BAKU, Azerbaijan, November 17. The European Bank for Reconstruction and Development (EBRD) has provided $30 million to Georgia's TBC Bank to align its financial flows with the goals of the Paris Agreement, Trend reports.
According to the bank, this initiative aims to bolster TBC’s capital base, enabling continued lending to the real economy.
This also pledges with the EBRD's overarching objective of achieving more than 50 percent green finance by 2025 and hastening the shift toward sustainable practices within its client base and the economies where it operates.
Meanwhile, in 2009, the EBRD obtained shares in TBC Bank as a component of an extensive funding package. In 2012, alongside fellow international financial institutions as stakeholders, the EBRD took part in a rights issue facilitated by TBC Bank. Following these developments, the bank achieved a successful listing on the LSE in 2014 and attained an upgrade to the premium segment of the main market in 2016.
The EBRD stands as a prominent institutional investor in Georgia, having invested over 5 billion euros across 288 projects since the commencement of its operations. The number of current projects under development in the country has reached 79. The Bank's primary focus areas for investment encompass the financial sector, sustainable infrastructure, and support for small and medium-sized enterprises (SMEs).