Cityscape of Tbilisi – the capital of Georgia
-
Increased funding for women-led businesses in Georgia -
Focus on financing businesses outside the capital -
Advisory services, mentoring and training to further support women entrepreneurs
With the support of European Union (EU) And Swedenthe European Bank for Reconstruction and Development (EBRD) releases new funds via Bank to be confirmed for Georgian women-led micro, small and medium enterprises (MSMEs).
A $20 million loan from the EBRD to one of the GeorgiaThe country’s largest banks will further expand TBC’s lending to women-led businesses, with a focus on financing businesses outside the capital, Tbilisi. Borrowers will be able to access funds in Georgian lari or US dollars.
This loan is part of the EBRD’s Women in Business (WiB) programme, supported by the EU and Sweden. The WiB program aims to strengthen women’s access to finance and know-how through advisory services, mentoring and training.
TBC Bank first joined the program in 2017 with a US$20 million loan, which laid the foundation for gender-focused financing at TBC.
The EU also supports lending for women-led businesses under its European Fund for Sustainable Development Plus (EFSD+) guarantee scheme. The FEDD+ financial inclusion program is designed to empower MSMEs, promoting their competitiveness and growth. By providing solid financial tools and expertise, this program aims to encourage intermediaries to direct new loans to businesses that need them most.
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 women leaders bring their business ideas to life and would like to thank TBC Bank, the European Union and Sweden for their continued partnership.
Lawrence Meredith, EU Director for Eastern Neighborhood and Institution Building, said: “For the first time, synergy between EU financial instruments and technical assistance – through our EFSD+ guarantees and the Women in Business program – will play a central role in increasing lending to women-led MSMEs in Georgia. This unique operation consolidates existing EU support for women’s entrepreneurship and gender equality in the Eastern Partnership region and allows us to continue implementing our economic and investment plan in Georgia.
Giorgi Megrelishvili, Chief Financial Officer of TBC Bank, said: “We are proud to continue our strategic partnership with the EBRD, which spans more than two decades. Throughout this period, TBC has achieved remarkable results in gender financing and this new transaction will be another important step in our successful cooperation. The loan will enable TBC to accelerate financing of women-led businesses, with a particular focus on the regions, thereby strengthening their competitiveness and contributing to the creation of an inclusive business environment in Georgia. We would like to express our gratitude to the EBRD, the European Union and Sweden for providing this much-needed funding to TBC.
TBC Bank is a major subsidiary of the British company TBC Bank Group PLC, listed on the premium segment of the London Stock Exchange and a member of the FTSE 250. TBC Bank, together with its subsidiaries, is one of the leading universal banking groups in Georgia, offering a wide range of traditional financial services and innovative digital solutions. It has a strong presence in all major business segments: retail banking, MSME financing and corporate banking.
The EBRD is one of the largest institutional investors in Georgia. To date, the Bank has invested more than €5 billion in 287 projects in the country, where it supports private sector development and the transition to a green and sustainable economy.
