FMO announced today that TBC Bank Georgia and FMO have signed a USD 30 million Nasira portfolio guarantee. TBC Bank is a leading universal bank in Georgia and a longstanding partner of FMO since 2008. Co-funded by the European Commission, NASIRA is one of FMO’s most innovative programs which aims to support access to finance for local MSMEs by sharing the credit losses of loan portfolios.
Georgia, an EU candidate since 2023, has made notable gains in income growth and poverty reduction over the past decade. Also, the job market experienced a strong recovery. Nevertheless, structural challenges persist, according to the World Bank, notably weak productivity and limited high-quality job creation. In addition, access to finance remains a major obstacle for SMEs.
The partnership through Nasira portfolio guarantee reflects TBC Bank’s and FMO’s shared commitment to strengthen Georgia’s inclusive economic growth. TBC Bank is the largest MSME lender in Georgia and has been already actively bringing new initiatives and innovative financing solutions to the market to support MSMEs. The proposed Nasira guarantee aims to further scale up TBC’s initiatives and is expected to mobilize USD 30 million in financing to Georgian MSMEs with a focus on underbanked segments such as young entrepreneurs, start-ups, woman owned-led businesses and rural based agribusiness enterprises, who face the most challenges in accessing funding.
![TBC Georgia](/l/en/library/download/urn:uuid:dbd0ead7-9a73-45ae-96ec-4c8112e7f51d/tbc+georgia.jpg?scaleType=4&width=600&height=468)
“We are happy to continue our strategic partnership with the FMO and announce the successful completion of another important transaction - Nasira portfolio guarantee. The Risk sharing facility will allow TBC to accelerate financing for underserved SMEs, with special focus, on rural entities and smallholders, women entrepreneurs and start-ups, thereby strengthening their competitiveness and supporting country’s sustainable economic development.” said Vakhtang Butskhrikidze, CEO of JSC TBC Bank.
“Since 2008, TBC Bank and FMO have built a strong and lasting partnership. We are thankful for TBC’s willingness to further venture into new territories with the Nasira guarantee. As the largest bank in Georgia, a commitment of TBC to deploy the guarantee facilityis expected to advance and support financial inclusion in the country, which fully aligns with FMO’s strategy,’’ Juan Jose Dada Ortiz, Director of Financial Institutions at FMO, said.
About Nasira
Launched in August 2020, NASIRA is a collaborative effort supported by the European Commission and the Dutch government. To date, it has facilitated 20 transactions with financial institutions across Central Europe, the Middle East, and Africa, amounting to a total of USD 470 million. For more information, please visit www.fmo.nl/nasira
About TBC Bank
TBC Bank is the leading financial group in Georgia with a full suite of financial products and services across all client segments, with market shares of total deposits - 39.5%, total loans - 39.1% (as of March 2024). As one of the leading financial institutions in the region TBC provides nationwide retail, corporate and investment banking (CIB), and micro, small, and medium enterprises (MSME) banking services. TBC Bank is owned by TBC Bank Group PLC, a UK-incorporated public holding company listed on the premium segment of the London Stock Exchange and a member of the FTSE 250 index. With a multi-billion loan portfolio, TBC Bank employs 10,000 people.