OREANDA-NEWS. October 6, 2011. IFC, a member of the World Bank Group, will provide a USD 10 million trade finance guarantee to help Georgia’s TBC Bank finance foreign trade transactions of local companies, boosting trade in Georgia. Agreement was signed today at TBC Bank’s head office by Vakhtang Butskhridze, Director General of TBC Bank and Rashad Kaldany, Vice President for Global Industries.

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 USD 17 billion in trade-finance transactions in emerging markets.