Georgia's TBC Bank, TBC Capital sign memorandum on $300 mln co-financing with ADB up to 2029

TBILISI. May 6 (Interfax) - Georgia's largest bank, TBC Bank, and its subsidiary investment company, TBC Capital, plan to attract up to $300 million from the Asian Development Bank (ADB) in 2025-2028 as part of a signed memorandum on co-financing, TBC Bank said in a press release.

The relative parties singed the memorandum during the 58th annual meeting of the ADB in Milan.

"The co-financing framework agreement is the first signed by ADB. This unprecedented financing model will be introduced in other regions only after being implemented in Georgia and Uzbekistan. The memorandum will facilitate access to financing in both countries and deepen the partnership between TBC and the ADB," according to the press release.

The ADB plans to allocate $150 million in credit resources in 2025-2028 for direct financing of strategically important projects of TBC Bank's corporate clients according to the memorandum. "TBC will provide preliminary selection and processing of projects, thus significantly simplify the loan application process, and the minimum loan amount will be reduced, thus allowing more companies to take advantage of ADB financing," TBC Bank said in the press release.

Furthermore, TBC and TBC Capital plan to raise $150 million from the ADB through a bond issue. "TBC Capital, Georgia's leading brokerage, research and investment company, will continue expanding the country's capital markets and enter regional capital markets. TBC Capital will facilitate the entry of the ADB as an investor in the bonds, thus providing issuers with easier and more efficient access to financing from international financial institutions," according to the press release.

TBC Bank, its TBC Uzbekistan digital bank subsidiary, and TBC Capital are part of the TBC Bank Group, with assets exceeding $14.5 billion at the end of 2024.