TBC and EBRD sign a $23 million equivalent in GEL loan agreement
TBC Bank Group PLC ("TBC PLC") today (26th December) announces that its subsidiary, JSC TBC Bank ("TBC Bank"), has signed three loan agreements totaling USD 23 million equivalent in Georgian Lari (GEL) with the European Bank for Reconstruction and Development (EBRD). Funding will be available for investments in green technology, especially in climate adaptation and mitigation technologies. The financial package includes a comprehensive technical advisory package, co-financed by the Green Climate Fund (GCF) and supported by the Austrian Federal Ministry of Finance, which will help to originate and verify green investment opportunities.
Possible investments include technologies such as thermal insulation, photovoltaic solar panels, geothermal heat pumps and water efficient irrigation systems. Businesses can identify typical green technologies available in Georgia through the GEFF consultants.
Vakhtang Butskhrikidze, CEO, TBC Bank, commented:
“We have worked closely with EBRD for two decades. Over the last twenty years of very successful cooperation, EBRD has provided support to TBC Bank through numerous debt facilities, technical assistance programs and equity investments. Local currency funding is especially important for the Georgian financial sector as it allows for the reduction of dependence upon borrowing in foreign currencies and protects business owners and households from direct exposure to exchange rate risks. With these loans, TBC will further contribute to the positive development of its clients in various sectors of the economy, boosting job-creation and bringing long-lasting benefits to Georgia.”
Catarina Bjorlin Hansen, EBRD Regional Director for Caucasus said:
"Improving access to green finance is one of our key priorities in Georgia. TBC Bank has a strong client base that can better reach out to private sector players both in the capital and in the regions. Energy is a significant cost component for companies and households and these investments can help firms and residents to significantly reduce their energy consumption, therefore become more competitive."
About EBRD
The EBRD is a leading institutional investor in Georgia. Since the start of its operations in the country, the Bank has invested over €3.6 billion in 239 projects in the financial, corporate, infrastructure and energy sectors, with 89 per cent of these investments in the private sector. The EBRD is a multilateral bank committed to the development of market-oriented economies and the promotion of private and entrepreneurial initiative in more than 30 countries from Morocco to Mongolia and from Estonia to Egypt. The Bank is owned by 64 countries, the EU and the EIB. For more information please visit www.ebrd.com.
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About TBC Bank Group PLC ("TBC PLC")
TBC PLC is a public limited company registered in England and Wales that was incorporated in February 2016. TBC PLC became the parent company of JSC TBC Bank ("TBC Bank") on 10 August 2016. TBC PLC is listed on the London Stock Exchange under the symbol TBCG and is a constituent of FTSE 250 Index.
TBC Bank, together with its subsidiaries, is the leading universal banking group in Georgia, with a total market share of 38.7% of loans and 39.3% of non-banking deposits as at 30 September 2019, according to data published by the National Bank of Georgia.
