Bank of Georgia raises funds from Citibank to finance trade
BAKU, Azerbaijan, Sept. 19
By Tamilla Mammadova – Trend:
Bank of Georgia raised $50 million in financial resources from Citibank to finance trade, Trend reports via Georgian media.
The transaction took place under the Continuing Agreement for Reimbursement of Trade Advances ("CARTA") signed between Bank of Georgia and Citi in 2011 and is the sixth successful transaction between the parties.
The financial resource will allow the Bank of Georgia to offer the best trade finance products for businesses, small and medium-sized businesses.
“I am glad that the Bank of Georgia, together with its loyal partner Citibank, continues to actively cooperate in the field of trade finance. This enables us to further strengthen our position in trade finance and offer our clients tailor-made financial resources. Such financing is especially important in this difficult period for both corporate and small and medium-sized businesses actively participating in export-import operations. Our goal is to remain a reliable financial partner for them,” said Archil Gachechiladze, General Director of the Bank of Georgia.
“We are very proud of our long-term relationship with our partner, Bank of Georgia. For the sixth consecutive year, we reach an agreement with one of the country's leading financial institutions to provide trade finance. This deal is a very good example of our common and ongoing efforts to support the growth of the Georgian banking sector and, more broadly, to stimulate key emerging markets, ”said Shafik Haddad, Citi Bank, Head of Financial Institutions and Correspondent Banking, Treasury and Trade Decisions at European, Middle East and Africa (EMEA).
Citibank is a leading global bank with about 200 million customers and operates in more than 160 countries. Citibank offers a wide range of financial products and services to customers, organizations, governments, and agencies, including banking and credit services for individuals, corporate and investment banking services, brokerage operations with securities, transaction services, and property management.
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