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Black Sea Trade and Development Bank extends additional credit facility to Basisbank

Today, BB signed a loan agreement with BSTDB directed for the development of the Georgian small and medium enterprises. More specifically, BSTDB contributed ten million Dollars (US$10,000,000) and five million Euros (€5,000,000) that will be directed for further growth of the Bank’s SME clients businesses.

 “We are happy to continue strengthening cooperation with our valuable partner BSTDB by signing another SME facility agreement to contribute to the development of Georgian businesses.  For us it is especially significant to support our SMEs clients in their business expansion needs. Through this new facility, we acquire excellent possibility to stimulate further growth of our SME clients. Our lasting partnership with BSTDB 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 long-dated, successful collaboration.” Said David Tsaava, General Director of JSC Basisbank

“Today we are signing the new Loan Agreement* with Basisbank, one of our most active financial partners in Georgia. By signing this new SME agreement, BSTDB will contribute to the increase of the SME sector development in this country. Along with the institutional development of Basisbank, resulting in a further business growth, improved liquidity and client service, BSTDB will promote job creation, income generation and, to the extent possible, the increase of trade turnover between the BSEC countries. The project represents an excellent example of BSTDB’s financial support of SMEs in this Member Country by offering access to financial services to local SMEs. Through supporting the SMEs at the start and extension of their activities, BSTDB is contributing to the economic development of the country, and to the promotion of the country’s employment.

Basisbank is also a partner of BSTDB in trade financing. The revolving Trade Finance credit line of US$ 15 million has been initially signed in 2012 and increased twice in 2013 and 2015.

To date, BSTDB’s aggregate historical financing to the exporters and importers by this revolving Trade Finance facility is more than US$ 100 million being channeled through nearly 120 individual disbursements. It represents one of highest rates in terms of utilization not only in Georgia, but among other countries of BSTDB’s operations. The significant portion of this credit line is attributable to financing trade between Turkey and Georgia. Turkey is a traditional partner of Georgia in regional trade because of their opportune location and the closeness of their transportation systems. Turkey is a top Georgian importer of US$ 1.4 billion, while the Georgian export to Turkey accounted to nearly US$ 230 million**.

We are glad to continue our support for the targeted sectors and to contribute to the economic development of BSTDB’s Member States.” Said Dmitry Pankin, President, Black Sea Trade and Development Bank.

(c) 2011 Basisbank, all right reserved