Finance — Uzbekistan’s TBC Bank secured a $10 million credit facility from Switzerland-based impact investor responsAbility Investments AG.
The funds will be used to further expand TBC Uzbekistan’s microloan operations, contribute to the continued growth of the digital bank’s loan portfolio, and promote financial inclusion in Uzbekistan, Central Asia’s most populous country.
TBC Bank Uzbekistan is a subsidiary of the London Stock Exchange-listed TBC Group, and operates through brick-and-mortar and digital channels in Georgia, and as a branchless digital bank in Uzbekistan. The fast-growing mobile bank is part of Uzbekistan’s leading digital finance ecosystem, which also includes Payme, a digital payments app for individuals and small businesses, and Payme Nasiya (Payme Instalments), an installment credit business.
responsAbility is a leading Swiss impact asset manager specializing in private market investments across three investment themes: financial inclusion, climate finance and sustainable food. With over 270 employees working across eight offices, the firm manages USD 5 billion in assets as of May 31, 2024 across approximately 280 portfolio companies in around 70 countries.
Nika Kurdiani, CEO of TBC Group in Uzbekistan, commented: “This credit facility from responsAbility is an important part of our strategy to expand our funding base, helping us extend support to more individuals and their small businesses, helping them grow and prosper. We remain committed to promoting financial inclusion and economic growth through innovative financing solutions, and will continue to grow our loan volume and product pipeline, expanding the availability of accessible, modern financial services across Uzbekistan.”
The credit facility follows a $10 million credit facility provided by responsAbility Investments AG’s Green Climate Partnership Fund (GCPF) to TBC Bank Uzbekistan earlier this year and will help expand the bank’s green lending pipeline to support environmentally sustainable projects.
TBC Group’s ESG strategy reaffirms the company’s ambition to be a leading advocate of ESG principles. TBC Bank Group has an MSCI ESG rating of “AA”, the second highest on this scale, and received the EBRD’s annual Silver Sustainability Award for Environmental and Social Best Practices in 2023. Earlier this month, TBC Bank Uzbekistan was granted a Long-Term Issuer Default Rating (IDR) of BB- by Fitch Ratings, which is in line with sovereign debt and reflects the bank’s strong financial health and operational stability.
