OFID supports international trade and SMEs in Georgia


By Anna Ilaria-Mayrhofer “We are


confident that our clients will fully benefit


from the new trade finance


facility granted by OFID.”


BasisBank General Director David Tsaava


OFID reaffirmed its commitment to helping boost socioeconomic development in Georgia when it signed a US$15 million loan agreement with BasisBank, Georgia. The funds will support the international trade requirements of small and medium-sized enterprises (SMEs) and corporates in the country.


BasisBank is the sixth largeste sixth largest bank in Georgia and is majority- owned by Hualing, a Chinese group active in the commodities wholesale market, as well as in the logistics construction, hotel and tourism sectors. The new agreement builds on a previous US$5 million term loan provided by OFID to BasisBank in 2016 to suppor export of agricultur


and is majorit g, a Chinese gr


modities wholesale s in the logistics, el and tourism


agreement builds


machinery, IT, and constr consumer goods.


$5 million term OFID to BasisBank rt the import and ural products and d construction and


“We’re pleased to expand our cooperation with BasisBank in ational tr


to expand our BasisBank in


support of international trade and the development of the SME sector in a countr


ment of the SME ry that sits at


32


the intersection of Europe and Asia,” said OFID Director-General Dr Abdulhamid Alkhalifa. “We have built a good relationship with BasisBank since our first partnership, look forward to


strengthening our cooperation and are proud to support development pp


that crosses borders and supports inter egional pr


inter-regional prosperity.” BasisBank Gener vid Tsaava said: “


BasisBank General Director David Tsaava said: “We are


confident that this new agreement will be an efficient continuation of our collaboration and that our clients will fully benefit from the new trade finance facility granted by OFID. We will continue to promote competitive financing and efficient trade finance solutions to our clients y


and look forward to more years of productive partnership with OFID


productive partnership with OFID.”


PHOTO: remzik/www.shutterstock.com


PHOTO: MicheleB/www.shutterstock.com


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