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
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
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
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.
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
About TBC Bank
For more information, visit www.tbcbank.com.ge