The European Bank for Reconstruction and Development (EBRD) is providing a loan to TBC Bank Uzbekistan. This was reported by the organization's press service to Spot.
The funds are being allocated to the neobank to expand its range of services. Specifically, the money will be used to issue loans to young entrepreneurs and businesswomen.
The loan amount will be $10 million (9.1 million euros). The funds will be provided in synthetic Uzbek soums.
At least 65% of the borrowed funds are planned to support micro-enterprises established or led by young citizens. Additionally, at least 40% of the funds will be allocated for financing women entrepreneurs.
The EBRD, together with the International Finance Corporation, acquired 20% stakes in TBC Bank Uzbekistan in 2021. Since then, they have invested in the neobank five times, totaling over $68 million.
The latest investment round was closed in July of this year. As part of this round, the bank raised $38.2 million, including $7.6 million from the EBRD, the same amount from the IFC, and $23 million from the Georgian bank TBC.
Previously, Spot reported that TBC Bank Uzbekistan is launching its own processing center.