CDP’s first loan in Georgia, 10 million for SMEs thanks to an agreement with TBC Leasing

Cassa Depositi e Prestiti (CDP) is expanding its operations in finance for international development cooperation with its first transaction in Georgia. The €10 million loan will be granted to theTBC Leasingfinancial institution to support the development of the country's small, medium and micro enterprises, which account for more than 55% of the total production value and about 35% of the revenues generated by the private sector.

Guaranteed by the InclusiFI programme promoted by CDP with the European Commission within the framework of the European Fund for Sustainable Development (EFSD), the agreement will provide both economic support and technical assistance, with training materials created specifically for customers and dedicated to alternative forms of financing.

Cristina Morelli, CDP's Head of Sovereign Financing, Financial Institutions and Enterprises, said: "CDP's first financing transaction in Georgia will facilitate access to capital for the private sector and SMEs, stimulating inclusive economic growth and strengthening the region's financial stability, including through technical assistance that will increase knowledge about financial instruments useful for the development of the private sector. We confirm our commitment to supporting local entrepreneurs and promoting the development of SMEs, which are a key factor in job creation and the country's economic growth".

Thanks to this agreement, TBC Leasing, a leading player in the domestic market based in Tbilisi, will be able to expand its current range of financial solutions, contributing to the growth and economic sustainability of Georgian companies.

Nugzar Loladze, Chief Financial Officer of TBC Leasing, commented: "We are honoured to be the first in Georgia to receive an investment from CDP. This collaboration not only strengthens our commitment to providing innovative and flexible financing solutions, but also highlights our country's economic potential in the eyes of international investors. By facilitating access to capital and promoting financial inclusion, we support the growth of local businesses and contribute to the overall economic development of Georgia".

CDP's investment is one more example of the attention that various national and international operators are paying to the country's financial sector, which has increased its attraction of international capital in recent years thanks in part to Italy's international cooperation system led by the Ministry of Foreign Affairs and International Cooperation.

Massimiliano D'Antuono, Italian Ambassador to Georgia, observed: "The transaction between CDP and TBC reflects the priority that Italy and Italian institutions have always given to small and medium-sized enterprises. I am therefore very pleased that Italy, through CDP, can make its contribution to the growth and prosperity of this sector in Georgia as well, once again underscoring the great friendship and positive cooperation that unites our two countries".