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ADB to Help Extend Credit to Small Businesses in Georgia's Rural Regions
TBILISI, GEORGIA – The Asian Development Bank (ADB) has approved a loan to TBC Bank to help direct more credit to underserved small businesses in the rural areas of Georgia.
“ADB’s support will have the dual benefit of providing finance in the rural parts of Georgia which have been largely ignored until now; while at the same time promoting risk diversification and stability at Georgia’s systematically important banks,” said Rainer Hartel, Principal Investment Specialist at ADB’s Private Sector Department.
This is ADB’s first loan dedicated to small businesses in Georgia’s rural regions where poverty is widespread. Half of Georgians live in isolated rural areas, which currently receive only 20% of bank credit.
TBC Bank will use ADB’s $50 million loan to provide credit to small- and medium-sized enterprises (SME) and use its microfinance subsidiary, Bank Constanta, to provide lending to micro-entrepreneurs in rural Georgia. In addition, ADB will provide a grant to improve TBC Bank’s service delivery to its rural SME clients.
ADB will provide another grant to help the National Bank of Georgia implement the Basel II regulatory risk-based standards at important banks, including TBC Bank.
This marks ADB’s third loan to Georgia’s banking sector, underscoring ADB’s commitment to strengthen the reach, depth, and resilience of Georgia’s financial sector. Promoting competition among the banks and reaching out to underserved customers is also essential to make financial services more inclusive for Georgians.
Since 2007, ADB has approved more than $1.1 billion in financing for Georgia of which $163 million is through direct financing to the private sector.