With the exclusive support of TBC Capital, microfinance organization “Rico Express” has successfully placed its first $10 million issuance under its $100 million bond program. An event marking the transaction was held at Rooms Hotel Tbilisi, attended by representatives of the National Bank of Georgia (NBG).

First Vice-Governor of the National Bank of Georgia Ekaterine Mikabadze congratulated “Rico Express,” TBC Capital, all parties involved, and investors on the successful transaction. According to her, investors increasingly have opportunities to place their savings securely, while the private sector gains access to alternative sources of funding.

“Every successful transaction in the market is significantly underpinned by both stability in the capital market and overall macroeconomic stability. Stable economic development significantly reduces the country’s risk premium, which, of course, enables the private sector to attract financial resources on more favorable terms. Very positive trends can be observed in the development of the capital market. Last year was very active in the market, and market participants have remained highly active this year as well,” noted Ekaterine Mikabadze, First Vice-Governor of the National Bank of Georgia.

“I congratulate ‘Rico Express’ on the successful placement of its first foreign currency bond. Interest in the securities was quite high, which enabled the company to place the bond on competitive terms. I am pleased that they chose TBC Capital as their partner for raising funds in foreign currency. As a result, ‘Rico Express’ was able to attract financial resources on better terms, which is crucial for the development of its business. Through transactions of this kind, we help companies diversify their funding sources, expand their investor base, and attract resources on competitive terms,” said TBC Capital Director Otar Sharikadze.

According to Lasha Nikolaishvili, Chairman of the Supervisory Board of “Rico Express,” the day is highly significant for the company. He thanked the National Bank for its support and highlighted the NBG’s role in achieving this result.

“The role of the NBG is noteworthy, as our country’s reserves have reached an unprecedented level in recent years. These factors have contributed to the decline in interest rates in the country,” said Lasha Nikolaishvili.

According to him, under current conditions, at a time when refinancing rates are rising globally, the company placed three-year bonds at 7%, which is unprecedented in the market in recent times and demonstrates that the situation in the country is stable, while investor confidence remains high both in the country and in Georgian companies.

“Rico Express” has been operating in the Georgian market for almost 30 years and is the market leader in the microfinance sector, with a 47% market share.