The European Bank for Reconstruction and Development (EBRD) has announced an enhancement of its partnership with TBC Bank in Georgia, marked by a financial injection of $30 million (equivalent to €28.1 million). This investment aims to bolster TBC Bank's capital reserves, enabling continued support for the Georgian economy.

This new agreement positions TBC Bank, a prominent Georgian financial institution, at the forefront of climate-conscious finance. It commits to enhanced climate governance and risk management, aligning with the principles of the Paris Agreement.

As part of this collaboration, TBC Bank becomes the first bank in the Caucasus to engage in a multi-year commitment with the EBRD. This partnership focuses on ensuring TBC's financial activities are consistent with the objectives of the Paris Agreement.

The EBRD's commitment to align all its operations with the Paris Agreement by the end of 2022 was reaffirmed at its 2021 Annual Meeting. This goal complements the bank's broader ambition to have over half of its financing be green by 2025 and to expedite eco-friendly practices among its clients and operational regions, including Georgia.

Alkis Vryenios Drakinos, the EBRD Regional Director for the Caucasus, expressed the EBRD's dedication to assisting TBC Bank in adopting and executing strategies that elevate its climate-related business practices to global standards.

Vakhtang Butskhrikidze, CEO of JSC TBC Bank, welcomed the strengthened alliance with the EBRD, highlighting the subordinated loan facility's role in reinforcing TBC's capital framework and ensuring its long-term stability. He also emphasized TBC's leading role in the region in adopting a Paris Agreement-aligned transition plan, expressing gratitude for the EBRD's ongoing support.

To date, the EBRD's investment in Georgia encompasses over €5 billion across 288 projects.