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TBC Bank Group PLC announces that its subsidiairy, JSC TBC Bank (TBC Bank), has signed syndicated loan agreements totaling USD 106.5 million with FMO and the OPEC Fund for International Development (OFID).
This is the second syndicated loan agreement arranged by FMO. The loan facility is provided in syndication with OFID. Other participants, financing USD 56.5 million in total are Symbiotics (through its MSME Bond Platform), Atlantic Forfaitierungs AG; London Forfaiting Company Limited and undisclosed institutional investors through FMO's syndications platform.
FMO funding enables TBC Bank to further support micro, small and medium sized enterprise (MSME) financing in Georgia. The OFID portion of the facility will support international trade finance projects.
"We are proud to have built such a successful relationship with FMO, TBC Bank's long-standing partner and shareholder, as well as OFID and other participants of the syndicate. The size of this funding clearly indicated the success of our previous syndicated loan and our matured partnership. This large facility will help TBC Bank to further strengthen its leading position in the MSME segment," commented Vakhtang Butskhrikidze, CEO of TBC Bank.
FMO's Chief Investment Officer Linda Broekhuizen commented: "FMO is proud to have arranged this successful second syndicated loan agreement for TBC, bringing also new investors to Georgia. It will enable TBC to continue its growth and helps support job creation in the country."
OFID Director-General Suleiman J. Al-Herbish said: "The financial sector of a country underpins economic stability and growth; it is central to poverty reduction and development. OFID is committed to supporting international trade. Channeling funds through financial intermediairies such as TBC Bank furthers our reach and impact when it comes to supporting sustainable development. This loan agreement is in line with our commitment to developing countries across the globe."