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Publish Date : 08-Oct-2012

TBC Bank and European Bank for Reconstruction and Development (EBRD) have signed a loan deal worth $ 10 million under the Caucasus Energy Efficiency Program (CEEP).

TBC Bank stated that the five year loan facility will be used towards financing renewable energy and energy efficiency projects of its corporate and SME customers.

For granting of loans to region\'s financial institutions for further lending to private sector entities, EBRD has established the CEEP. With this, EBRD aims at financing energy efficiency and rational energy utilization investments.

Earlier in 2007, TBC Bank had received the initial $ 10 million facility and was the first Georgian bank to get the same. According to the TBC Bank’s management, this is the second loan of this type for TBC.

Vakhtang Butskhrikidze, the Chief Executive Officer said, “We are pleased to continue our successful relationship with EBRD, TBC Bank’s long-standing partner and shareholder.”

“The CEEP loan agreement will allow us to continue financing the energy sector, one of the most important and fast expanding industries in the country.”

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