Economy
Posted: 3 months ago

USAID and TBC Bank Partmer to Strengthen Economic Resilience

USAID Deputy Administrator Isobel Coleman and TBC Bank Chief Executive Officer Vakhtang Butskhrikidze affirmed their joint commitment to strengthen Georgia’s economic diversification and resilience at a ceremony marking a new memorandum of understanding (MOU). Under the MOU, USAID will partner with TBC Bank to expand access to finance and business support services for inclusive economic growth, promote women’s economic empowerment, and develop the skills businesses need to grow.

Strategic Partnerships are Critical to Market Diversification

The MOU reflects USAID and TBC Bank’s shared commitment to strengthen Georgia’s inclusive economic growth, market diversification, and generate high-value employment for all Georgians. This partnership is expected to mobilize $30 million in financing for micro, small, and medium enterprises with a priority on women-led and rural enterprises, generate over 1,200 high-value jobs, and support businesses to generate $6 million in sales.

“USAID’s strategic partnership with TBC Bank will significantly strengthen Georgia’s economic resilience and inclusive economic growth,” said USAID Deputy Administrator Isobel Coleman. “TBC Bank is an important anchor for the region’s economic growth and financial stability. Strategic partnerships like this, and our work together, are as important as ever. We stand ready to support Georgia, and Georgia’s private sector, to diversify the economy and strengthen its resilience.”

“I am pleased that TBC and USAID are strengthening long-standing ties by taking this partnership to a qualitatively new level and becoming strategic partners. For almost three decades TBC and USAID have successfully worked together on number of projects contributing to sustainable development, women’s economic empowerment across various industries, skills development for businesses and other areas of cooperation. Signing the strategic partnership memorandum with USAID is a demonstration of our joint commitment to shared values and a common vision on moving forward with ambitious plans in the future,” said TBC Bank Chief Executive Officer Vakhtang Butskhrikidze.

About USAID in Georgia: As the leading development agency of the U.S. Government, USAID supports Georgia to build the capacity to plan, finance, and implement its own solutions to development challenges. USAID has worked in Georgia since 1992, supporting the country’s transformation into a developing democracy that is increasingly integrated into Western political, security, and economic institutions. More than 30 USAID programs strengthen Georgia's resilience to malign influence, consolidate democratic gains through enhanced citizen responsive governance, and enable high-value employment through increased economic growth. For more information, please visit: https://www.usaid.gov/georgia.

About TBC Bank: Together with its subsidiaries, TBC Bank is a leading universal banking group in Georgia and the South Caucasus region, with a total market share of 39 percent of customer loans and 40 percent of customer deposits. TBC is listed on the London Stock Exchange and is the largest employer in Georgia with over 8,000 employees. As a technology-driven company with the mission to make people’s lives easier, TBC holds dominant positions in all major business lines, including retail, corporate and micro, small and medium enterprises. The company’s financial services include traditional banking offerings as well as the industry's cutting-edge solutions. For more information, please https://www.tbcbank.ge