21.Oct .2021 15:00

EBRD And EU Funding Through TBC Bank To Boost Georgian Firms

EBRD And EU Funding Through TBC Bank To Boost Georgian Firms
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The European Bank for Reconstruction and Development (EBRD) and the European Union (EU) are stepping up their support for micro-, small and medium-sized enterprises (MSMEs) in Georgia in cooperation with TBC Bank.

The EBRD is providing a €25 million loan for on-lending to local firms, with at least 70% of that aimed at financing investments in green technologies. The EU is complementing the loan with grants and free technical assistance for borrowers under its EU4Business initiative.

The package will allow companies to upgrade their products and services and bring them in line with EU standards, modernise their production to boost their domestic competitiveness and operate more successfully on foreign markets.

The support is being extended under the EU4Business-EBRD Credit Line, a joint financing instrument available in Armenia, Georgia, Moldova and Ukraine, which aims to make local firms greener and more competitive.

Since the launch of the programme in 2016, 170 Georgian companies have benefited from the scheme, in sectors ranging from manufacturing and agriculture to hospitality and medical services.

The EBRD is a leading institutional investor in Georgia. To date, it has invested more than €4 billion in 265 projects in the financial, corporate, infrastructure and energy sectors, with 79% of those investments in the private sector.

TBC is a leading universal financial group in Georgia, offering a wide range of traditional financial services and innovative digital solutions. It has a strong presence in its major business segments – retail banking, MSME finance and corporate banking.