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TBC Bank and FMO Sign a GEL 103 Million Loan Agreement

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BM.GE
24.10.18 15:24
779
TBC Bank Group PLC (“TBC PLC”) announces that its subsidiary, JSC TBC Bank ("TBC Bank"), has signed a loan agreement in the amount of GEL 103 million with FMO, the Netherlands Development Finance Company. The five year loan facility will be used primarily to finance young entrepreneurs running micro, small and medium size enterprises in Georgia, as well as young retail customers requiring mortgage loans. The local currency funding will be obtained by FMO through a public placement of bonds on the Georgian Stock Exchange.

“We are proud to have built such a successful relationship with FMO, TBC Bank’s long-standing partner. We started our partnership in 2006 and during these 12 years, FMO has provided more than USD 350 million in MSME and mortgage loan financing, as well as local currency and subordinated loans. Local currency funding is of great importance for the Georgian financial sector as it allows us to supply financing for the increasingly high demand in local currently loans and enables us to further strengthen the Bank’s leading position in the MSME segment. In addition, a public placement of bonds will further support local capital market development in Georgia. This transaction reflects both institutions’ commitment to continued cooperation and we look forward to more years of productive partnership.” commented Vakhtang Butskhrikidze, CEO of TBC Bank.

FMO’s Chief Executive Officer, Peter van Mierlo commented: “FMO is proud to continue its long-standing and successful relationship with TBC Bank in Georgia. This new transaction will enable TBC to reduce inequality and support financial inclusion, particularly among young entrepreneurs as they will now have access to financial services. This is an important contribution to stimulating job creation in Georgia."