OREANDA-NEWS. TBC Bank and the Asian Development Bank (ADB) signed a USD 50 million senior loan agreement . The 5-year facility will be dedicated to extending credit to under-banked small and medium businesses outside the capital city. The proceeds of the loan can also be used to finance micro segment customers in the regions of the country through TBC Bank’s subsidiary, Bank Constanta.

ADB began its operations in Georgia in 2007 and has since provided a total of USD 1.1 billion in financing to the country, out of which USD 163 million has been approved for the private sector. TBC Bank has been a participant in the ADB Trade Finance Program since April 2011.

“We are delighted to continue our partnership with ADB. This facility will help the Bank to further strengthen its position in the MSME segment by expanding its portfolio in rural areas of Georgia, where credit availability is relatively limited at present,” commented Vakhtang Butskhrikidze, TBC Bank’s CEO.

ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. Established in 1966, it is owned by 67 members - of which 48 are from within Asia and the Pacific and 19 outside. Georgia has been a member country since 2007.