“With its excellent outreach to the EFSE’s final target group of MSEs, TBC Bank ideally complements our network of partner lending institutions,” says Monika Beck, Chairperson of the Board of EFSE. “We are confident, that TBC Bank, especially with its strong rural presence, will make an important contribution to providing additional financing to MSEs in Georgia.”
“As TBC Bank enjoys a strong market position, this partnership is an important step forward in promoting EE and RE investments in Georgia," said Christopher Knowles, Chairman of the Green for Growth Fund, Southeast Europe. "We are very pleased to partner with them to finance and foster investments in sustainable energy finance areas."
Vakhtang Butskhrikidze, TBC Bank CEO, commented: “I am pleased to announce the completion of these two transactions. This facility will further strengthen TBC Bank’s capital and help to enhance our position in the market by expanding lending activities throughout the entire country. I would like to thank our new partners EFSE and GGF for their collaboration and excellent work and I look forward to many more years of successful partnership.”
The European Fund for Southeast Europe (EFSE) was initiated by KfW Development Bank (KfW) with the financial support of the German Federal Ministry for Economic Cooperation and Development (BMZ) and the European Commission. It aims to foster economic development and prosperity in Albania, Armenia, Azerbaijan, Belarus, Bosnia and Herzegovina, Bulgaria, Croatia, former Yugoslav Republic of Macedonia, Kosovo, Georgia, Moldova, Montenegro, Romania, Serbia, Ukraine and Turkey. As access to finance is a key success factor in developing the micro, small and medium enterprise segments, the EFSE focuses on assisting local financial sectors in strengthening their ability to ensure adequate and sustainable financing. For more information, please visit http://www.efse.lu/
The Green for Growth Fund, Southeast Europe (GGF) has been initiated in December 2009 by the European Investment Bank and KfW (The German Development Bank) with the financial support of the European Commission and European Bank for Reconstruction and Development. The Fund provides finance mainly through local financial institutions to the Energy Efficiency and Renewable Energy sector in the pre-accession countries in Southeast Europe, including Turkey, as well as in the European Eastern Neighbourhood region. Targeted investors in the Fund are both public and private entities. For more information, please visit http://www.ggf.lu/.