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The subordinated loan agreement is the first such transaction between TBC Bank and ADB. This transaction will further strengthen TBC Bank’s tier two capital, enabling the Bank to grow in accordance with its strategy. The senior loan facility will be dedicated to extending credit to the under-banked small and medium sized businesses outside Tbilisi. This is the second such partnership between TBC Bank and ADB to help further expand MSME lending and entrepreneurship activities in Georgia.
In addition, the parties signed an agreement on a technical assistance grant of USD 500,000 provided by ADB in support of TBC's ongoing SME Academy, the Bank’s flagship project to provide training and advisory services to upgrade entrepreneurship skills and create business solutions for micro and small business across Georgia.
“We are delighted to continue our successful partnership with ADB. These two facilities and the SME technical assistance support project will help the Bank to further strengthen its position in the MSME segment by expanding its portfolio in rural areas of Georgia. We are especially pleased to continue our very productive cooperation with ADB,” commented Vakhtang Butskhrikidze, TBC Bank’s CEO.
“We are pleased to deepen our relationship with TBC Bank boosting economic development in Georgia's regions by providing essential advisory and financial services to MSMEs and helping improve income and employment through private investment,” says Todd Freeland, ADB Director General, Private Sector Operations.
ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. Established in 1966, it is owned by 67 members - of which 48 are from within Asia and the Pacific and 19 outside. Georgia has been a member country since 2007.