On June 17 TBC Bank and the municipal development fund signed an agreement, on implementation of a renewable energy support project.
Under the agreement, the municipal development fund will disburse a 10-year loan with a 3 percent annual interest rate and a 30-month grace period to TBC Bank as part of the grant of 5.11 million EUR the Development Credit Institute of Georgia (KfW) has approved to Georgia.
The grant will be allotted to VTB Bank Georgia and TBC Bank in tranches.
TBC Bank will receive 2 192 000 EUR to rehabilitate the Ritsula hydro power plant in the Racha Region.
TCB Bank will issue 7-year loans with a 1.5-year grace period and an 8 percent annual interest rate.