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 70 million with DEG. The seven year loan facility will primarily be used to finance small and medium size enterprises in Georgia.
"We are very proud to be long-term partners with DEG. During the last twenty years of very successful cooperation DEG has provided support to TBC Bank through numerous debt facilities, technical assistance programs and equity investments. This transaction reflects both institutions' commitment to continue cooperation and we look forward to many more years of productive partnership", commented Vakhtang Butskhrikidze, Chief Executive Officer of TBC Bank.
"We have been partnering with TBC Bank for two decades, and are still impressed by its professional management, its agility in adapting to the rapidly changing environment and its strong commitment to its SME clients. With this loan we take pride in further contributing to the positive development of the bank and its clients in various sectors of the economy, boosting job-creation and long lasting benefits for the country", said Petra Kotte, Head of Division Financial Institutions and German Business at DEG - Deutsche Investitions- und Entwicklungsgesellschaft mbH.
