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EBRD allocates senior unsecured loan to Georgian TBC Bank

Finance Materials 24 June 2020 21:13 (UTC +04:00)

BAKU, Azerbaijan, June 24

By Tamilla Mammadova - Trend:

The European Bank for Reconstruction and Development (EBRD) has allocated $100 million senior unsecured loan to Georgian TBC Bank as a part of the bank’s support to fight the coronavirus outbreak, Trend reports via the EBRD.

“The proceeds will be used for on-lending to eligible sub-borrowers, preferably small and medium-size enterprises,” the EBRD said.

The loan will be provided this year in two equal tranches.

The EBRD said that the loan would help to ensure resilience of the financial sector and to preserve competition in the sector and continued lending to the economy adversely impacted by the COVID-19 outbreak.

Vakhtang Butskhrikidze, General Director of the TBC Bank, said at an online meeting with the media a month ago that the bank had attracted $154 million from international financial organizations during the pandemic, and $450 million is planned to be raised by the end of the year.

TBC Bank is a leader in terms of funding trade operations and the agriculture sector.

In January 2020, TBC Bank obtained several prestigious awards in the field of trade financing. The Global Finance international financial magazine named TBC Bank as the 2020 best provider of trade funding in Georgia, while the Euromoney has named TBC Bank as the market leader and the bank providing the best services.

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