Today in Tbilisi, Georgia, USAID Deputy Administrator Isobel Coleman and TBC Bank Chief Executive Officer Vakhtang Butskhrikidze affirmed their joint commitment to strengthen Georgia’s economic diversification and resilience at a ceremony marking a new memorandum of understanding (MOU). Under the MOU, USAID will partner with TBC Bank to expand access to finance and business support services for inclusive economic growth, promote women’s economic empowerment, and develop the skills businesses need to grow.
The MOU reflects USAID and TBC Bank’s shared commitment to strengthen Georgia’s inclusive economic growth, market diversification, and generate high-value employment for all Georgians. This partnership is expected to mobilize $30 million in financing for micro, small, and medium enterprises with a priority on women-led and rural enterprises, generate over 1,200 high-value jobs, and support businesses to generate $6 million in sales.
As the leading development agency of the U.S. Government, USAID supports Georgia to build the capacity to plan, finance, and implement its own solutions to development challenges. USAID has worked in Georgia since 1992, supporting the country’s transformation into a developing democracy that is increasingly integrated into Western political, security, and economic institutions. More than 30 USAID programs strengthen Georgia’s resilience to malign influence, consolidate democratic gains through enhanced citizen responsive governance, and enable high-value employment through increased economic growth.
Together with its subsidiaries, TBC Bank is a leading universal banking group in Georgia and the South Caucasus region, with a total market share of 39 percent of customer loans and 40 percent of customer deposits. TBC is listed on the London Stock Exchange and is the largest employer in Georgia with more than 8,000 employees. As a technology-driven company with the mission to make people’s lives easier, TBC holds dominant positions in all major business lines, including retail, corporate and micro, small and medium enterprises. The company’s financial services include traditional banking offerings as well as the industry's cutting-edge solutions.