Tashkent, Uzbekistan (UzDaily.com) -- TBC Bank Uzbekistan has secured a US$10 million credit line from responsAbility Investments AG, a Swiss impact investor. 

The funds will be used to expand TBC Uzbekistan’s micro-lending efforts, supporting growth in its digital bank’s loan portfolio and promoting financial inclusion in Uzbekistan, the largest country in Central Asia by population.

TBC Bank Uzbekistan operates under London-listed TBC Group, serving customers through physical and digital channels in Georgia and operating as a digital bank in Uzbekistan. The bank is part of Uzbekistan’s prominent digital financial ecosystem, which includes Payme, a digital payments app, and Payme Nasiya, an installment credit service.

responsAbility Investments AG focuses on private market investments with a focus on financial inclusion, climate finance, and sustainable food. The company manages $5.0 billion in assets across about 280 portfolio companies in around 70 countries.

Nika Kurdiani, CEO of TBC Group operations in Uzbekistan, highlighted that the credit line from responsAbility is crucial for expanding their funding sources and supporting more individuals and micro-enterprises. He emphasized their commitment to fostering financial inclusion and economic growth through innovative financial solutions.

This credit line follows another US$10 million credit line earlier this year from responsAbility’s Green Climate Partnership Fund (GCPF) to TBC Bank Uzbekistan, aimed at expanding the bank’s green lending initiatives for environmentally sustainable projects.

TBC Group’s ESG strategy reinforces its aim to support ESG principles, with a strong MSCI ESG rating of ‘AA’ and recognition from the EBRD for environmental and social best practices. 

Recently, Fitch Ratings assigned TBC Bank Uzbekistan a Long-Term Issuer Default Rating (IDR) of BB-, reflecting its robust financial health and operational stability on par with the sovereign rating.