The European Investment Bank (EIB) announced the signing of a €70 million loan agreement with TBC Bank on 20 December to support small and medium-sized enterprises (SMEs) and mid-caps in Georgia.
The loan will be available in two tranches: €40 million will be allocated to green finance, while the remaining €30 million will be directed towards growth and innovation. A minimum of 30% is earmarked for initiatives promoting gender equality and empowering women.
The loan is being provided by EIB Global (the arm of the EIB working beyond the European Union), and is expected to benefit more than 230 companies and sustain over 15,000 jobs. It is complemented by support under the Greening the Financial Systems technical assistance programme, funded by the German government’s International Climate Initiative.
The multicurrency loan will improve access to finance with long-term funding on attractive terms and conditions, with the option to make such funding available in local currency to help businesses avoid exchange rate risks.
The loan will also contribute to sustainable economic recovery under the European Union’s flagship Economic and Investment Plan (EIP) for the Eastern Partnership, which aims to help 80,000 SMEs.
Source: euneighbourseast
