Swiss impact investment manager BlueOrchard Finance has committed an additional $20 million in debt financing to TBC Bank Uzbekistan (TBC UZ), the country’s largest digital bank, according to an announcement.
The latest financing brings BlueOrchard’s total commitment to TBC UZ to $45 million. The investment manager first committed $25 million to the bank in August 2024.
TBC UZ forms part of London-listed TBC Bank Group’s digital financial ecosystem in Central Asia, which also includes payments platform Payme and installment credit provider Payme Nasiya.
BlueOrchard said the fresh funding will support TBC UZ’s efforts to expand lending, particularly to small and medium-sized enterprises (SMEs), and promote financial inclusion in Uzbekistan.
“We are confident that this additional funding will enable TBC UZ to further drive economic growth for entrepreneurs and small businesses in the region,” said BlueOrchard CEO Philipp Mueller.
The new facility, according to TBC UZ CEO Nika Kurdiani, will support the launch of its SME lending business and help diversify its funding base.
“The agreement allows us to provide SMEs in Uzbekistan with quick and easy access to the loans they need to grow,” Kurdiani said.
Founded in 2001, BlueOrchard has invested over $11 billion across more than 100 countries. Its other Asian portfolio companies include Indian electric vehicle charging startup CHARGE+ZONE, non-banking finance company Dvara KGFS, and Vietnamese lender Nam A Bank.
In February, the firm said it secured $100 million in commitments for its second climate insurance vehicle, InsuResilience Investment Fund II. The fund offers growth capital, as well as technical assistance and other support facilities, to provide climate insurance solutions to underserved communities in Asia and Africa.
Limited partners in the fund include British International Investment (BII), the Nordic Development Fund; German development bank KfW; and Schroders, the majority owner of BlueOrchard.
