Enhanced BSTDB Trade Finance Facility Helps Georgian Foreign Trade
Press Release | 12-Nov-2013
The Black Sea Trade and Development Bank (BSTDB) increased the Trade Finance Facility provided to Georgia’s Basisbank to a total amount of USD 10 million. The BSTDB facility aims to finance trade transactions between Georgia and other BSTDB member countries, as well as Georgian exports to all countries.
“BSTDB’s continued cooperation with Basisbank is a demonstration of support to Georgian trade and development. Basisbank has successfully utilized the first USD 4 million Trade Finance credit line provided by BSTDB in 2012 and has been a reliable BSTDB partner” said Mustafa Boran, BSTDB Vice President Banking at the signing ceremony in Tbilisi.
BSTDB launched its Trade Finance Program in Georgia in 2000 and since then has provided about USD 100 million to over 140 local companies, through partner banks in Georgia.
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Established in 1993, Basisbank is owned by Xinjiang Hualing Industry & Trade (Group) Co, Mr. Zurab Tsikistavi, a Georgian private shareholder and founder of the Bank, and the European Bank for Reconstruction and Development (EBRD). The Bank provides a broad range of banking services to retail and corporate clients through a network of 16 branches in Georgia. Basisbank is rated B by Fitch. Apart from BSTDB, Basisbank cooperates with the World Bank and other international development institutions in agribusiness and the SME sector development in Georgia.
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 are 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 appx. EUR 3.5 billion. BSTDB is rated long-term “A-” by Standard and Poor’s and “A3” by Moody’s. For more information about BSTDB, please visit www.bstdb.org.
Press contact:
Haroula Christodoulou
Phone: +30 2310 290533
E-mail: cchristodoulou@bstdb.org