The FINANCIAL — Despite the liquidity problems on the Georgian financial market and rising interest rates, VTB Bank continues financing the Georgian economy. VTB Bank has extended a USD 14m long-term loan to Telasi, a Tbilisi electricity distribution company, at an annual interest rate of 12%.
Telasi officials say they are going to direct the loan to increase the company’s turnover resources and investment activity.
“With this approach, VTB approved the loan for Telasi. Telasi is our long-term partner and we have had a long, productive and bilateral cooperation,” bank officials said.
According to bank officials, VTB Bank continues its operations in the retail market and funding businesses. The bank is ready to consider all conditioned proposals requiring any size of credit resources.
“VTB Bank Georgia, as a universal banking institution, continues its business growth trend, which means fully satisfying the demands of corporate customers and offering a full range of banking products at convenient conditions. We have all the resources for that,” Archil Kontselidze, Deputy General Director of VTB Bank Georgia, said.
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