TBC Bank and OPEC Fund sign a $50 million trade finance loan agreement
TBC Bank Group PLC (“TBC PLC”) announces that its subsidiary, JSC TBC Bank ("TBC Bank"), has signed a loan agreement in the amount of USD 50 million with the OPEC Fund for International Development (the “OPEC Fund”). The three-year loan facility will be used primarily to finance the international trade activities of TBC Bank customers.
TBC Bank and the OPEC Fund enjoy a long-standing partnership. In 2012, the OPEC Fund approved a US$10 million trade finance loan to TBC Bank, mostly related to the import of goods. In 2017, the OPEC Fund participated with a further US$25 million in a syndicated term loan to TBC Bank, arranged by FMO, the Dutch development bank to support international trade of Georgia.
Vakhtang Butskhrikidze, CEO, TBC Bank, commented: “I am very pleased that over time we have built such a successful partnership with the OPEC Fund. With this new facility, TBC Bank will continue to more actively support local businesses to expand their import and export activities and engage in international markets."
“International trade is important to the global economy, and it is crucial to a small country such as Georgia,” says the OPEC Fund Director-General, Dr Abdulhamid Alkhalifa. “We are pleased to work with TBC Bank once more. Our loan will support international trade and ultimately improve employment opportunities and economic growth in Georgia.”