The Netherlands Development Finance Company, a government-backed institution also known by its Dutch acronym FMO, recently announced it will loan USD 12.5 million and provide advisory services to Georgia-based joint-stock company (JSC) Terabank. The loan will be used to boost services to small and medium-sized enterprises (SMEs) and women entrepreneurs.
Founded in 1999, Terabank is headquartered in Tbilisi and operates 18 branches in Georgia. It is owned by Abu Dhabi Group, a conglomerate based in the United Arab Emirates. As of 2016, Terabank reported total assets of GEL 697 million (USD 290 million), a gross loan portfolio of GEL 467 million (USD 194 million) and total deposits of GEL 521 million (USD 217 million).
The vision of FMO is to help abolish extreme poverty, increase equality and support measures that reduce climate change. It reports total assets of EUR 8.5 billion (USD 9.5 billion) and profit before taxes of EUR 219 million (USD 245 million) for the year 2016.
By Matthew O’Neill, Research Associate
Sources and Additional Resources:
JSC Terabank Financial Report, 2016:
MICROCAPITAL BRIEF: Netherlands’ FMO Lending $5m to First MicroFinance Bank-Afghanistan to Support MSMEs:
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