IFC Guarantee Helps TBC Bank Support Foreign Trade in Georgia
OREANDA-NEWS. October 6, 2011. IFC, a member of the World Bank Group, will provide a USD 10 million trade finance guarantee to help
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
IFC and TBC Bank have a longstanding business partnership dating to 1998, and IFC is a shareholder in TBC Bank. As one of
“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.
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