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TBC Bank Group PLC - Tbilisi, Georgia-headquartered lender - Says its subsidiary JSC TBC Bank signs loan agreement with Dutch development bank FMO NV.
The GEL300 million loan agreement, about USD111.5 million, with Dutch state-owned bank FMO will last for five years and aims to "finance young entrepreneurs and mortgage borrowers, green projects, as well as micro, small and medium size enterprises in Georgia," TBC explains.
TBC Bank and FMO have been cooperating for more than 16 years, TBC Bank Chief Executive Officer Vakhtang Butskhrikidze states. "Facilities of this kind are very important for us as they support the de-dollarisation of the Georgian economy and provide highly needed long-term, local-currency loans to our business and retail customers," he adds.
The facility seeks to contribute positively to "job creation and retention across the country", says FMO Chief Investment Officer Huib-Jan de Ruijter.
Current stock price: 1,504.60 pence, down 0.2% on Tuesday
12-month change: up 17%
By Tom Budszus; tombudszus@alliancenews.com
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