24th Dec 2019 09:03
(Alliance News) - TBC Bank Group PLC said Tuesday that its subsidiary, JSC TBC Bank has signed a loan agreement with the European Investment Bank for the equivalent of GEL90 million, approximately GBP24 million.
The five-year loan facility will be used primarily to finance micro, small and medium size businesses in Georgia and support the development of private enterprise, the company said.
Funds are available to draw either in euros, dollars or Georgian lari, the company noted.
Chief Executive Officer Vakhtang Butskhrikidze said: "Local currency funding is of great importance for the Georgian financial sector as it allows to reduce dependence upon borrowing in foreign currencies."
"Local currency funding will protect business owners and households from direct exposure to exchange rate risk while it helps to de-dollarise TBC Bank's portfolio," Butskhrikidze said.
TBC Bank shares were up 0.3% in London at 1,324.00 pence each on Tuesday.
By Loreta Juodagalvyte; [email protected]
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