VIENNA, (Pakistan Point News - 31st Mar, 2020) The Director-General of the OPEC Fund for International Development, OFID, has signed an agreement to provide a US$50 million trade finance loan to JSC TBC Bank (TBC Bank), Georgia.
TBC Bank, founded in 1992, is the largest bank in Georgia and finances corporates and small and medium-sized enterprises, among other borrowers. The OPEC Fund loan will enable the bank to provide sub-loans to support the import and export of strategically important commodities and other goods.
"International trade is important to the global economy, and it is crucial to a relatively small country such as Georgia," said the OPEC Fund’s Director-General Dr. Abdulhamid Alkhalifa. "We are pleased to work with TBC once more. Our loan will support international trade and ultimately improve employment opportunities in Georgia, as well as economic growth."
For his part, Vakhtang Butskhrikidze, CEO of 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."
TBC Bank and the OPEC Fund enjoy a long-standing partnership. In 2012, the OPEC Fund approved a US$10 million trade finance loan, mostly related to the import of goods. In 2017, the OPEC Fund participated with the sum of US$25 million in a syndicated term loan to TBC Bank, arranged by FMO, the Dutch development bank. The OPEC Fund again supported the international trade of Georgia.
OFID was established in January 1976 by the then 13 member countries of OPEC; including the United Arab Emirates. It is the development finance institution established as a channel of aid to developing countries.
