OFID supports international trade and SMEs via a loan extended to BasisBank, Georgia

Vienna, Austria, January 25, 2019.  OFID – the OPEC Fund for International Development – has signed a US$15 million loan agreement with BasisBank, Georgia, to support the international trade requirements of small and medium-sized enterprises (SMEs) and corporates in the country.

 BasisBank is the sixth largest bank in Georgia and is majority-owned by Hualing, a Chinese group active in the commodities wholesale market, as well as in logistics, construction, hotel and tourism sectors. The new agreement builds on a previous US$5 million term loan provided by OFID to BasisBank in 2016 to support the import and export of agricultural products and machinery, IT, and construction and consumer goods.

 “We’re pleased to expand our cooperation with BasisBank in support of international trade and the development of the SME sector in a country that sits at the intersection of Europe and Asia,” said OFID Director-General Dr Abdulhamid Alkhalifa. “We have built a good relationship with BasisBank since our first partnership, look forward to strengthening our cooperation and are proud to support development that crosses borders and supports inter-regional prosperity.”

 “OFID has been our partner institution since 2016 and we are grateful for its contribution in addressing increased trade finance demand and supporting the trade finance activities of our clients,” said BasisBank

General Director, David Tsaava. “Our lasting partnership with OFID once again proves the high level of trust and genuine cooperation between our institutions. We are confident that this new agreement will be an efficient continuation of our collaboration and that our clients will fully benefit from the new trade finance facility granted by OFID. We will continue to promote competitive financing and efficient trade finance solutions to our clients and look forward to more years of productive partnership with OFID.”