TBC Bank signs a $50 million loan agreement with Proparco

0

Banking group to be confirmed signed a $50 million loan agreement with Proparco, it announced on Tuesday, to finance investment and working capital needs of Georgian small and medium-sized enterprises.

The FTSE 250-focused bank Georgia said the facility would further support the SME segment in the country and strengthen its market position.

He said the transaction would also strengthen his partnership with Proparco.

“We are delighted to continue and further strengthen our cooperation with Propacro,” said TBC Managing Director Vakhtang Butskhrikidze.

“This transaction reflects both institutions’ strong commitment to supporting small and medium enterprises in Georgia, one of the most important contributors to economic growth and job creation in the country.

“This is our second cooperation and we look forward to working with Propacro on many more successful transactions in the future.”

Proparco is the private sector financing subsidiary of the Agence Française de Développement (AFD) group.

It provides financing and support to companies and financial institutions in Africa, Asia, Latin America and the Middle East.

TBS said Proparco is focusing on key infrastructure development sectors – mainly for renewable energy – as well as agribusiness, financial institutions, health and education.

“We are pleased to renew our collaboration to support the Georgian SME sector, through a credit facility that will be 100% on-lent by TBC to its SME clients,” said Proparcp Regional Director for Turkey, Caucasus. , Central Asia and the Balkans. and Eastern Europe, Stéphane Froissardey.

“He will support and encourage the bank’s strategy towards SMEs, and will strengthen the partnership that began between our institutions 10 years ago.

As of 0912 GMT, TBC Bank Group shares were up 2.27% at 1,442 pence.

Share.

Comments are closed.