BGEO's Bank of Georgia signs one-year $75m facility

BGEO Group subsidiary JSC Bank of Georgia has signed a one-year $75m club trade finance facility arranged by Citi in collaboration with the bank's long-term partner international financial institutions Asian Development Bank and International Finance Corporation.

The FTSE 250 firm said the facility is the fourth successful syndication arranged by Citi for JSC Bank of Georgia, and supported Bank of Georgia's commitment to remaining the “leading provider” of trade finance solutions for the Georgian corporate and small and medium sized sectors.

“We are pleased to be at the forefront of providing much needed trade finance products to our corporate and SME clients,” said Bank of Georgia CEO Kaha Kiknavelidze.

“The facility is intended to finance trade operations in Georgia's key economic sectors such as agribusiness, transportation and energy.”

Kiknavelidze said the facility would “diversify and strengthen” its client base, as well as serve its purpose to contribute to sustainable economic growth in Georgia,

“I would like to thank Citi and our long-term partners - ADB and IFC - for another fruitful collaboration and successful completion of the transaction.”