Bank of Georgia signs $50m trade finance facility with Citi

Bank of Georgia said on Friday that its JSC Bank subsidiary had signed a $50.0m trade finance facility with Citi.

The facility, arranged under the Continuing Agreement for Reimbursement of Trade Advances deal, marks the sixth successful transaction between Citi and Bank of Georgia under the agreement, initially inked back in 2011.

Bank of Georgia said the aim of the facility was to enhance its "best-in-class" offering of trade finance solutions for the Georgian corporate and small and medium-sized sectors.

Chief executive Archil Gachechiladze said: "I am very glad to see that Bank of Georgia and our trusted partner Citi continue to actively cooperate on trade finance deals, which enable us to strengthen our position as a go-to bank for tailor-made trade finance products in Georgia.

"Facilities of this kind are especially important during these challenging times for our corporate, as well as SME clients that are actively engaged in export-import transactions and we aim to remain a reliable financial support for them."

As of 0905 BST, BGEO shares were down 0.66% at 905.0p.