TBC Bank share price increases on € 25m loan deal

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TBC Bank shares rallied on Thursday after its subsidiary JSC TBC Bank signed a € 25 million GEL equivalent loan agreement with the European Bank for Reconstruction and Development (EBRD).

The facility is a joint financial instrument of the EBRD and the European Union under its EU4Business initiative and is available to finance sustainable investments in technology and equipment.

The EU4Business initiative supports SMEs by improving access to finance, improving business regulation, improving business services and taking advantage of business opportunities.

The financing will enable TBC Bank to finance long-term investments of Georgian SMEs in improving their products and services and, therefore, improve their competitiveness in local and international markets.

In addition, the facility is complemented by EU grants and free technical assistance.

Vakhtang Butskhrikidze, CEO of TBC Bank, said: “The EU4Business-EBRD line of credit is of great importance for the economy of our country, as it enables local businesses to benefit from the opportunities offered by the deep free trade area. and full (“DCFTA”) between Georgia and the EU.

“In addition, by providing local currency financing, the EBRD is helping to reduce our dependence on foreign currency borrowing, thereby protecting business owners from direct exposure to currency risk.

TBC Bank shares gained 4.11%, climbing to 1672p on Thursday.

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