Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
Shares of TBC Bank are rallying Thursday after its subsidiary JSC TBC Bank signed a loan agreement of €25 million equivalent in GEL with the European Bank for Reconstruction and Development (EBRD).
The facility is a joint financial instrument of the EBRD and the European Union under its EU4Business initiative and is available to finance sustainable investments in technology and equipment.
The EU4Business initiative supports SMEs by improving access to finance, bettering business regulations, improving services to business, and taking advantage of trade opportunities.
The funding will allow TBC Bank to finance long-term investments by Georgian SMEs in enhancing their products and services and, as a result, improve their competitiveness in local and international markets.
In addition, the facility is complemented with EU grants and free technical assistance.
Vakhtang Butskhrikidze, CEO, TBC Bank, commented: “The EU4Business-EBRD credit line has great importance for our country's economy, as it enables local businesses to benefit from the opportunities offered by the Deep and Comprehensive Free Trade Area (“DCFTA”) between Georgia and the EU.
“In addition, by providing local currency funding, the EBRD helps to reduce our dependence on borrowing in foreign currencies, thus protecting business owners from direct exposure to exchange rate risk.”
TBC Bank shares have gained 4.11%, climbing to 1672p on Thursday.
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