BAKU, Azerbaijan, March 29
Tamilla Mammadova – Trend:
Over the past three years, IFC has continued to support Georgia’s private sector, primarily with banks to help increase access to finance for small businesses, Vittorio Di Bello, International Finance Corporation's (IFC’s) Regional Head of Industry for Financial Institutions in Europe and Central Asia told Trend.
"As part of our efforts, in 2018 we partnered with Georgia’s Basisbank, a subsidiary of the Hualing Group, one of China’s largest private enterprise groups, to boost access to working capital and trade finance for Georgia’s small and medium enterprises (SMEs), helping them expand their businesses, create jobs, and tap into new markets," he said.
"We provided a $10 million loan to enable the bank to on-lend trade-related working capital to Georgia’s exporters and importers. Basisbank has also signed on as an issuing bank in IFC’s Global Trade Finance Program (GTFP)," he added.
According to him, as part of the deal, IFC is providing the bank with a trade finance guarantee line of $5 million, helping it facilitate its clients’ trade transactions and boost cross-border trade.
The International Finance Corporation is an international financial institution that offers investment, advisory, and asset-management services to encourage private-sector development in less developed countries.
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