BSTDB further expands its trade finance program in Georgia
Press Release | 08-May-2012
The Black Sea Trade and Development Bank (BSTDB) made available a revolving trade finance facility in the amount of up to USD 5 million to Kor-Standard Bank Georgia (KSB). KSB will advance short-term sub-loans to Georgian exporting and importing companies.
The Operation implements the BSTDB strategy to support the Georgian export potential and the country’s small and medium enterprises’ (SME) development. BSTDB’s Facility will be used for financing exports from Georgia and imports from the countries of the Black Sea region. It will help to increase competitiveness of the Georgian export sector, mainly SMEs, and it will promote regional trade.
BSTDB is currently cooperating with four local banks under its Trade Finance program for Georgia, which annually provides up to USD 27 million to finance Georgian exporters and importers.
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Kor-Standard Bank (KSB) was established in 1999, by the Government of Georgia and an EU-funded project, under the name Agro-Business Bank of Georgia. The Bank’s name was changed to Standard Bank in 2006. In March 2008, the Bank was acquired by the Abu Dhabi Group and was renamed to Kor-Standard Bank. With a network of 21 branches all over Georgia, the Bank provides full range of banking services, for private, corporate and governmental clients, primarily targeting small and medium-sized enterprises.
The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Türkiye, and Ukraine. The BSTDB headquarters is in Thessaloniki, Greece. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. The authorized capital of the Bank is SDR 3 billion (appx. EUR 3.3 billion). BSTDB is rated long-term A by Standard and Poor’s and A3 by Moody’s.