TBC Bank signs $20 million loan to support women in business

By Marisa Wong

Los Angeles, Sept. 19 – TBC Bank Group plc announced that subsidiary JSC TBC Bank signed a loan agreement in the amount of $20 million with the European Bank for Reconstruction and Development.

The facility is available for disbursement in two currencies, including Georgian lari, thereby improving access to increasing demand for local currency funding, according to a press release.

The loan is part of EBRD’s Women in Business program and is supported by the European Union and Sweden.

The project will promote women’s entrepreneurship and more broadly women’s participation in the economy – namely, the Georgian economy – by alleviating gender gaps in access to finance. The first loss risk cover available under the loan will enable TBC to further enhance financing of female borrowers whose borrowing capacity might be hindered by shortage of collateral.

The European Union is further supporting the loan under its European Fund for Sustainable Development Plus guarantee program, which is designed to empower MSMEs, fostering their competitiveness and growth, according to the release.

TBC Bank is based in Tbilisi, Georgia.

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