The proposed operation is fully in line with Proparco’s new strategy (2023-2027) “Together, for greater impact”, by meeting two strategic objectives.
• Acting for our planet.
With a significant share of the financing dedicated to Climate (70 MEUR), Proparco supports TBC in its ambition to develop its portfolio with Climate co-benefits, and thus contributes to strengthening climate finance in Georgia. In particular, this financing will enable TBC to finance energy efficiency, renewable energy and resource efficiency projects.
• Acting for greater equality.
In addition, together with part of the 2X financing (30 MEUR), this credit line will accelerate the development of TBC’s gender portfolio. Our partner already employs up to 70% of women, while the share of women in the middle managerial positions equals to 40%. TBC has a number of measures and policies in place to the benefit of women, including Diversity, Equality and Inclusion Policy.
Vakhtang Butskhrikidze, CEO of JSC TBC Bank, said: “We are proud to announce completion of another excellent transaction with Proparco—already our third successful project together. This Facility reflects both institutions’ strong commitment to support the sustainable growth of local businesses, particularly improving access to finance for female entrepreneurs and promoting green investments in Georgia, thereby, contributing to job creation and bringing long-lasting benefits to the country. The signing of this facility is a significant milestone in our partnership, and we look forward to working with Proparco on many more successful deals in the future.”
Stéphane Froissardey, Regional Director for Turkey, Caucasus, Central Asia, Balkans and Eastern Europe: “Proparco is very proud to sign this new EUR 100 million transaction with TBC Bank. This facility will support TBC’s efforts to grow its sustainable portfolio, targeting both climate and gender finance, which are key priorities for Proparco in the region. This landmark transaction is by far Proparco’s largest financing in the country, following which Proparco is becoming TBC’s third-largest lender. Proparco’s facility represents a commitment from France to support responsible and sustainable players in the financial sector and, more generally, to stand by the Georgian nation as a whole, at a critical time when Georgia is being granted candidate status by the EU.”