Bank of Georgia borrows US$75m for trade finance in fourth club deal

News | 23 August 2017


Bank of Georgia signed a one-year US$75m club trade facility on 23 August. The club deal, arranged by Citi in conjunction with the Asian Development Bank (ADB) and International Finance Corporation (IFC) is the fourth such syndication, the most recent being a $50m loan in October.

ADB again supported the facility via a guarantee through its Trade Finance Program (TFP) and IFC provided funding through its Global Trade Liquidity Program in place with Citi. The funds are designated to support trade finance for small and medium sized companies in Georgia.  

“We are pleased to be at the forefront of providing much needed trade finance products to our corporate and SME clients.

The facility is intended to finance trade operations in Georgia’s key economic sectors such as agribusiness, transportation and energy.

It will not only diversify and strengthen our client base, but also serve our purpose to contribute to sustainable economic growth in Georgia,” said Kaha Kiknavelidze, Bank of Georgia CEO.

 “Through this facility, Bank of Georgia will be able to grow its trade finance operations to support more importing and exporting companies, including small and medium-sized businesses.

This will support growth and job creation in Georgia,” said Nana Khurodze, relationship manager at ADB.

ADB’s TFP in Georgia has supported over US$91m in trade through 45 transactions since 2011, 31% of which have been SME-related deals.

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