- OFID extends first-ever trade finance funding to Georgia
OFID extends first-ever trade finance funding to Georgia
Vienna, Austria, January 8, 2015. OFID has extended a US$10m trade finance loan to JSC TBC Bank, Georgia. The loan is OFID’s first-ever transaction in the country. TBC Bank will use the funds to on-lend to Georgian enterprises for their import and export financing needs. The agreement was signed by OFID Director-General Mr Suleiman J Al-Herbish and TBC Bank CEO Mr Vakhtang Butskhrikidze.
Trade finance is an engine of growth for many countries and plays an important role for the small, land-locked country of Georgia. TBC Bank is the country’s second largest trade finance bank and is very active in funding trade finance transactions with corporates and small and medium-sized enterprises. OFID’s loan will assist the bank in expanding its trade finance activities.