IFC opens grant line for Georgian bank
Georgia, Tbilisi, Oct. 4 /Trend, N.Kirtskhalia/
International Finance Corporation (IFC) will open grant trade finance line worth $10 million for TBC Bank, which will help the bank finance foreign trade operations of local companies and will facilitate trade in Georgia.
TBC Bank will join the global trade finance program of the Corporation, which will enable it to offer customers long-term financing of imports and exports with improved conditions. This program will link the bank with more than 300 banks from 85 countries worldwide.
IFC and TBC Bank are linked by a long business partnership, which began in 1998.
"After the considerable support we have provided to the Georgian banking sector in difficult economic conditions, we again continue to promote this sector by various initiatives, including through the funding of global trade," said IFC Vice President Rashad Kaldan.
Since 2005, after the start of the program, more than 10,000 grants worth $17 billion have been provided. The IFC investments in Georgia total nearly $550 million for 39 projects in different spheres.
In addition, through a consultative project, the Corporation works to reform the tax system in Georgia, which promotes small business development.