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NASIRA Guarantee Program

Terabank Introduces FMO’s NASIRA Guarantee Program to Support Small and Medium-Sized Businesses


Terabank and FMO are pleased to announce the first NASIRA risk sharing program in Georgia. The program aims to increase access to financial resources for micro enterprises and SMEs operating in the country and is funded by the European Commission and Dutch Government.

FMO’s NASIRA risk sharing program takes the form of a loan portfolio guarantee and supports financial institutions in increasing their lending activities for MSMEs with a focus on underserved business segments, such as smallholder farmers, women-owned and youth-owned businesses, who often have difficulty in access to finance due to higher associated credit risk, lack of collateral and/or historical track record. FMO’s NASIRA risk sharing facility enables financial institutions to more confidently lend to these client segments by sharing the possible credit losses with the financial institutions and thereby reducing the risks involved and expanding opportunities to a fresh segment of entrepreneurs.

The official signing of the agreement on participation in the program took place on November 9 in Tbilisi. The document was signed by the General Director of Terabank, Thea Lortkipanidze, and the Manager of the Nasira program of the Dutch entrepreneurial development bank, Anneloes Mullink-Bos. The event was attended by Meline Arakelian, Dutch Ambassador in Georgia; Nicholas Cendrowicz, Head of EU Cooperation; Natia Turnava, acting Governor of the National Bank of Georgia, and other invited guests.

Thea Lortkipanidze, General Director of Terabank: “We have a longstanding partnership with FMO. We are pleased that this collaboration is growing as we engage in the NASIRA guarantee program. The innovative risk distribution principle of this program will enable us to broaden our lending reach to segments currently facing resource constraints. As a result, we will enhance our contribution to the national economy with a specific emphasis on the small and medium-sized business sector which serves as a fundamental pillar for our bank. “

Anneloes Mullink-Bos adds: “We are very pleased with this next step in our partnership with Terabank and the opportunity to support them in broadening their lending reach to groups that were previously perceived as too risky. Financial inclusion is key in providing the same opportunities to everyone, reducing inequality in society and among different countries. We look forward to a successful Nasira program and a continuance of our longstanding relationship. “

The Ambassador of the Kingdom of the Netherlands, Meline Arakelian, welcomed the signing of the NASIRA facility agreement as “another step in FMO’s already substantial contribution towards the Georgian economy. NASIRA will bring new opportunities for young and female entrepreneurs in micro, small and medium businesses who would otherwise find it challenging to access finance. The agreement signals the Netherlands’ strong commitment to support Georgia’s inclusive economic growth and is an example of our long-standing engagement in Georgia’s financial sector. “

“Under its Economic and Investment Plan, the European Union expects to leverage up to EUR 17 billion in public and private investments. The EU is delighted to see these guarantees delivering on the ground, accelerating one of our core flagships to support 80,000 SMEs in Georgia. This guarantee will support efforts towards sustainable and inclusive economic growth. Access to finance that also reaches under-represented economic actors elevates more people into economic activity and lends itself to a more inclusive economic growth for Georgia”, said Nicholas Cendrowicz, Head of Cooperation for the EU Delegation in Georgia.

About FMO

FMO is the Dutch entrepreneurial development bank. As a leading impact investor, FMO supports sustainable private sector growth in developing countries and emerging markets by investing in ambitious projects and entrepreneurs. FMO believes that a strong private sector leads to economic and social development and has a 50+ year proven track-record in empowering entrepreneurs to make local economies more inclusive, productive, resilient, and sustainable. FMO focuses on three sectors that have high development impact: Agribusiness, Food & Water, Energy, and Financial Institutions. With a total committed portfolio of EUR 13 billion spanning over 85 countries, FMO is one of the larger bilateral private sector development banks globally.

About Terabank

Since 1999, Terabank has occupied an important position in the Georgian financial sector.

Currently, Terabank is a financial institution that offers high-standard, fast, flexible, universal, and personalized products and services to customers enabling them to achieve financial freedom. Terabank’s strategic segment is small and medium-sized businesses and as a reliable financial partner, it constantly provides additional motivation and new opportunities for them.