OREANDA-NEWS. The Black Sea Trade and Development Bank (BSTDB) will increase the availability of financing to private businesses in Georgia with a USD 4 million facility to JCB TBC Leasing.

The three-year facility will be used to finance leases of production equipment and commercial vehicles to small- and medium-sized local companies (SMEs).

Ms. Nana Mikashavidze, CEO of JSC TBC Leasing, highlighted the importance of the facility: “The new loan extended by BSTDB to TBC Leasing provides increased access to finance for Georgian SMEs through the development of non-banking finance sector in Georgia. Leasing, as a tool for investment in equipment, promotes economic growth leading in turn to the creation of employment, which is very important to the country”.

Speaking at the signing ceremony in Tbilisi, Mr. Ihsan Ugur Delikanli, BSTDB President, said: “BSTDB remains committed to supporting small business development in Georgia and in the Black Sea region, which is the backbone of market economy. Stronger leasing sector will benefit Georgia's economic growth by providing small businesses with reasonable funding sources for their investments at a time when businesses continue to face limited access to financing mechanisms. The new loan to TBC Leasing complements the BSTDB special SME credit lines provided to Georgian banks”.

This is the third leasing facility extended by BSTDB to TBC Leasing, bringing the total amount to USD 10 million. The previous two successfully utilized facilities were provided in 2007 and 2011.

Since the start of BSTDB's operations in Georgia, the Bank has cumulatively disbursed over EUR 135 million mainly focused on support for SME and the financial sector development.