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TBC Bank Signs 94 million EUR Agreement with EIB Group

TBC Bank has signed two guarantee agreements of 94mln EUR with European Investment Bank Group (EIB Group).

The 80mln EUR guarantee agreement called as EU Funding for Innovators (InnovFin) will be spent on development of innovative small and medium companies in Georgia; The 14mln EUR agreement called as the EU for Business will support the development of micro companies.

The InnovFin guarantee agreement will insure 50% of TBC Bank issued loans, while another guarantee agreement will insure 70% of the TBC Bank issued loans.

“Signature of guarantee agreement with EIB Group is an important phase for cooperation of our companies. The volume and structure of the guarantee products will enable TBC Bank to promote micro, small and medium companies. Introduction of guarantee instruments in the Georgian finance sector is an important factor for economic growth. We are happy that our successful cooperation with EIB and European Investment Fund continues. We hope that we will implement more deals as part of mutual cooperation”, TBC Bank director general Vakhtang Butskhrikidze noted.

EIB Group’s support to small and medium business companies will boost the sector’s competitive capacity and create new job places, EIB vice president Vazil Hudak noted.