Source - LSE Regulatory
RNS Number : 9568M
TBC Bank Group PLC
19 September 2023
 

TBC and EBRD Sign a USD 20 million Loan Agreement

 

TBC Bank Group PLC ("TBC PLC") announces that its subsidiary, JSC TBC Bank ("TBC Bank"), has signed a loan agreement in the amount of USD 20 million with the European Bank for Reconstruction and Development ("EBRD").  The facility is available for disbursement in two currencies, including Georgian Lari, thereby improving access to increasing demand for local currency funding.  The loan is part of the EBRD's Women in Business (WiB) programme and is supported by the European Union and Sweden.

 

The project will promote women's entrepreneurship and more broadly women's participation in the economy by alleviating gender gaps in access to finance. The first loss risk cover available under the WiB loan, will enable TBC to further enhance financing of female borrowers whose borrowing capacity might be hindered by shortage of collateral. Moreover, women entrepreneurs will be able to benefit from the advisory services, mentoring, and trainings available under the advisory service framework of WIB project. The European Union is further supporting the loan under its European Fund for Sustainable Development Plus (EFSD+) guarantee programme, which is designed to empower MSMEs, fostering their competitiveness and growth.

 

Francis Malige, EBRD Managing Director for Financial Institutions, said: "Building an inclusive and sustainable economy remains one of the EBRD's priorities, and women entrepreneurs are an important driver of economic growth in Georgia. With today's signing, we look forward to seeing more female leaders bringing their business ideas to life, and would like to thank TBC Bank, the European Union and Sweden, for their ongoing partnership.''

 

Lawrence Meredith, EU Director for Eastern Neighbourhood and Institution Building, said: "For the first time, a synergy of EU financial instruments and technical assistance - through our EFSD+ guarantees and the Women in Business programme - will play a pivotal role in boosting lending to women-led MSMEs in Georgia. This unique operation consolidates the existing EU support for female entrepreneurship and gender equality in the Eastern Partnership region and allows us to further deliver on our Economic and Investment Plan in Georgia."

 

Giorgi Megrelishvili, CFO of JSC TBC Bank, said: "We are proud to continue our strategic partnership with the EBRD, spanning more than two decades. Throughout this period, TBC has achieved remarkable results in gender financing with the support of EBRD and this new transaction will be another significant milestone in our successful cooperation. The loan will allow TBC to accelerate financing of women-led businesses, with the special focus on regions, thereby, strengthening their competitiveness and contributing to the creation of an inclusive business environment in Georgia. TBC successfully joined the WiB back in 2017 with a USD 20 million loan, which proved to be an efficient financial tool in supporting development of women-entrepreneurs, hence, we would like to express our gratitude to the EBRD, the European Union, and Sweden, for extending this much-needed financing to TBC".

 

About the EBRD

The EBRD is a leading institutional investor in Georgia. Since the start of its operations there, it has invested more than €5 billion in 287 projects in the financial, corporate, infrastructure and energy sectors, with 81 per cent of these investments in the private sector.

 

 

For further enquiries, please contact:

 

Director of Investor Relations and International Media

Andrew Keeley

 

Or

 

Head of Investor Relations

Anna Romelashvili

ir@tbcbank.com.ge

 

 

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. TBC PLC also offers non-financial services via TNET, the largest digital ecosystem in Georgia. Since 2019, TBC PLC has expanded its operations into Uzbekistan by operating fast growing retail digital financial services in the country. TBC PLC is listed on the London Stock Exchange under the symbol TBCG and is a constituent of the 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 38.8% of customer loans and 40.1% of customer deposits as of 30 June 2023, according to data published by the National Bank of Georgia.

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