Georgian TBC Bank signs loan agreement with OPEC Fund

Finance Materials 27 March 2020 15:11 (UTC +04:00)
Georgian TBC Bank signs loan agreement with OPEC Fund

BAKU, Azerbaijan, March 27

By Tamilla Mammadova – Trend:

Georgian JSC TBC Bank ("TBC Bank"), the subsidiary of the TBC Bank Group PLC (“TBC PLC”) has signed a loan agreement in the amount of $50 million with the OPEC Fund for International Development (the “OPEC Fund”), Trend reports via Georgian media.

As reported, the three-year loan facility will be used primarily to finance the international trade activities of TBC Bank customers.

“I am very pleased that over time we have built such a successful partnership with the OPEC Fund. With this new facility, TBC Bank will continue to more actively support local businesses to expand their import and export activities and engage in international markets," said Vakhtang Butskhrikidze, CEO of the TBC Bank.

“International trade is important to the global economy, and it is crucial to a small country such as Georgia. We are pleased to work with TBC Bank once more. Our loan will support international trade and ultimately improve employment opportunities and economic growth in Georgia,” says the OPEC Fund Director-General, Abdulhamid Alkhalifa.

TBC Bank and the OPEC Fund enjoy a long-standing partnership. In 2012, the OPEC Fund approved a $10 million trade finance loan to TBC Bank, mostly related to the import of goods. In 2017, the OPEC Fund participated with a further $25 million in a syndicated term loan to TBC Bank, arranged by FMO, the Dutch development bank to support international trade of Georgia.


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