24057 - TBC Leasing

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Summary of Proposed Investment

Project Number

24057

Company Name

Joint Stock Company TBC Leasing

Date SPI Disclosed

Mar 15, 2005

Country

Georgia

Industry

Financial Markets

Projected Board Date

Apr 20, 2005

Status

Completed

Sector

Leasing Services

Department

Regional Industry FIG LAC & EUR

Environmental Category

Previous Events

Approved : Jun 2, 2005
Signed : Jun 13, 2005
Invested : Jul 29, 2005

Project Description

The project is to provide a senior loan of up to $3 million to TBC Leasing or the company, a leasing company established and fully owned by JSC TBC Bank (the Bank), one of Georgia’s leading commercial banks and an IFC client since 1998. Proceeds of the IFC loan would be used to expand the company’s leasing operations with small and medium sized companies and entrepreneurs in Georgia. This would be the first IFC loan provided to TBC Leasing and to a Georgian company operating in the leasing sector.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	3.0
Equity

Development Impact

The expected development impact of this project is high because it achieves the following objectives in a frontier country: - It provides tangible investment support for a company operating in a new financial sector in Georgia and increases access to finance for local SMEs. Leasing will allow SMEs to expand their business activities more affordable because in a typical lease the only collateral required is the asset being financed by the leasing company. - It allows a leading leasing company to increase its funding base as well as its funding maturity. The tenor of the IFC Loan would enable TBC Leasing to match the tenor of its leasing contracts with its financing.

This is a Financial Intermediary (FI) Type 2 project according to IFC’s environmental review procedure. TBC Leasing will be required to maintain an environmental management system satisfactory to IFC, including the appointment of one environmental officer trained in an environmental workshop conducted or approved by IFC, and to submit annual environmental reports to IFC.
Location of environmental documents in locally affected community

Contacts

For Inquiries About the Project, Contact

Thea Lortkipanidze, General Director, TBC Leasing thea@tbcleasing.ge

This Summary of Project Information (SPI) is prepared and distributed to the public in advance of the IFC Board of Directors' consideration of the proposed transaction. Its purpose is to enhance the transparency of IFC's activities, and this document should not be construed as presuming the outcome of the Board decision. Board dates are estimates only. The following SPI is disclosed in accordance with IFC's Disclosure of Information Policy that went into effect September 1998.

The map is for illustrative purposes and does not imply the expression of any opinion on the part of the World Bank, concerning the legal status of any country or territory or concerning the delimitation of frontiers or boundaries. Country borders or names do not necessarily reflect the World Bank Group's official position. In some cases, available project location information is limited to the country of the project's activities. Locations are approximate.

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