Bank of Georgia Holdings PLC (“BGH”), the holding company of JSC Bank of Georgia (“the Bank”), Georgia’s leading bank, announces that the Bank has signed a US$20 million trade finance loan agreement with Turk Eximbank, the only official Export Credit Agency of Turkey to extend financing to Georgian companies that import Turkish consumer and capital goods to Georgia. The facility will enable both Bank of Georgia and Turk Eximbank to offer the Bank’s corporate clients efficient, high quality solutions to diversify financing sources and benefit from growing trade flows between Turkey and Georgia.
For less than 2 year maturity contracts, financing from Turk EximBank to the Bank may be extended to 100% of contract value and financing for longer maturities up to 7 years will be capped to 85%.
“The US$20 million trade finance facility will further strengthen our leading market position in trade finance services and will allow our corporate clients to tap business opportunities arising from long standing economic partnership between Georgia and Turkey,” said Nikoloz Gamkrelidze, Bank of Georgia Deputy CEO.
“As one of the few Export Credit Agencies around the world that can provide both insurance/guarantee and direct lending, Turk Eximbank will encourage Turkish and Georgian companies to promote trade relations by extending short term and medium term loans with competitive costs, and will be able to provide 100% financing for short term loans with maturity of less than 24 months” stated Hayrettin Kaplan, General Manager of Turk Eximbank.
