The FINANCIAL — Tegeta Motors received USD 19 million financing from the European Bank for Reconstruction and Development and TBC Bank. The credit line is under the EBRD’s Medium-sized Co-financing Facility (MCFF), which envisages funding of small and medium size businesses in conjunction with co-funding from a local commercial bank.
The loan will enable Tegeta Motors to to finance new projects, such as the construction of the new Service Center in Poti with the state of the art facilities as well as help to expand the existing Service Center on 12-th kilometer of D. Aghmashenebeli Alley in Tbilisi. The facility will also assist Tegeta Motors to refinance the Company’s existing long-term and short-term loans with more favorable terms.
The Service Center in Poti will create additional 200 jobs.
The official signing ceremony between Tegeta Motors and TBC Bank will was held at Tegeta Motors Head Office. The Contact was signed by Mr. George Mshvildadze, Tegeta Motors General Director and Mr. Vakhtang Butskhrikidze, TBC Bank General Director.
Tegeta Motors owns international quality certificate ISO 9001:2000 and has won Gold Brand and other awards several times that defined its leadership in the market.
The Company was founded in 1995. Later it became Tegeta Motors holding company that includes many companies, trade and service centers. Its branch offices are located in every large cities of the country and the number of branch offices increase annually.
This year the Company will celebrate its 15-year anniversary.
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