Published: December 19, 2012
The agreement between TBC Bank and the French development bank is geared towards Georgia’s health sector.
Georgia’s TBC Bank has agreed a US$20mn loan deal with the French development finance institution Proparco. The five-year facility will be aimed at small businesses operating in the Georgian healthcare sector. TBC is the country’s second largest bank by assets and its biggest player in the retail space.
Thomas Eloy, regional representative for the Caucasus at Proparco, said of the deal:
“Through this credit line to TBC Bank, Proparco will contribute to the development of high healthcare standards, an improved quality of provided services and the modernisation of the healthcare sector infrastructure through an increased participation of the private sector. We do hope that this operation with TBC Bank will pave the way for a successful and long-term relationship between our institutions.”
Georgia has been looking to grow the role of its private sector since the Rose Revolution in 2003, when the forced resignation of President Eduard Shevardnadze brought an end to Soviet-era leadership. The country largely withstood the global economic crisis, achieving GDP growth of 6.3% in 2010 and 7% in 2011.