Georgia, $90 million from CDP and IFC to TBC Bank for business development

Georgia, $90 million from CDP and IFC to TBC Bank for business development

The transaction improves micro, small and medium-sized enterprises’ access to medium- to long-term financing, strengthening their capacity to invest in sustainable development and energy efficiency projects

 

Support the growth of micro, small and medium-sized enterprises (MSMEs) and promote more efficient energy use in Georgia. These are the objectives of the five-year 90 million dollar financing agreement signed by Cassa Depositi e Prestiti (CDP), the Italian National Promotional Institution, and the International Finance Corporation (IFC), a member of the World Bank Group, in favour of TBC Bank, the country’s leading financial group.

The operation contributes to improving MSME access to medium-to-long-term financing, promoting more accessible credit conditions and strengthening the enterprises’ ability to invest in sustainable development and energy efficiency projects. The increase in available resources will also support the dissemination of more resilient and responsible economic practices.

The total financing amounts to 90 million dollars, of which 50 million provided by IFC and 40 million by CDP, and represents CDP's first transaction with a Georgian bank, marking a significant step in strengthening financial cooperation between Italy and Georgia.

"We are pleased to have secured 90 million dollars in financing through our collaboration with international financial institutions such as IFC and CDP. This operation will enable us to offer our clients long-term financial products under improved conditions, further facilitating access to credit”, stated Giorgi Tkhelidze, Chief Executive Officer of TBC Bank. "We believe that this partnership will make a tangible contribution to business growth and development in Georgia, including through the promotion of energy efficiency, and will strengthen international financial institutions’ confidence in the country’s banking sector”.
“In Georgia, small businesses play a central role in economic growth and job creation, but many still face challenges in accessing long-term financing”, said Andres Felipe Gomez, Regional Manager for IFC’s Financial Institutions Group in Europe. "Through our collaboration with TBC Bank, we help reduce the MSME financing gap while also promoting more efficient use of energy resources and supporting businesses in their growth and investment processes”.
"This agreement reflects CDP’s long-term approach to international cooperation, based on strong partnerships, mutual trust and shared objectives”, said Cristina Morelli, Head of Sovereign Financing, Financial Institutions and Corporate for International Cooperation & Development Finance at CDP. "The collaboration with IFC and TBC Bank, also building on previous experience with the TBC Group through TBC Leasing, contributes to strengthening local financial ecosystems and consolidating economic relations between Italy and Georgia, in line with CDP’s development mandate”.
“We welcome the further strengthening of the excellent relations between Italy and Georgia, particularly in their respective financial sectors”, said the Italian Ambassador to Georgia, Massimiliano D’Antuono. "The financing agreement between CDP and TBC Bank will support joint efforts to back micro, small and medium-sized enterprises, a cornerstone of our economies, while also offering an important opportunity to exchange best practices in support of economic development and growth”.

The signing ceremony took place at the TBC Bank Concept Space in Tbilisi (Georgia), in the presence of Giorgi Tkhelidze, Chief Executive Officer of TBC Bank, Andres Felipe Gomez, Regional Manager for IFC’s Financial Institutions Group in Europe, Thea Gigiberia, IFC Country Representative in Georgia, and representatives of CDP and the Embassy of Italy in Georgia.
 

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