BSTDB Expands its Trade Finance Program in Georgia
Press Release | 20-Jan-2003
BSTDB and TBC Bank (Georgia) have signed a loan agreement for Pre-Export Finance Facility in the amount of USD 2 million. The facility will be used by TBC Bank for providing pre-and post-shipment financing to Georgian exporters selling to customers in the BSTDB member countries, and beyond.
The Facility will enable Georgian exporters greater access to working capital required to perform under export contracts. In addition, they will be able to offer more competitive payment terms to their clients, therefore making Georgian exports more competitive.
TBC Bank has become the BSTDB’s third financial intermediary for its Trade Finance Program in Georgia, following the Microfinance Bank of Georgia and the Bank of Georgia. Under the program, BSTDB made available more than USD 4 million to support Georgian exports in 2002. The new Pre-Export Finance Facility will respond to the high Georgian market demand, and will benefit both the Georgian economy, and cooperation in the Region.
TBC Bank is a private banking institution established by Georgian entrepreneurs, IFC of the World Bank Group, and DEG (Germany). TBC Bank is the largest bank in Georgia in terms of assets, liabilities, and market share. It is experienced in international trade financing and enjoys a considerable client base. The bank has established dynamic relations with international financial institutions.
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. With an authorized capital of SDR 1 billion (approx. USD 1,3 billion), the Bank supports economic development and regional cooperation by providing financing for investment projects and trade transactions in public and private sectors in its member countries. Since the commencement of operations in 1999, BSTDB's Board of Directors has approved operations totaling over USD 430 million.