The Asian Development Bank (ADB) has granted Georgia's TBC Bank a loan of 100 million lari ($1 = 2.17 lari) for the financing of small and medium-sized businesses.
As stated at a press conference by Deputy Chairman of the Supervisory Board of TBS Bank Badri Japaridze, Director of Finance George Shagidze and Permanent Representative Mission of the Asian Development Bank in Georgia Kate Dzhuilen, the parties signed a loan agreement to the amount of 100 million lari, which will be used to finance small, medium-sized and micro businesses in the regions of Georgia.
Japaridze stressed that it is the largest financial resources in the national currency that the Georgian Bank has ever resulted.
"The transaction consists of two parts. First, we acquired the Asian Development Bank-issued bonds in GEL. Bonds in this volume of GEL have never been issued on the financial market of Georgia. Secondly - the Asian Development Bank gives us the resource on credit, and therefore we are able to put the 100 million in the Georgian economy. When there is a depreciation of the lari against the dollar, a loan of GEL for customers is especially a priority. Therefore, we can say that 100 million GEL will be a great help and a stimulus for economic growth," Trend quotes Japaridze.
For his part, Keith Julien noted the importance of this loan.
"It primarily serves as the development of the capital market in Georgia and its strengthening, but on the other hand, it is important because the resulting income from the bond issue will be used for the development of small and medium, as well as microproduction. This also contributes to job creation and development of companies," he concluded.
