Tbilisi, Georgia, October 4, 2011—
IFC, a member of the World Bank Group, will provide a $10 million trade finance guarantee to help Georgia’s TBC Bank finance foreign trade transactions of local companies, boosting trade in Georgia.
TBC Bank will join IFC’s Global Trade Finance Program, enabling it to offer its clients import and export financing at longer terms and better pricing than previously
.
IFC’s Global Trade Finance Program provides access to a global network of more than 300 banks in about 85 countries.
"IFC’s guarantees will support foreign trade in Georgia,” said Vakhtang Butskhrikidze, Director General of TBC Bank. “With the financial support of IFC, we will be able to help local businesses expand their import and export activities and engage in international markets.”
IFC and TBC Bank have a longstanding business partnership dating to 1998, and IFC is a shareholder in TBC Bank. As one of Georgia’s top banks, TBC provides financial intermediation in the economy and contributes to increased competition in the financial sector.
“After our strong support to Georgia’s banking sector in challenging economic times, we remain committed to continuing our engagement in this sector through various initiatives, including the Global Trade Finance Program,” said Rashad Kaldany, IFC Vice President for Global Industries. “The signing of this agreement is another important milestone in the longstanding and successful partnership between IFC and TBC Bank.”
Since its inception in 2005, IFC’s Global Trade Finance Program has issued more than 10,000 guarantees to support more than $17 billion in trade finance transactions in emerging markets.
Georgia has been a member of IFC since 1995. IFC’s cumulative investments in Georgia since then total $550 million in 39 projects across a variety of sectors. Through its Advisory Services, IFC is working to reform Georgia’s tax system to benefit small businesses, helping raise food safety standards, and strengthening the risk-management practices of banks.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets. In fiscal 2011, amid economic uncertainty across the globe, we helped our clients create jobs, strengthen environmental performance, and contribute to their local communities—all while driving our investments to an all-time high of nearly $19 billion. For more information, visit
www.ifc.org
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About TBC Bank
For more information, visit www.tbcbank.com.ge
