TBC Bank Group PLC TBC and EBRD Sign a USD 20 million Loan Agreement (9568M)
September 19 2023 - 7:46AM
UK Regulatory
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RNS Number : 9568M
TBC Bank Group PLC
19 September 2023
TBC and EBRD Sign a USD 20 million Loan Agreement
TBC Bank Group PLC ("TBC PLC") announces that its subsidiary,
JSC TBC Bank ("TBC Bank"), has signed a loan agreement in the
amount of USD 20 million with the European Bank for Reconstruction
and Development ("EBRD"). The facility is available for
disbursement in two currencies, including Georgian Lari, thereby
improving access to increasing demand for local currency funding.
The loan is part of the EBRD's Women in Business (WiB) programme
and is supported by the European Union and Sweden.
The project will promote women's entrepreneurship and more
broadly women's participation in the economy by alleviating gender
gaps in access to finance. The first loss risk cover available
under the WiB loan, will enable TBC to further enhance financing of
female borrowers whose borrowing capacity might be hindered by
shortage of collateral. Moreover, women entrepreneurs will be able
to benefit from the advisory services, mentoring, and trainings
available under the advisory service framework of WIB project. The
European Union is further supporting the loan under its European
Fund for Sustainable Development Plus (EFSD+) guarantee programme,
which is designed to empower MSMEs, fostering their competitiveness
and growth.
Francis Malige, EBRD Managing Director for Financial
Institutions, said: "Building an inclusive and sustainable economy
remains one of the EBRD's priorities, and women entrepreneurs are
an important driver of economic growth in Georgia. With today's
signing, we look forward to seeing more female leaders bringing
their business ideas to life, and would like to thank TBC Bank, the
European Union and Sweden, for their ongoing partnership."
Lawrence Meredith, EU Director for Eastern Neighbourhood and
Institution Building, said: "For the first time, a synergy of EU
financial instruments and technical assistance - through our EFSD+
guarantees and the Women in Business programme - will play a
pivotal role in boosting lending to women-led MSMEs in Georgia.
This unique operation consolidates the existing EU support for
female entrepreneurship and gender equality in the Eastern
Partnership region and allows us to further deliver on our Economic
and Investment Plan in Georgia."
Giorgi Megrelishvili, CFO of JSC TBC Bank, said: "We are proud
to continue our strategic partnership with the EBRD, spanning more
than two decades. Throughout this period, TBC has achieved
remarkable results in gender financing with the support of EBRD and
this new transaction will be another significant milestone in our
successful cooperation. The loan will allow TBC to accelerate
financing of women-led businesses, with the special focus on
regions, thereby, strengthening their competitiveness and
contributing to the creation of an inclusive business environment
in Georgia. TBC successfully joined the WiB back in 2017 with a USD
20 million loan, which proved to be an efficient financial tool in
supporting development of women-entrepreneurs, hence, we would like
to express our gratitude to the EBRD, the European Union, and
Sweden, for extending this much-needed financing to TBC".
About the EBRD
The EBRD is a leading institutional investor in Georgia. Since
the start of its operations there, it has invested more than EUR5
billion in 287 projects in the financial, corporate, infrastructure
and energy sectors, with 81 per cent of these investments in the
private sector.
For further enquiries, please contact:
Director of Investor Relations and International Media
Andrew Keeley
Or
Head of Investor Relations
Anna Romelashvili
ir@tbcbank.com.ge
About TBC Bank Group PLC ("TBC PLC")
TBC Bank Group PLC ("TBC PLC") is a public limited company
registered in England and Wales. TBC PLC is the parent company of
JSC TBC Bank ("TBC Bank") and a group of companies that principally
operate in Georgia in the financial sector. TBC PLC also offers
non-financial services via TNET, the largest digital ecosystem in
Georgia. Since 2019, TBC PLC has expanded its operations into
Uzbekistan by operating fast growing retail digital financial
services in the country. TBC PLC is listed on the London Stock
Exchange under the symbol TBCG and is a constituent of the FTSE 250
Index. It is also a member of the FTSE4Good Index Series and the
MSCI United Kingdom Small Cap Index.
TBC Bank, together with its subsidiaries, is a leading universal
banking group in Georgia, with a total market share of 3 8.8 % of
customer loans and 40.1 % of customer deposits as of 30 June 2023,
according to data published by the National Bank of Georgia.
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