BAKU, Azerbaijan, Dec.18
By Tamilla Mammadova – Trend:
The European Bank for Reconstruction and Development (EBRD) announced the allocation of 6 million euros in financial resources to TBC Leasing, Trend reports via the EBRD.
According to the EBRD, TBC Leasing will support small and medium business leasing in Georgia with the received funding.
"TBC Leasing is the largest universal leasing company operating in Georgia and it is 100 percent owned by TBC Bank," the EBRD said.
According to the EBRD, TBC Leasing confirms its compliance with the requirements of the business, and under these financing conditions, leasing agreements will be approved in accordance with international risk management standards.
"The EBRD loan will help bridge the financing gap incurred by the recent pandemic-led adverse market conditions, and set standards by offering expertise on higher financial standards through stricter financial and reporting covenants," reads the statement from EBRD.
According to a report published by JSC TBC Leasing, as of 2019, the company's revenue from financial leasing amounted to 49 million lari ($14.9 million), with a net profit of 8 million lari ($2.4 million). The company's assets total 342 million lari ($104.5 million).
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