TBC and IFC Sign a $150 million Loan Agreement

TBC Bank Group PLC

01 August 2024

 

TBC and IFC sign $150 Million Loan Agreement to Support Georgian SMEs

TBC Bank Group PLC ("TBC PLC") announces that its subsidiary, JSC TBC Bank ("TBC Bank"), has signed a loan agreement in the amount of $150 million with the International Finance Corporation (IFC). The loan bears a maturity of five years and will be dedicated to boost access to finance for small and medium-sized enterprises (SMEs) in Georgia, with half earmarked for renewable energy and energy-efficient projects. 

Vakhtang Butskhrikidze, CEO of JSC TBC Bank, said: "The signing of this facility is a significant milestone in partnership with IFC and reflects our shared commitment to promote the sustainable development of the Georgian economy. The facility will not only bolster TBC's efforts to support SMEs, but also enable us to play a critical role in promoting climate-friendly projects across Georgia. We would like to express our gratitude to IFC and we look forward to working on many more successful deals in the future".

Ivana Fernandes Duarte, IFC's Regional Manager for the South Caucasus, said: "This investment underscores IFC's commitment to fostering economic growth and sustainability in Georgia. By partnering with TBC Bank and leveraging its excellent digital channels and extensive branch network, we aim to drive significant advancements in both SME and climate financing, contributing to a more resilient and sustainable economy".

About IFC
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About TBC Bank Group PLC ("TBC 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 39.1% of customer loans and 39.5% of customer deposits as of 31 March 2024, according to data published by the National Bank of Georgia on the analytical tool Tableau.  

 

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