21st Dec 2020 09:49
(Alliance News) - TBC Bank Group PLC on Monday announced its subsidiary JSC TBC Bank and the European Investment Bank, based in Luxembourg, have signed an agreement to expand TBC's existing credit line facility of EUR56 million by an extra EUR25 million.
The Georgian bank said the seven-year loan facility, now totalling EUR81 million, will be "primarily used to support the recovery of small and medium size enterprises affected by the Covid-19 pandemic". The funds can be disbursed either in euro, dollars or synthetic Georgian lari, depending on what is needed, it added.
EIB Vice-President Teresa Czerwinska said: "The EIB financing will support both Georgian SMEs and the country's financial sector so that they can continue to operate despite the pandemic and drive the Georgian economy forward. Together with our partners in the country's public and private sector, we look forward to building a prosperous and sustainable future for Georgia."
Shares in TBC Bank were down 3.2% at 1,162.00 pence in London on Monday.
By Zoe Wickens; [email protected]
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