sector is critical for economic growth. We are delighted that our cooperation with the EIB and EIF continues and we hope to have more agreements to be signed in the future”.
“The support of small and medium business in Georgia will ensure the growth of the sector, increasing competitivness and creating more employment opportunities,” Vazil Hudak, Vice -President of European Investment Bank (EIB) noted.
“TBC Bank is the leading Georgian bank which actively finances small and medium size enterprises and companies. The agreements signed today will give TBC Bank the chance to expand its area of financing, from which Georgian companies will benefit,” said Pier Luigi Gilibert, Chief Executive of European Investment Fund.
European Investment Fund has a mission to support SMEs as part of the European Investment Bank Group. European Investment Bank is the European Union’s Bank, owned by and European Union member states. EIB is the world’s largest multilateral borrower and lander providing finance and expertise for sustainable investment projects that contribute to EU policy objectives.
Nino Gugunishvili