TBC Bank Uzbekistan (TBC UZ), the country’s leading mobile-only bank, has secured a $10 million loan from the European Bank for Reconstruction and Development (EBRD). This funding will help the bank continue expanding its lending activities, with a strong focus on supporting women entrepreneurs and promoting financial inclusion across Uzbekistan.
A notable 40% of the loan will be specifically allocated to lending to women, marking a significant step towards enhancing economic opportunities for women in Central Asia’s most populous nation. TBC UZ has been steadily growing its financing base, having already secured a $40 million loan from the Dutch development bank FMO earlier this year, along with $20 million in credit lines from responsAbility Investments AG and a $25 million debt facility from BlueOrchard.
In a statement, Nika Kurdiani, CEO of TBC Group’s operations in Uzbekistan, highlighted the importance of the new loan: “This loan from the EBRD not only further diversifies our own funding base, but it is also a significant step forward in our mission to enhance financial inclusion for women in Uzbekistan, as we expand our lending business. By empowering and supporting women and their ventures, we aim to drive sustainable economic growth and foster a more inclusive financial landscape.”
The latest partnership with EBRD is part of TBC UZ’s ongoing strategy to broaden its impact in Uzbekistan, a country with a rapidly growing digital banking market. With a keen focus on underserved groups, especially women, the bank aims to play a pivotal role in addressing financial inequalities and fostering more inclusive economic development.
Andi Aranitasi, the EBRD’s Head of Uzbekistan, echoed the significance of the collaboration, stating: “We are pleased to support TBC Bank Uzbekistan in its efforts to promote gender equality and financial inclusion. This partnership aligns with our commitment to fostering inclusive economic development and innovation in Uzbekistan and across the wider region.”
The EBRD’s support reinforces the bank’s broader efforts to create a more diverse and accessible financial environment in Uzbekistan, where digital banking is rapidly transforming the way people access financial services. TBC UZ’s mobile-first approach is proving effective in reaching underbanked populations, and the latest loan will allow the bank to deepen its commitment to fostering equal opportunities for all.
This partnership is a significant milestone for both the bank and the region, as it builds on the momentum of previous investments designed to support economic growth and innovation. The EBRD’s backing, alongside other international funding, highlights the growing interest in Uzbekistan’s emerging financial market and its potential to become a hub for financial inclusion in Central Asia.
With plans to scale up its operations and extend services to more customers, particularly women entrepreneurs, TBC UZ is well-positioned to make a lasting impact on Uzbekistan’s financial landscape, driving inclusive growth and contributing to the country’s economic development.