BAKU, Azerbaijan, Sept. 24
Tamilla Mammadova – Trend:
The European Bank for Reconstruction and Development (EBRD) will provide unsecured debt of 25 million euros to Georgian TBC Bank, Trend reports via the Georgian media.
As reported, this debt will be provided to support investment financing for micro-, small and medium sized enterprises ("MSMEs") in Georgia and promote EU standards in the market under the Eastern Partnership SME Competitiveness Program for sustainable investments in technology and equipment.
The project will enable the company to finance long-term investments of Georgian MSMEs in upgrading their technology and equipment necessary to meet EU standards in terms of product quality, health and safety measures and environmental protection. The Project aims to deliver at least 70 percent of sub-loans complying with EBRD Green Economy Transition (GET) approach.
TBC Bank ("TBC") holds more than 1/3 of market share in total banking assets, loan and deposit portfolios in Georgia. It offers a wide range of services (including FX transactions, non-financial services to support business development, as well as leasing, brokerage and investment banking via its subsidiaries) to its retail, corporate and MSME clients through its wide distribution network of up to 150 branches and digital channels.
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