EIB, ProCredit, TBC banks to expand credit line with total €35 mln to support SMEs, mid-caps amid pandemic

The European Investment Bank (EIB), the lending arm of the European Union, will invest a total of €35 million to expand the credit line for Georgian small and medium-sized enterprises (SMEs) and mid-caps available at TBC Bank and ProCredit Bank to support the recovery of the business sector and the country’s economy from damage wrought by the pandemic.

The EIB will invest €25 million at TBC Bank.

The bank will invest €10 million at ProCredit Bank, which is a part of a €55 million regional agreement with the ProCredit, which allows creation of similar credit lines at ProCredit Group in Ukraine (€25 million) and Moldova (€20 million), all in support of faster economic COVID-19 recovery of the EU partner countries in the Eastern Neighborhood. 

The EIB financing will support both Georgian SMEs and the country’s financial sector so that they can continue to operate despite the pandemic and drive the Georgian economy forward. This means we will save jobs, incomes and revenues. Together with our partners in the country’s public and private sector, we look forward to building a prosperous and sustainable future for Georgia,” said EIB Vice-President Teresa Czerwińska.

Team Europe continues to support the economic recovery of EU partner countries in the Eastern Neighbourhood from COVID-19, reinforcing pan-European solidarity in these difficult times. We have thus created new sources of financing at a moment when such aid is crucial for the survival of our SMEs,” she noted.

The European Investment Bank (EIB) has already invested €25 million to expand the credit line for Georgian small and medium-sized enterprises (SMEs) and mid-caps available at the Bank of Georgia for the same purpose.

• EIB, Bank of Georgia expand credit line with €25 mln for SMEs, mid-caps

The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States.