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Basisbank signed a USD 15 Million agreement with OPEC Fund for International Development (OFID), Austria


OPEC Fund for International Development has funded Basisbank to support the international trade requirements of small and medium-sized enterprises (SME’s) and corporates in the region.


This new loan agreement is a further extension to USD 5 Million Loan agreement, dated November 2016, which was in support of cross board trade, export and import of agricultural products, plants and equipment, information technologies, construction as well as consumer goods .


“OFID has been our partner institution since 2016 and we are grateful for their contribution in addressing increased trade finance demand and supporting the trade finance activities of our clients,” said BasisBank General Director, David Tsaava “Our lasting partnership with OFID once again proves the high level of trust and genuine cooperation between our institutions. 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 and look forward to more years of productive partnership with OFID.”


“We’re pleased to expand our cooperation with BasisBank in support of international trade and the development of the SME sector in a country that sits at 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 that crosses borders and supports inter-regional peace and prosperity.”


The OFID is a Development Financial Institution established by the OPEC (Organisation of Exporting Countries of Oil) in 1976, with the objective to support developing countries economic growth.


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