Georgia’s TBC Bank has received a €25mn loan from the European Investment Bank (EIB).

The loan has a tenor of seven years and will enable TBC to provide funding to its SME clients, particularly those in the energy sector.

In another move that should allow it to increase lending, TBC has extended the maturity of an existing $US15mn loan facility with the Entrepreneurial Development Bank (FMO). The loan will now mature in 2022 and will be used to increase the bank’s capital base.

Speaking of the EIB loan, TBC’s CEO Vakhtang Butshrikidze says: “We are delighted to continue our valued partnership with the EIB. This is already the second transaction we have successfully accomplished in 2012, which is a testament to the truly efficient working relationship our respective organisations have formed. We look forward to continuing our productive co-operation in the future.”

Butshrikidze also says he is “proud to have built a highly efficient working relationship with FMO”. He adds: “This transaction reflects both institutions’ commitment to continue co-operation and we look forward to more years of productive partnership.”