Inflation has exceeded the central bank’s 3 percent target for several months. Annual price growth was 12.3 percent in September, down from a record high of 12.8 percent in August.

The loan will finance two residential complexes, providing over 3,700 affordable and energy-efficient apartments for people on low- to middle-incomes.

TBC Bank is one of the two biggest commercial banks in Georgia and is listed on the London Stock Exchange.

Commercial banks reported a total net profit of 1.642 billion lari ($529 million) from January to September compared to a loss of 252.1 million lari in the same period in 2020.