June 23, 2020 / 12:32 PM / 18 days ago

EBRD allocates $100 mln loan to Georgian TBC Bank

TBILISI, June 23 (Reuters) - The European Bank for Reconstruction and Development (EBRD) has allocated $100 million senior unsecured loan to Georgian TBC Bank as a part of the bank’s support for the ex-Soviet country to fight the coronavirus outbreak, the EBRD said on Tuesday.

“The proceeds will be used for on-lending to eligible sub-borrowers, preferably small and medium-size enterprises,” EBRD said in a press release.

The loan will be provided this year in two equal tranches.

The EBRD said that the loan would help to ensure resilience of the financial sector and to preserve competition in the sector and continued lending to the economy adversely impacted by the COVID-19 outbreak. (Reporting by Margarita Antidze; Editing by Chizu Nomiyama)

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