TBC Bank, DFC and USAID Sign USD 30 million Loan Guaranty Agreement to Increase Access to Finance for Georgian Enterprises
TBC Bank Group PLC ("TBC PLC") announces that its subsidiary, JSC TBC Bank ("TBC Bank"), has signed a USD 30 million loan guaranty agreement with the United States Agency for International Development ("USAID") and the U.S. International Development Finance Corporation ("DFC"). Working together with USAID's economic growth programs, a new loan guaranty will enable TBC to issue $30 million in loans to Georgian MSMEs with a focus on women-led businesses, startups, and development of Georgia's regions. The guaranty is expected to generate thousands of high-value jobs and support businesses to increase their sales.
The sizable guaranty will advance DFC, USAID, and TBC's shared commitment to promoting women's economic empowerment and increasing MSMEs' access to finance. The USAID-sponsored DFC loan portfolio guarantee with TBC will also provide support to Georgian entrepreneurs looking to start new businesses or expand in new areas.
USAID/Georgia Mission Director John A. Pennell said:
"This loan guaranty program with TBC Bank advances Georgia's inclusive economic growth by providing small businesses and startups with the resources to grow, hire more employees and develop their communities. USAID is proud to be working in partnership with Georgia's private sector to strengthen women's economic empowerment, enhance regional development, and promote long-term economic prosperity that benefits all Georgians."
CEO of JSC TBC Bank, Vakhtang Butskhrikidze, commented:
"The signing of this guaranty agreement marks a significant milestone in our partnership with DFC and USAID. The Risk sharing facility will allow TBC Bank to accelerate financing of Georgian MSMEs, with the special focus on rural entities and smallholders, women entrepreneurs and start-ups. Improving access to finance will strengthen their competitiveness and support sustainable development of this segment, thus contributing to the further economic growth and job creation in Georgia. We are delighted to continue partnership with DFC and USAID and look forward to many more successful transactions in the future."
DFC CEO Scott Nathan said:
"DFC's guaranty for TBC Bank, made in collaboration with USAID, will boost much-needed financing for Georgian small businesses. The focus on rural, underserved regions, and woman-owned businesses will promote inclusive economic growth and sustainable development across Georgia."
About USAID in Georgia: USAID is the world's premier international development agency and a catalytic actor driving development results. Over 30 years of partnership with Georgia, USAID has supported the country's transformation into a developing democracy that is increasingly integrated into Western political, security, and economic institutions. For more information, please visit: https://www.usaid.gov/georgia.
About DFC: U.S. International Development Finance Corporation (DFC) partners with the private sector to finance solutions to the most critical challenges facing the developing world today. We invest across sectors including energy, healthcare, critical infrastructure, and technology. DFC also provides financing for small businesses and women entrepreneurs in order to create jobs in emerging markets. DFC investments adhere to high standards and respect the environment, human rights, and worker rights.
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About TBC Bank Group PLC ("TBC PLC")
TBC Bank Group PLC ("TBC PLC") is a public limited company registered in England and Wales. TBC PLC is the parent company of JSC TBC Bank ("TBC Bank") and a group of companies that principally operate in Georgia in the financial sector and other closely related fields. TBC PLC also recently expanded its operations in Uzbekistan. TBC PLC is listed on the London Stock Exchange under the symbol TBCG and is a constituent of FTSE 250 Index. It is also a member of the FTSE4Good Index Series and the MSCI United Kingdom Small Cap Index.
TBC Bank, together with its subsidiaries, is a leading universal banking group in Georgia, with a total market share of 39.1% of customer loans and 40.7% of customer deposits as of 30 June 2022, according to data published by the National Bank of Georgia.
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