November 29, 2017 / 3:35 PM / a year ago

Georgia's TBC Bank secures 94 mln euros of loans from EIB

Nov 29 (Reuters) - Georgia’s largest retail bank, TBC Bank , said it secured two loan guarantees from the European Investment Bank Group (EIB) worth a combined 94 million euros ($111 million).

It will use the loans to support micro, small and medium-sized enterprises (MSMEs).

“The size and structure of the products will allow TBC Bank to accelerate financing of Georgian MSME and small mid-caps through reducing credit risk,” Vakhtang Butskhrikidze, TBC Bank’s CEO, said on Wednesday.

“The introduction of guarantee facilities to the Georgian financial sector is an important trigger to foster further growth of the economy and support MSME development.” ($1 = 0.8439 euros) (Reporting by Margarita Antidze; Editing by Susan Fenton)

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