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TBC Bank Group PLC on Monday said its subsidiary JSC TBC Bank has entered into a $100 million loan agreement with Asian Infrastructure Investment Bank.
TBC Bank is a Tbilisi, Georgia-headquartered lender, and Asian Infrastructure Investment Bank is a development bank based in Beijing.
TBC Bank said the facility will finance the business activities of local entrepreneurs. Local currency financing will help to reduce dependence on foreign currency borrowings, which will protect business owners from direct exposure to exchange rate risk, it said.
The facility is available for disbursement in two currencies, including Georgian lari, which the bank said will improve access to increasing demand for local currency funding. TBC Bank did not say what other currency the disbursement is available in.
‘The availability of local currency financing is very important to support the de-dollarisation of the Georgian economy and provide the most popular financial products to our business customers, thereby supporting economic growth and job creation in the country,’ Chief Executive Vakhtang Butskhrikidze said.
Shares in TBC Bank traded flat at 2,150.00 pence on Monday morning in London.
By Jaskeet Briah, Alliance News reporter
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