RF - TBC Bank Loan



Project number:


Business sector:

Financial institutions

Notice type:


Environmental category:


Approval date:

06 May 2020



PSD disclosed:

23 Jun 2020

As permitted by paragraph 2.6 of Section III of the Access to Information Policy, disclosure of this PSD was deferred in accordance with paragraph 1.4.4 of the Directive on Access to Information.

Project Description

This project was approved as part of the Bank's response to the COVID-19 pandemic. To avoid delays to the delivery of this project, the Bank's President granted a deviation from the ordinary timelines for PSD disclosure, as contemplated by Section V of the Directive on Access to Information. Details of the Bank's response to COVID-19, and this deviation, can be found on our website.

A senior unsecured loan in amount of up to USD 100 million to JSC TBC Bank provided in two equal tranches and available in USD or GEL. The proposed project is an integral part of the Bank's COVID-19 crisis support to Georgia. The proceeds will be used for on-lending to eligible sub-borrowers, preferably SMEs, in line with the Resilience Framework Policy Statement.

Project Objectives

The project will support the systemic bank, TBC, to maintain uninterrupted lending to real economy, especially to MSMEs, both regional and urban businesses, to withstand the negative consequences brought by COVID-19 pandemic crisis. 

Transition Impact

ETI score: 70

The expected transition impact of the project is to ensure resilience of the financial sector and to preserve competition in the sector and continued lending to the economy adversely impacted by the COVID-19 outbreak. TBC's strong franchise and wide regional coverage will support achievement of the project's TI objectives.

Client Information


EBRD Finance Summary

USD 100,000,000.00

Total Project Cost

USD 100,000,000.00


Considering the severe impact of the COVID-19 on the Georgian economy, the Bank's support to FI partner bank is highly additional, in particular, EBRD financing effectively bridges a funding gap due to adverse market conditions stemming from the COVID-19 crisis.

Environmental and Social Summary

Categorised FI (ESP 2019).  TBC Bank (TBC) is an existing client of the Bank and has undertaken a number of projects with the Bank.  Reporting from TBC's demonstrates a mixed portfolio from an E&S risk perspective and it is anticipated that this mix will continue under this credit line.  TBC has developed adequate and appropriate systems to manage issues both internally, and externally within its portfolio, in accordance with PRs 2, 4 and 9.   TBC also has adequate staff and procedures in place to deal with the relevant E&S issues. TBC will be required to continue compliance with PRs 2, 4 and 9 and to provide the EBRD with annual E&S reports.

Technical Cooperation and Grant Financing


Company Contact Information

Tamuna Kakulia
+99532 2272727
7 Marjanishvili St. Tbilisi, Georgia 0102

Implementation summary

The Project provided Georgian systemic bank, TBC, with USD100m loan (available in USD or GEL) under the EBRD's COVID crises response solidarity package, the Resilience Framework.

Transition impact stems from enabling TBC bank to continue uninterrupted lending to real economy, thus supporting resilience of the Georgian banking sector and contributing to speedier recovery of local businesses.  To date up to 2,600 MSMEs representing all key economic sectors in the country benefited from financing under the project, helping them to overcome pandemic crises.

EBRD's support to its long standing partner and systemically important bank in Georgia was at the same time reassuring for the client and the banking sector and had a demonstration effect to the market.

PSD last updated

25 Oct 2022

Understanding Transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and Compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all activities of the Bank in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment.

OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to compliance@ebrd.com. All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD Enquiries form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM  via email ipam@ebrd.com to get guidance and more information on IPAM and how to submit a request.


Share this page: