By: 28 June 2024

The money has come from responsAbility Investments AG

TBC Bank Uzbekistan secures $10m loan

TBC Bank Uzbekistan has secured a $10 million credit line from Switzerland-based impact investor responsAbility Investments AG 

The funds will be used to further expand TBC Uzbekistan’s microlending effort, contributing to the ongoing growth of the digital bank’s loan portfolio and promoting financial inclusion in Uzbekistan, Central Asia’s largest country by population. 

TBC Bank Uzbekistan is a subsidiary of London-listed TBC Group, operating via physical 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 financial ecosystem, which also contains Payme, a digital payments app for individuals and small businesses; and Payme Nasiya (Payme Instalments), an instalment 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 collaborating across 8 offices, as of 31 May 2024 the company manages USD 5.0 billion in assets across approximately 280 portfolio companies in about 70 countries. 

Nika Kurdiani, chief executive officer of TBC Group operations in Uzbekistan, commented: “This credit line from responsAbility is an important part of our strategy to broaden our funding base, and it will help us extend our support to more individuals and their micro enterprises, helping them grow and prosper. We remain committed to fostering financial inclusion and economic growth through innovative financial solutions as we continue to grow our lending volumes and products pipeline, helping expand the availability of accessible modern financial services across Uzbekistan.”  

This credit line follows another $10 million credit line, extended by responsAbility Investments AG’s Green Climate Partnership Fund (GCPF) to TBC Bank Uzbekistan earlier this year to help expand the bank’s green lending pipeline to support environmentally sustainable projects. 

TBC Group’s ESG strategy reaffirms its ambition to be the leading supporter of ESG principles. TBC Bank Group has the MSCI ESG rating of ‘AA’, the second highest in the scale, and is the recipient of EBRD’s Annual Sustainability Silver Award for environmental and social best practice in 2023. 

Earlier this month, TBC Bank Uzbekistan was assigned a Long-Term Issuer Default Rating (IDR) of BB- by Fitch Ratings, the same level as the sovereign, which reflects the bank’s strong financial health and operational stability.

TBC Bank Uzbekistan is a subsidiary of TBC Bank, which recently announced it has surpassed its 2023 goals for sustainable finance.

Image: TBC Bank

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Robert Welbourn
Robert Welbourn is an experienced financial writer. He has worked for a number of high street banks and trading platforms. He's also a published author and freelance writer and editor.