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DEVELOPMENT NEWS


OPMENT NEWS


Georgia’s best bank receives loan boost


TBC Bank has been recognized as the Best Bank in Georgia 2019 by EMEA Finance magazine for the ninth consecutive year. TBC Bank also won the awards for the Best Investment Bank in Georgia 2019 and the Best Private Bank in Georgia 2019, while its subsidiary TBC Capital has been named the Best Broker in Georgia 2019.


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etter economic management and governance over the past years is paying dividends in Georgia. The lower middle-income country that sits at the intersection of Asia and Europe has become increasingly easier to do business in. TBC Bank, Georgia, founded in 1992, is the


largest bank in Georgia and finances corporates and small and medium-sized enterprises (SMEs), among other borrowers. According to Georgia’s National Statistics Office and the European Investment Bank*, SMEs accounted for more than 99 percent of the country’s businesses in 2017. In the third quarter of 2018, SMEs accounted for 59 percent of total production value and 62 percent of the total number of employees in the business sector. To help TBC Bank continue its support of SMEs and strengthen capacity for international trade, the OPEC Fund recently signed an agreement to provide a US$50 million trade finance loan to the bank. The loan will enable the bank to provide sub-loans to SMEs to support the import and export of strategically important commodities and other goods. “International trade is important to the global economy, and it is crucial to a


relatively small country such as Georgia,” said the OPEC Fund’s Director-General Dr Abdulhamid Alkhalifa. “We are pleased to work with TBC once more. Our loan will support international trade and ultimately improve employment opportunities in Georgia, as well as economic growth.” Vakhtang Butskhrikidze, CEO, TBC Bank, commented: “I am very pleased that over time we have built such a successful partnership with the OPEC Fund. With this new facility, TBC Bank will continue to more actively support local businesses to expand their import and export activities and engage in international markets.” TBC Bank and the OPEC Fund enjoy a long- standing partnership. In 2012, the OPEC Fund approved a US$10 million trade finance loan, mostly related to the import of goods. In 2017, the OPEC Fund participated with the sum of US$25 million in a syndicated term loan to TBC Bank, arranged by FMO, the Dutch development bank. The OPEC Fund again supported the international trade of Georgia.


*https://www.eib.org/attachments/ efs/smes_and_private_sector_ financing_in_georgia_en.pdf


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PHOTO: Yaroslau Mikheyeu/ Shutterstock.com


PHOTO: Victoria Shapiro/Shutterstock.com


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