BSTDB Extends USD 2,5 million to Georgian Commercial Banks to Promote Trade in the Black Sea Region

Press Release | 21-May-2001

BSTDB signed Multiple Buyer Credit Agreements with the Bank of Georgia and Microfinance Bank of Georgia (MBG), selected as its financial intermediaries for the BSTDB trade finance programmes in Georgia.

The BSTDB Multiple Buyer Credit programme is designed to provide import financing to Georgian companies buying goods from other member countries of the Black Sea Economic Cooperation (BSEC). This facility will:

• Promote intra-regional trade in conformity with the BSTDB mandate,
• Provide Georgian buyers with import financing for the purchase of goods exclusively originating from other BSEC countries,
• Support BSEC exporting companies by providing a competitive edge through the provision of buyer credit financing for the purchase of their products.

The amount of the facility provided to the Bank of Georgia is limited to US$1.5 million. BSTDB developed cooperation with the Bank of Georgia under its Pre-Export Finance Programme, having extended US$1.5 million to support Georgian exporting companies.

With the Microfinance Bank of Georgia BSTDB signed its first Multiple Buyer Credit Agreement for US$1 million.