EU bank provides €30m to support 600 small, medium business in Georgia
This is the fourth EIB Group operation with TBC Bank and builds upon the fruitful cooperation of the EU bank with this Georgian institution. Photo: BM.ge.
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The European Investment Bank (EIB) has lent €30 million to Georgia’s TBC Bank to broaden access to financing for small and medium-sized enterprises in the country (SMEs), which represent about 90 per cent of companies active in the country.
Our fourth loan with TBC Bank is expected to support the development of approximately 600 small and medium size companies, by giving them better access to financing. We hope this will promote job creation and foster the general development of Georgia’s economy”, EIB Vice-President Vazil Hudak said.
Since 2011, TBC Bank has on-lent EIB funds for SMEs totalling €85 million.
The EIB funds will be provided within the European Union’s EU4Business initiative, designed to support SMEs in the six Eastern Partnership countries - Armenia, Azerbaijan, Belarus, Georgia, Moldova and Ukraine.
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The European Investment Bank (EIB) have signed three agreements which will make available up to 280 million GEL (about $103.24m/€87.35m*) to Georgian small and medium enterprises (SMEs).
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Georgia’s Prime Minister Giorgi Kvirikashvili hosted today the Vice-President of the European Investment Bank (EIB), Vazil Hudak, at the Administration of the Government of Georgia.
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The European Investment Bank (EIB) and the government of Georgia have signed a deal on the allocation of €250 million loan for “vitally important” infrastructure projects in Georgia, the government of Georgia says.
Vice President of the European Investment Bank (EIB) Vazil Hudak said that Georgia is a key partner of EIB in the Eastern Partnership and “we will continue supporting East-West connectivity, along with significant projects implemented in the energy sector of the country”.
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