TBC Bank Uzbekistan Raises $10 Million Loan from responsAbility Investments AG

Gloria Mathias

TBC Bank Uzbekistan has secured a $10 million credit facility from Swiss-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.

TBC Bank Uzbekistan, a subsidiary of London Stock Exchange-listed TBC Group, 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 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 Swiss impact asset manager specializing in private market investments across three investment themes: financial inclusion, climate finance and sustainable food. As of May 31, 2024, the firm has over 270 employees working across eight offices and managing assets of USD 5 billion in around 280 portfolio companies in around 70 countries.

Nika Kurdiani, CEO of TBC Group in Uzbekistan, said: “This credit facility from responsAbility is an important part of our strategy to expand our capital base, helping us extend our support to more individuals and their small businesses and helping them grow and thrive. We remain committed to promoting financial inclusion and economic growth through innovative financing solutions, as we 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.