13.Aug .2019 14:43

Bank of Georgia signs US$50 million Trade Finance Facility with Citi

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Bank of Georgia Group PLC ("the Group") announces that JSC Bank of Georgia (the "Bank" or "Bank of Georgia") has signed a one-year US$50 million Trade Finance Facility ("the Facility") with Citi. The Facility has been arranged under the Continuing Agreement for Reimbursement of Trade Advances ("CARTA"), signed with Citi in 2011, and is the third successful transaction between Citi and Bank of Georgia under this agreement.

The Facility aims to enhance the Bank's best-in-class offering of trade finance solutions for the Georgian corporate and small and medium sized (SME) sectors.

Archil Gachechiladze, Bank CEO commented: "I am very glad to see that Bank of Georgia and our trusted partner Citi continue to actively cooperate on trade finance deals, which enable us to strengthen our position as a go-to bank for tailor-made trade finance products in Georgia.

Facilities of this kind are important for our corporate, as well as SME clients that are actively engaged in export-import transactions and we aim to remain a reliable financial support for them."

Source - LSE