EU bank provides €30m to support 600 small, medium business in Georgia

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.