TBC Capital Presents Research on Georgia’s Logistics Sector

TBC Capital has introduced a new research publication on Georgia’s logistics sector to its corporate partners. In recent years, growing demand for transportation and warehousing services in the country has heightened interest in the sector. In response to this trend, TBC Capital prepared a study analyzing the opportunities and challenges shaped by both local and global developments.

The research highlights Georgia’s role as a transit hub and examines the competitiveness and potential of the Middle Corridor—a transport route connecting Europe and Central Asia through Georgia.

Georgia’s Logistics Sector

According to the publication, Georgia’s transport and warehousing sector has shown consistent growth. In 2024, the sector expanded by approximately 9%, contributing 5.9% to GDP. Stronger trade flows between Europe, the Caspian region, Central Asia, and China have positively influenced this growth.

Freight turnover in the transport sector has also been rising steadily since 2015. TBC Capital forecasts an average annual growth rate of 5.5% between 2025–2028, driven primarily by stronger domestic demand, exports, and increased trade flows with Central Asia.

The expansion in transportation has fueled demand for warehousing services as well. TBC Capital projects that, with the continued rise in both local and transit cargo turnover, demand for warehousing services will grow by an average of 9% annually from 2025 to 2028.

Currently, Georgia’s total warehouse space stands at 2.2 million sq.m., of which 90% are dry warehouses and 10% refrigerated. Notably, 67% of warehouse facilities are owner-occupied, while 33% are leased. Rental rates range from $3–$6 per sq.m. (excluding VAT and service charges), while A-class warehouses are priced at $7–$8 per sq.m.

Transit Corridors – Challenges and Opportunities

For both Georgia and the region, the activation of the Zangezur transit corridor—linking Central Asia and Europe via the Caucasus—will be significant. In the short term, redirection of cargo flows to Zangezur is unlikely, but in the medium term, parts of the Azerbaijan–Turkey and Turkey–Central Asia trade flows may shift from Georgia to this route.

Meanwhile, the Middle Corridor, which connects European and Central Asian markets through Georgia, has gained greater relevance amid current geopolitical dynamics. The study identifies the corridor as strategically important, though less competitive than alternative routes in terms of capacity, time, and costs. Key challenges include limited infrastructure capacity, as well as complex customs and administrative procedures.

To address these issues and unlock the Middle Corridor’s potential, several infrastructure projects are planned in Georgia and neighboring countries. These developments are expected to double the corridor’s capacity from 6 million to 12 million tons. According to TBC Capital, by 2030 economic growth across the corridor’s countries will allow its potential to be almost fully realized.

TBC Capital Supports Record GEL 350 Million Bond Placement by Georgia Healthcare Group

With the support of TBC Capital and Galt & Taggart, Georgia Healthcare Group (GHG) has successfully placed GEL 350 million in bonds, marking the largest-ever lari-denominated issuance in the history of Georgia’s capital market.

The bonds carry a daily non-cumulative compounded interest rate of TIBR + 3.75% with a maturity of five years. Admission to trading on the Georgian Stock Exchange is planned.

The issuance has been granted social bond status, meaning that the proceeds will be directed towards financing social projects and refinancing existing loans.

Investor demand for GHG’s securities was exceptionally strong. Participants included local commercial banks and the Pension Fund, as well as international financial institutions such as the International Finance Corporation (IFC) and the Asian Infrastructure Investment Bank (AIIB).

Otar Sharikadze, Director of TBC Capital:
“Our first collaboration with Georgia Healthcare Group proved highly successful. We are proud to have jointly implemented the largest lari-denominated local issuance in Georgia’s capital market history. Interest in Environmental, Social, and Governance (ESG) bonds is growing rapidly in the country, and TBC Capital is actively engaged in this trend. Supporting projects that not only attract investors but also contribute to sustainable economic growth is a priority for us. I am confident that GHG’s social bond issuance of this scale will set a new benchmark in the local capital market and pave the way for similar transactions in the future.”

Ketevan Toidze, Deputy CEO of Galt & Taggart:
“We are delighted to have carried out this historic transaction on the local capital market together with GHG. It highlights the growing investor interest in social and sustainable financial instruments, while also demonstrating the potential of the local capital market. Strong investor demand is a clear confirmation of trust in the company’s stability and long-term growth. For Galt & Taggart, supporting such projects that generate lasting value for both investors and the country’s economy is a key priority. We believe this is only the beginning of many more important and exciting projects with GHG.”

Irakli Gogia, CEO of Georgia Healthcare Group:
“This transaction is a milestone both for our company and for Georgia’s capital market—the first issuance of lari-denominated bonds of such scale. I want to extend special thanks to our partners—Galt & Taggart, TBC Capital, the Pension Fund, international financial institutions, and local banks. The high level of investor interest underscores our company’s stability and commitment to sustainable development. The raised funds will be directed towards advancing medical services and refinancing existing loans, which will further enhance our efficiency. GHG will continue to set new standards and contribute to strengthening the country’s economy.”

Georgia Healthcare Group is the country’s largest provider of healthcare services, offering the widest range of inpatient and outpatient care. The Group operates across four main directions, uniting 50 hospitals and clinics nationwide, the largest laboratory in the South Caucasus, and nearly 4,000 physicians.

TBC and GAIA Offer AI Olympiad Training Courses for Students

Following the successful hosting of the International Olympiad in Artificial Intelligence, the Georgian Artificial Intelligence Association (GAIA), with the support of TBC, is launching AI Olympiad training courses for school students for the second year in a row.

In August 2025, Georgia participated for the first time in the International Olympiad in Artificial Intelligence, held in Beijing, and achieved remarkable success. The Georgian national AI team, trained through GAIA’s preparatory courses, brought home a bronze medal and an honorary diploma in its very first year.

The establishment of the national team, and more broadly, the development of a new generation of AI professionals, are the main goals of the AI Olympiad training program. Within the course, students from grades 9 to 12 will have the opportunity to study artificial intelligence—from beginner to professional level—completely free of charge and online.

The curriculum covers the fundamentals of programming, linear algebra, calculus, and classical machine learning. Special focus will also be placed on neural networks, computer vision, and natural language processing. The training is practice-oriented, with students engaging in hands-on assignments.

Registration for the AI Olympiad course opens on September 23 and will remain available until October 8. Lectures will be conducted online.

At the end of the course, a national Olympiad will be held, where the winning team will represent Georgia at the International Olympiad in Artificial Intelligence (IOAI) in 2026.

The IOAI is a global educational competition launched in 2024 that already brings together high school students interested in artificial intelligence and data science from more than 70 countries. In 2026, the Olympiad will take place in Abu Dhabi, with the Georgian Artificial Intelligence Association once again holding official authorization to select the national team.

👉 Don’t wait—register now via the link. 

Through this initiative, TBC continues to make education more accessible, offering young people who believe in shaping their own future through learning a wide range of educational opportunities across different fields.

Giorgi Meskhi – The Freelancer Who Helped Over 600 Startups Attract Investments

While working at an investment bank, young financier Giorgi Meskhi noticed a recurring problem: many companies failed to secure funding not because of weak ideas or poor teams, but because of the way they presented themselves to investors.

This was a case where a strong idea, a professional team, and even a solid business model couldn’t sell themselves on their own. What was needed was strategic communication, the right presentation, and high-quality investment materials.

“I realized how much I enjoyed working on these materials, and even more—the results and successes companies achieved after using the presentations I had prepared,” recalls Giorgi, who won second place in the “Best Freelancer” category at the TBC Business Awards.

Today, Giorgi has collaborated with more than 600 startups across 35+ industries worldwide. His clients mainly come from the United States, Europe, and the Arab world. The topics are as diverse as projects for a Swiss educational institute or tourism initiatives in the Sahara Desert.

One of the fields that excites him most—as a finalist of the TBC Business Awards—is artificial intelligence, a sector that increasingly requires carefully prepared investment materials.

“The process usually goes like this: first, we prepare the investment presentation, then the financial model, and if needed, additional components. I also help with strategic positioning, so that companies can convincingly present their strengths. In the end, clients better understand how to approach investors and what to expect from the process,” Giorgi explains.

In just the past 18 months, startups using his materials have raised over $140 million. Altogether, the businesses he has supported have attracted investments exceeding $1.2 billion.

Still, Giorgi emphasizes that a polished pitch deck alone doesn’t guarantee success:

“Many startups think that a well-prepared pitch deck will automatically secure investor interest. In reality, it’s just the first step. What’s needed is strategic communication, targeted investor selection, and consistent process management. And remember—success is a journey. What matters most is to believe in it!”

For Giorgi, freelancing is synonymous with freedom—the opportunity to choose projects, explore various industries, and gain new experiences every time. Yet, freedom also comes with challenges, such as the need for constant focus and adaptability.

Being awarded the “Best Freelancer” title by TBC became a powerful source of motivation for Giorgi. This recognition inspires him to continue growing with fresh energy and to strengthen his professional standing on the international stage.

Success is on the way—what matters is to believe!

TBC Receives ADB Award for Supporting the Inclusion of Persons with Disabilities

TBC has become the first company in Georgia to receive the Asian Development Bank (ADB) “11th Trade and Supply Chain Award” in the category “Disability Inclusion Champion.”

This international recognition highlights TBC’s strategic vision, which integrates diversity, equity, and inclusion policies, human rights principles, and corresponding practical initiatives.

Notably, the award acknowledges the project implemented in collaboration with the Asian Development Bank (ADB), which included:

• Developing an action plan to strengthen the inclusion of persons with disabilities across the bank’s various operations;
• Assessing the accessibility of TBC’s mobile banking services for persons with disabilities;
• Conducting a physical infrastructure audit;
• The UX research team studying the experiences of TBC’s customers with disabilities and developing recommendations.

The project’s implementation at TBC is ongoing and will gradually expand to all selected areas. The inclusion of persons with disabilities has become a key goal of the company’s 2025–2027 ESG strategy, approved by the Board of Directors.

“We are proud that TBC has received an award for promoting the inclusion of persons with disabilities. We are actively working in this direction, collaborating with various companies and partners, including the Asian Development Bank. Within the framework of this joint project, we developed an action plan aimed at strengthening the inclusion of persons with disabilities across all key areas of the bank. Our goal is to foster an environment that is equitable, diverse, and adapted to the needs of all individuals, both for our employees and our customers,” said Maka Bochorishvili, Coordinator of the Environment, Social, and Governance (ESG) Department.

TBC Free Card – Benefits Without Costs

For nearly a year now, the new TBC Free Card has become an essential part of everyday life for more than 700,000 customers. Designed to perfectly fit their needs, it delivers only advantages.

Most importantly, the card is truly free—without any hidden fees or charges.

With every payment made using the TBC Free Card at any bank terminal, customers instantly get back 0.5% of the amount spent into their loyalty account, credited not in points but directly in GEL. At any time, this cashback can be transferred to a TBC personal account and used freely.

To maximize benefits, TBC gives customers the choice of one of three categories—groceries, pharmacies, or fuel—depending on where they spend the most. In the selected category, they receive double cashback, meaning 1% of every payment is returned. Customers can easily choose their preferred category in the Mobile Bank and, if needed, change it once a month.

With the new TBC Free Card, customers can also:

• Withdraw up to 2,000 GEL per month from any ATM in Georgia without fees.
• Pay up to five utility bills each month commission-free.
• Instantly and free of charge transfer funds from other banks.

In addition, cardholders enjoy a wide range of tailored offers that bring extra value, especially in life’s important moments.

Get your new TBC Free Card in just 30 seconds via Mobile Bank—absolutely free—and start enjoying maximum benefits today.

TBC Mobile Bank – Your All-in-One Hub for Online Shopping and More

If online shopping is your favorite pastime, the TBC Mobile Bank Offers page is made for you. Here, you can always keep track of the latest deals, take advantage of special offers, or wait for the perfect one—whether it’s for dining, supermarkets, hotels, or of course, your favorite category: online shopping.

If you haven’t explored it yet, we recommend opening the TBC Mobile Bank Offers page right now, where you’ll discover a true paradise of cashback and benefits with the latest TBC cards.

And that’s not all—TBC Mobile Bank also comes with several smart features designed to make your online shopping even easier.

For example, in the Utilities section, you can select your preferred delivery company, add your post room number to a template, and the system will automatically calculate your package delivery fee.  With a new TBC card, you can even pay this fee directly from Mobile Bank without any commission.

If you make a payment in GEL on a website that doesn’t offer split payments, you can still manage it in Mobile Bank. Simply find the transaction in your history and select Split Transaction to divide the payment after it has already been made.

And don’t worry about searching for your wallet anymore. Thanks to the Card Details feature, you can instantly view all your card information. Just tap your card on the main page and select Card Details.

At every step, TBC is committed to delivering high-quality service and a personalized, convenient experience. Open TBC Mobile Bank today and enjoy saving time, energy, and—most importantly—money, while getting the most out of every purchase.

TBC Launches Paid Internship Program – Learn and Work with Industry Leaders

TBC is launching a paid internship program – an opportunity to learn and work alongside the leading professionals in the field.

If you are a 3rd–4th year student or a recent graduate, curious and open to new opportunities, bold and driven, full of innovative ideas, and eager to contribute to creating products that make people’s lives easier, then TBC’s paid internship program is exactly for you.

At TBC, the largest financial services provider in the region, you’ll gain valuable skills that will set you apart in the job market and help you stand out from other candidates.

Explore the available directions:

• AI and Data Governance
• Finance Management for Retail, SME, and Business Banking
• Brand Experience and Marketing
• CB – Corporate Business Analytics
• Investment Banking – TBC Capital
• Environmental, Social, and Governance (ESG)
• Agile Business – Development of Banking Products and Services
• Compliance and Risk Management
• Corporate Credit Risk Management
• Human Capital Management
• Legal

Apply through the link: TBC Internship Program, complete the application in full, and go through the standard selection process.

Application deadline: October 12.

For any questions, contact us at: HRinternship@tbcbank.com.ge

By joining, you’ll participate in a 6–12 month paid internship program with a flexible schedule tailored to your university commitments. You will also have a dedicated mentor to support your daily work and professional growth.

At TBC, we support your development and your goals – because we believe that with confidence, everything is possible!

TBC Capital Publishes Macro-Economic Update: Key Factors Impacting the Georgian Lari

Key Drivers for the Lari
According to TBC Capital’s latest macroeconomic review, net foreign currency inflows improved significantly in August. At the same time, however, demand for foreign currency also increased, particularly in the composition of deposits. Similar to the same period last year, this may be linked to sentiment-driven factors, though likely to a smaller extent.

Based on TBC Capital’s short- and long-term equilibrium framework, the lari remains slightly undervalued, suggesting potential for appreciation. Taking all factors together, TBC Capital projects that the lari will remain broadly stable around its current level through the end of the year.

Foreign Currency Inflows
Net foreign inflows — including tourism revenues, trade in goods, and remittances — increased sharply in August after seasonal adjustment. However, following Geostat’s upward revisions of import data, the assessment of net inflows for the first seven months of the year was revised down somewhat. Despite this, the overall trend remains unchanged, and inflows continue to play a key role in supporting the lari.

A major contributing factor was a decline in the trade deficit. Both exports (down 5.9% YoY) and imports (down 6.9% YoY) fell, with automobile trade continuing to dominate the dynamics. Notably, after improving since May, car trade slowed again in August, with annual export growth turning negative — partly due to last year’s high base effect.

At the same time, while re-exports declined, domestic exports showed slight improvement, mainly driven by ferroalloys, copper, and precious metal ores. In fact, precious metal ores have been the leading contributor to local export growth this year, supported by rising global prices for gold and other precious metals. Conversely, exports of traditional products such as wine, as well as ferroalloys (despite some August recovery), remain negative.

Remittances and Tourism
Remittances also remain a strong driver of inflows, growing by 12.5% YoY in August. While growth from the EU and the US has slowed somewhat in recent months, these regions still contribute the most to overall remittance growth.

Tourism indicators remain positive. Non-cash spending by non-residents — a proxy for tourism revenues — continued to increase in September after strong August results. Spending by both residents and non-residents remains robust, despite a slight month-on-month slowdown.

Deposits and Conversions
Deposit conversions point to stronger growth in foreign currency deposits relative to lari deposits since mid-September. As noted in TBC Capital’s earlier publications, while conversions supporting lari appreciation are not yet fully exhausted in structural terms, they remain highly sensitive to changes in sentiment.

Signs of sentiment-driven behavior include increased net purchases of foreign currency by households and corporates in July and likely August. However, unlike last year, lari deposits have not declined, while the growth in foreign currency deposits remains relatively contained — a key difference for the lari’s exchange rate outlook.

Overall, the National Bank of Georgia’s foreign exchange interventions in September are expected to remain positive, though on a smaller scale than earlier in the year, mostly concentrated in the first half of the month. From the beginning of the year through September, the NBG has purchased around USD 1.6 billion.

Economic Growth
In other indicators, Geostat revised Georgia’s Q2 GDP growth upward from 7.1% to 7.3%. As a result, economic growth for the first half of the year stands at 8.4%.

Read the full publication here: TBC Capital Macro Update