09.Aug .2022 14:00

TBC Bank and FMO Sign GEL 300 million Loan agreement

TBC Bank and FMO Sign GEL 300 million Loan agreement
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JSC TBC Bank a subsidiary of TBC Bank Group PLC has signed a GEL 300 million loan agreement with FMO, the Dutch entrepreneurial development bank.

This five year, local-currency facility will primarily be used to finance young entrepreneurs and mortgage borrowers, green projects, as well as micro, small and medium size enterprises in Georgia, the Bank says in its official statement. 

“We are proud to have an impressive track record of successful cooperation with FMO spanning more than sixteen years, which is a testament to our truly efficient working relationship. This is our second collaboration on a local currency facility since 2018. Facilities of this kind are very important for us as they support the de-dollarization of the Georgian economy and provide highly needed long-term, local-currency loans to our business and retail customers," Vakhtang Butskhrikidze, CEO at TBC Bank says. 

“FMO is thrilled to support our long-term partner TBC Bank once again with this latest round of financing in much-needed local currency, contributing to the de-dollarization of Georgia’s economy. This facility also aligns perfectly with our broader FMO strategy of reducing inequalities and supporting financial inclusion, with an emphasis on youth and MSME entrepreneurs, thus positively contributing to job creation and retention across the country," Huib-Jan de Ruijter, Chief Investment Officer at FMO said.