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Dutch company allocates significant amount to Georgian TBC Leasing

Finance Materials 1 February 2020 10:52 (UTC +04:00)
Dutch company allocates significant amount to Georgian TBC Leasing

BAKU, Azerbaijan, Feb.1

By Tamilla Mammadova – Trend:

Georgian TBC Leasing raised $10 million from the Netherlands Development Finance Company (FMO), Trend reports citing Georgian media.

TBC Leasing is a subsidiary leasing company of the largest bank in Georgia - TBC Bank that is an FMO client. TBC Leasing is a leading Georgian leasing company with a market share of 70 percent and a total portfolio of over 300 million lari ($104 million).

TBC Leasing finances such areas as construction, manufacturing, trade, agriculture, industry, renewable energy, information technology and others. The company operates throughout the country, has five branches and 120 employees.

Negotiations between the parties lasted a year.

TBC Leasing will use the resources to finance small and medium-sized businesses. In addition, 30 percent of the resources will be allocated to finance the improvement of energy efficiency of the country's economy and the production of renewable energy sources.

“2019 was a very successful and productive year for the leasing sector in Georgia; the sector grew by 32 percent compared to 2018. Over the past three years, TBC Leasing has raised funds of up to $100 million from international financial institutions. We will continue to actively collaborate with international donors, as this cooperation will significantly improve the business environment in our country,” said Gaga Gogua, CEO of TBC Leasing.

"Over the years, TBC Bank has proven that it is a leading and reliable supporter of small and medium-sized businesses in Georgia. This deal with TBC Bank's subsidiary, TBC Leasing, is in line with the ambitious goals of FMO for energy-efficient transactions. We seek to support TBC Leasing so that it becomes a leading leasing company in terms of financing green projects,” said Peter van Mierlo, CEO of FMO.

The Netherlands Development Finance Company (FMO) is the largest investment institution in the Netherlands. The company has been operating since 1970 and is engaged in promoting entrepreneurship worldwide. The FMO's portfolio currently amounts to 10 billion euros and it employs over 500 employees.

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