TBC, DFC and USAID Sign a $30 Million Guarantee Agreement for Georgian Entrepreneurs
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 guarantee will enable TBC to issue $30 million in loans to Georgian MSMEs with a focus on women-led businesses, startups, and the development of Georgia's regions. The guarantee is expected to generate thousands of high-value jobs and support businesses to increase their sales.
The sizable guarantee 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.
"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," USAID/Georgia Mission Director John A. Pennell said.
"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 the financing of Georgian MSMEs, with a special focus on rural entities and smallholders, women entrepreneurs and start-ups. Improving access to finance will strengthen their competitiveness and support the sustainable development of this segment, thus contributing to further economic growth and job creation in Georgia. We are delighted to continue our partnership with DFC and USAID and look forward to many more successful transactions in the future," CEO of JSC TBC Bank, Vakhtang Butskhrikidze, commented.
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.