TBILISI, GEORGIA — The Asian Development Bank (ADB) and JSC BasisBank (BasisBank) signed today a trade finance agreement to provide guarantees of up to $3 million a year to support trade in Georgia.
The TFP is expanding its regional presence and activities in Central Asia and the Caucasus, and we are excited to have Georgia’s BasisBank in our program,” said Steven Beck, head of trade finance at ADB. “This partnership will support trade and create new jobs for the Georgian economy.”
Located at the crossroads of Europe and Asia, Georgia has become an important node for regional trade flows and is well-placed to benefit from growing trade between the two regions. Increasing Georgian banks' capacity for trade finance will enable local exporting and importing companies to realize their growth potential, leading to more jobs and boosting the local economy.
BasisBank is the third Georgian bank to work with the TFP, which has supported $89.2 million in trade across 40 transactions in the country since 2007.
”We are honored to partner with ADB to sign a new agreement on international trade development today,” said David Tsaava, Director General at BasisBank. “This facility will increase our commitment to supporting the export and import activities of our clients. As part of our efforts to encourage international trade, BasisBank is sure that our partnership with ADB will bring a significant contribution to the development of local companies and we are looking forward to expand our cooperation in other areas of mutual interest.”
TFP complements its financial support with a regular series of workshops and seminars to increase knowledge and expertise in trade finance products and operations, risk management, and fraud prevention. In November 2016, the TFP will hold a region-wide seminar in Uzbekistan for commercial bank staff and government officials in the Caucuses and Central Asia.
Backed by ADB's AAA credit rating, the TFP provides guarantees and loans to over 200 partner banks to support trade, enabling more companies throughout Asia to engage in import and export activities. With dedicated trade finance specialists and a response time of 24 hours, the program has established itself as a key partner in the international trade community, providing fast, reliable, and responsive support to fill gaps in the region’s most challenging markets.
Since 2009, the TFP has supported more than 8,200 small and medium-sized businesses across the region, through over 11,800 transactions valued at over $23.6 billion, in sectors ranging from commodities and capital goods, to medical supplies and consumer goods.
For more information, visit the TFP website: http://www.adb.org/tfp
ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. Established in 1966, ADB in December 2016 will mark 50 years of development partnership in the region. It is owned by 67 members—48 from the region. In 2015, ADB assistance totaled $27.2 billion, including cofinancing of $10.7 billion