RNS Number: 8546A
JSC TBC Bank
December 29, 2014
TBC Bank Signs Two Trade Finance Loan Agreements
TBC Bank announces that it has completed two separate trade finance loan agreements for a total of USD 30 million with OFID, the OPEC Fund for International Development, and the Turk Eximbank.
TBC Bank is the first partner for OFID in Georgia. The USD 10 million facility will allow the Bank to expand its financing of export and import transactions in the country. The USD 20 million facility from Turk Eximbank, will enable TBC Bank to provide trade financing to Georgian companies that import Turkish consumer and capital goods from Turkey to Georgia, with a maturity of up to 7 years.
“We are proud to have completed these two important agreements for the Bank and attracted additional investment to the country. Our partnerships with the Turk Eximbank and OFID will allow us to provide additional financing and bespoke terms to our clients, thereby further enhancing our market leadership. Moreover, we are very pleased to be the first partner institution for OFID in Georgia, a development institution financed by Oil and Petroleum Exporting Countries. We hope that this will be a start of a long-term relationship with OFID and the Turk Eximbank and that we will have the opportunity to work together on many interesting projects going forward,” commented Vakhtang Butskhrikidze, TBC Bank’s Chief Executive Officer.
The OPEC Fund for International Development (OFID) is the development finance institution established by the Member States of OPEC in 1976 as a collective channel of aid to the developing countries. OFID works in cooperation with developing country partners and the international donor community to stimulate economic growth and alleviate poverty in all disadvantaged regions of the world. It does this by providing financing to build essential infrastructure that meets basic needs—such as food, energy, clean water and sanitation, healthcare and education—and works to promote productivity, competitiveness and trade. For more information, please visit www.ofid.org
About Turk Eximbank
Turk Eximbank is an export credit agency (ECA) that offers insurance and guarantee programs to facilitate Turkish exports. Turk Eximbank is one of the few ECAs in the world that also provides direct lending in conjunction with insurance and guarantee schemes within the same institution. Turk Eximbank is fully state-owned. More information on Turk Eximbank is available on the institution’s website at www.eximbank.gov.tr
Name of authorized official of issuer responsible for making notification:
Tamar Kakulia, Deputy CFO and Head of Investor Relations
You can read the full RNS Announcement here.