Bank of Georgia has signed a US$75mn trade finance club deal.
The one-year facility was arranged by Citi with Asian Development Bank (ADB) and IFC. ADB supported the facility with a guarantee through its trade finance programme (TFP), and IFC provided funding through its global trade liquidity programme (GTLP), together with Citi.
This is the fourth such deal arranged by Citi for Bank of Georgia.
The funds will be used to support import and export transactions for corporate clients in key sectors including agribusiness, transportation and energy.
“We are pleased to be at the forefront of providing much-needed trade finance products to our corporate and SME clients. The facility will not only diversify and strengthen our client base, but also serve to contribute to sustainable economic growth in Georgia,” says Bank of Georgia CEO Kaha Kiknavelidze.
“The ADB is delighted to be part of this transaction with Bank of Georgia, Citi and IFC through the TFP,” says Nana Khurodze, relationship manager at ADB.
“ADB’s TFP in Georgia has supported over US$91mn in trade through 45 transactions since 2011. Out of this, 31% has been SME-related deals.”