TBC Bank and OPEC Fund sign a $50 million trade finance loan agreement
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."
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About the OPEC Fund
The OPEC Fund is a development finance institution established by the member states of OPEC in 1976. The OPEC Fund works in cooperation with developing country partners and the international donor community to stimulate economic growth and alleviate poverty in all disadvantaged regions of the world. It does this by providing financing to build essential infrastructure, strengthen social services and promote productivity, competitiveness and trade. The OPEC Fund's work is people-centered, focusing on projects that meet basic needs - such as food, energy, clean water and sanitation, healthcare and education. The OPEC Fund aims to encourage self-reliance and inspire hope for the future.
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 39.5% of loans and 39.0% of non-banking deposits as at 31 December 2019, according to data published by the National Bank of Georgia.
