TBC Bank Uzbekistan secures $10 million loan from responsAbility Investments AG

ESG
24/06/2024 News

TBC Bank Uzbekistan has secured a $10 million credit line from Switzerland-based impact investor responsAbility Investments AG. The funds will support TBC Uzbekistan’s microlending efforts, promoting financial inclusion in Central Asia’s most populous country.

TBC Bank Uzbekistan, a subsidiary of London-listed TBC Group, operates as a branchless digital bank in Uzbekistan and through physical and digital channels in Georgia. It is part of Uzbekistan’s leading digital financial ecosystem, which includes Payme, a digital payments app for individuals and small businesses, and Payme Nasiya, an installment credit business.

responsAbility is a Swiss impact asset manager specializing in private market investments across financial inclusion, climate finance, and sustainable food. As of May 31, 2024, the company manages $5 billion in assets across approximately 280 portfolio companies in 70 countries.

Nika Kurdiani, CEO of TBC Group operations in Uzbekistan, stated, “This credit line from responsAbility is crucial for broadening our funding base and extending support to more individuals and micro-enterprises. We are committed to fostering financial inclusion and economic growth through innovative financial solutions, expanding accessible modern financial services across Uzbekistan.”

Earlier this year, responsAbility’s Green Climate Partnership Fund (GCPF) extended another $10 million credit line to TBC Bank Uzbekistan to support environmentally sustainable projects. This aligns with TBC Group’s ESG strategy, reflecting its commitment to environmental, social, and governance principles. TBC Bank Group holds an MSCI ESG rating of ‘AA’ and received the EBRD’s Annual Sustainability Silver Award in 2023 for environmental and social best practices.

In June, TBC Bank Uzbekistan received a Long-Term Issuer Default Rating (IDR) of BB- from Fitch Ratings, indicating strong financial health and operational stability.

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