Narrative
Full Description
Project narrative
On August 13, 2018, China Development Bank (CDB) and JSC TBC Bank (‘TBC Bank’) signed a $50 million interbank loan agreement. The loan carried a 3-year maturity (final maturity date: September 19, 2021) and interest was paid semi-annually at a rate of LIBOR plus an unspecified margin. The proceeds of the loan were intended for general corporate purposes and were expected to help TBC Bank expand its financing operations for its Georgian clients, especially for small and medium-sized enterprises (SMEs) and microfinance clients, including those who have directly benefited from Georgia's increasing trade with China. This was the first loan agreement TBC Bank had ever signed with CDB, as well as the largest loan from CDB to any Georgian entity. As of March 31, 2019, the loan had achieved a 100% disbursement rate and its (principal) amount outstanding was $50 million.