USD 12 million unsecured mortgage credit facility in two tranches of USD 6 million each. EBRD funds will be used to provide longer-term financing to individuals for purchasing, renovating, repairing, constructing and/or re-mortgaging their residential property in Georgia.
The transition impact would be mainly achieved by providing a residential mortgage credit line to a commercial bank in Georgia, where mortgage loans represent a small share of GDP compared to CEE countries (approximately 3% of GDP, as of June 2007). Further growth of mortgage lending is dependent on the availability of long-term funding. The proposed loan would increase the supply of such funding available to the banking sector and allow an increasing number of people to access bank financing for purchasing, renovating and/or constructing residential property.
The operation will also promote best practice standards as the bank applies EBRD’s recommended set of Minimum Standards for Mortgage Lending.
TBC bank, a leading commercial bank in Georgia.
USD 12 million.
USD 12 million.
TBC Bank is required to comply with EBRD’s Environmental Procedures, including ensuring compliance with the applicable national environmental, health, safety and labour standards and submission of annual environmental reports to the Bank.
Mr Zezva Tsiskarishvili
Deputy General Manager
Tel: +995 32 777 000
Fax: +995 32 222 04 06
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