51899 - MFP-SME TBC Lsng

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Summary of Investment Information

Project Number

51899

Company Name

Joint Stock Company TBC Leasing

Date SPI Disclosed

Apr 21, 2026

Country

Georgia

Region

Europe

Projected Board Date

May 29, 2026

Environmental Category

FI-2 - Limited

Status

Pending Approval

Last Updated Date

Apr 22, 2026

Department

Regional Industry FIG LAC & EUR

Industry

Financial Markets

Sector

Leasing Services

Additional Project Attributes

Blended Finance

Project Description

IFC proposes to extend a senior unsecured loan of up to USD 40 million to Joint Stock Company TBC Leasing (TBC Leasing or the Company), a leading non-banking financial institution incorporated and operating in Georgia. TBC Leasing is a 100% subsidiary of TBC Bank, the largest bank in Georgia by assets, and holds an undisputed market leadership position with more than 80% of the Georgian leasing market.

The purpose of the loan is to expand TBC Leasing's MSME-oriented leasing portfolio with at least 30% earmarked for MSMEs operating in rural areas of Georgia, where access to traditional bank financing is most constrained. The proposed project represents IFC's first leasing sector investment in Georgia in 20 years and marks a strategic re-engagement with the country's non-banking financial sector.

Associated Advisory Engagement

IFC may support TBC Leasing with developing and operationalizing a practical, taxonomy aligned sustainable leasing framework with clear eligibility and classification guidance and strengthened internal capacity, enabling the company to expand green and socially aligned leasing for rural and Micro and SME clients, and enhance its readiness to mobilize and deploy sustainable finance with the focus in agriculture.

Sponsor / Cost / Location

IFC's loan to the financial institution described in this SII is targeted for on-lending to the following sector(s):

Product Type	Use of Proceeds
Straight Senior Loan	Loans to MSME (mix of Micro and SME)
Straight Senior Loan	Others (only if UoP is not available)
Syndications	Loans to MSME (mix of Micro and SME)
Syndications	Others (only if UoP is not available)

IFC's Definitions of Targeted Sectors can be found here.

Development Impact

Stakeholder effects - Increased access to finance for MSMEs, including rural MSMEs: IFC expects that the Project will contribute toward efforts to improve access to finance for MSMEs, including underserved MSMEs outside of main cities of Tbilisi, Batumi, and Kutaisi. MSMEs continue to face serious constraints to access finance. The problem of lack of access to finance is significantly more prominent for marginalized groups, including people and businesses in rural, remote and highly mountainous areas. IFC anticipates that with the help of the Project, TBC Leasing will be able to grow its overall MSME loan portfolio including Rural MSME portfolio.

IFC’s additionality derives from: - Financing Structure: Provision of long-term funding not readily available from domestic markets, enabling TBC Leasing to extend tenors of leasing contracts for MSMEs; Non-Financial Additionality derives from: - Knowledge, Innovation, and Capacity Building: Through advisory, IFC will support TBC Leasing with developing and operationalizing a practical, taxonomy-aligned sustainable leasing framework enabling the company to expand green and socially aligned leasing for MSMEs;

Indicator	Metrics	Comments
Direct employment	#
Female direct employment	#
MSME share of total loan portfolio	%
Number of senior management positions	#
Number of women in senior management	#
Number of women on board	#
Total number of board positions	#
Value of Outstanding Loans, MSMEs	$
Value of outstanding climate loans	USD

E&S Category Rationale / Risks and Mitigation

The Project is to support MSMEs in Georgia, including rural MSMEs across multiple sectors such as agriculture, manufacturing, construction, HoReCa, medicine. The Project will not support any activities on IFC Exclusion List and activities related to production and trade of radioactive materials, coal-related activities, and/or higher E&S risk business activities that may include a) involuntary resettlement, b) risk of adverse impacts on indigenous peoples, c) significant risks to or impacts on the environment, community health and safety, biodiversity, cultural heritage, d) significant occupational health and safety risks (e.g., risk of serious injury or fatality to workers), e) significant retrenchment risks f). E&S risk associated with the supported asset class is considered medium and therefore, the project has been categorized as FI-2 in accordance with IFC’s Sustainability Policy. Applicable E&S requirements for this Project include the IFC Exclusion List, national E&S laws and regulations, which will be applied to the supported asset class. In addition, the Company will be required to meet national life & fire safety requirements and the requirements of IFC’s Performance Standard 1 on Environmental and Social Management System and Performance Standard 2 on Labor and Working conditions and GBVH / SEAH requirements.

TBC Leasing has had an ESMS in place since 2020. The company’s ESMS includes procedures for transactions screening against excluded activities, risk categorization, identification and assessment of E&S risks, mitigation of environmental and social (E&S) risks. The company’s ESMS allows to conduct lessees’ screening against IFC’s Exclusion List, national laws and regulations and IFC Performance Standards, where needed.
The Company has appointed an ESMS Officer and has provided training to staff responsible for ESMS implementation. For this Project, the Company will be required to further enhance its ESMS procedures by i) excluding support for higher risk transactions, ii) enhancing the scope of E&S risk assessment for leases provided to greenfield projects, and iii) strengthening E&S convents in lease agreements. In addition, the Company will provide ESMS implementation records for IFC’s review and deliver regular E&S training to its staff.

S.no	Title	Anticipated Completion Date
1	Enhance E&S Management System procedures	06/15/2026
2	Implement E&S Management System procedures	12/12/2026
3	Provide E&S training to staff	10/13/2026

Contacts

For Inquiries About the Project, Contact

JSC TBC Leasing
Mariam Mkheidze
Head of Capital Markets and Investor Relations
+995593150669
mmkheidze@tbcleasing.ge
Chavchavadze Ave. 76m, 0162, Tbilisi, Georgia
https://tbcleasing.ge/

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