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 50 million with the OPEC Fund for International Development (the “OPEC Fund”). The three-year loan facility will be used primarily to finance the international trade activities of TBC Bank customers.
TBC Bank and the OPEC Fund enjoy a long-standing partnership. In 2012, the OPEC Fund approved a US$10 million trade finance loan to TBC Bank, mostly related to the import of goods. In 2017, the OPEC Fund participated with a further US$25 million in a syndicated term loan to TBC Bank, arranged by FMO, the Dutch development bank to support international trade of Georgia.
Vakhtang Butskhrikidze, CEO, TBC Bank, commented: “I am very pleased that over time we have built such a successful partnership with the OPEC Fund. With this new facility, TBC Bank will continue to more actively support local businesses to expand their import and export activities and engage in international markets."
“International trade is important to the global economy, and it is crucial to a small country such as Georgia,” says the OPEC Fund Director-General, Dr Abdulhamid Alkhalifa. “We are pleased to work with TBC Bank once more. Our loan will support international trade and ultimately improve employment opportunities and economic growth in Georgia.”
See all the news
Turkey to open doors to 31 countries for health tourism
Statement by Andrius Kubilius on the EU assistance for Georgia
Wine sales have increased 5 times in the UK - Georgian-British startup
S&P: Georgia Heads Toward Recession
Coronavirus: Boris Johnson moved to intensive care
First-Stage Land Usage Permit for APM Terminals Poti
How will Nenskra HPP Reduce the Electricity Import?
Carrefour: The product will be on the shelves with the prices same as before
Differences between tobacco and nicotine products
OECD cuts 2020 global growth forecast over virus
Georgia to export new armored vehicle Didgori Meomari
"Hotels are in shock, reservations are canceled" - Shalva Alaverdashvili
Georgian brand Entrée enters the UK market and opens its first facility in London
The first Swiss-Georgian VET college will soon be open in Dmanisi
Frontera claims that Georgian government has started harassing the company since 2013
Company HotelFriend offers convenient eComerce platform to Georgian Touroperators
Will the head of "Anaklia Deepwater Port Development Agency" be replaced?
TOP-10 Exporter Companies from Georgia to Russia
TBC Bank Group announces certain changes to the composition of the Management Board
Silknet signed Memorandum of Understanding with Global Communications Company One Web