TBC Bank receives trade loans

TBC Bank receives trade loans

Published: January 4, 2015

Georgian lender secures funding lines from OFID and Turkey's export credit agency.

Georgia's TBC Bank has secured US$30mn in new trade-finance loans, which will be used to finance clients' import and export transactions.

The bank has received US$10mn from the OPEC Fund for International Development (OFID), the development finance institution set up by OPEC. The deal makes TBC Bank the first Georgian bank to partner with OFID.

In a separate deal, the bank has struck a US$20mn funding facility with Turk Eximbank, Turkey's export credit agency. This transaction follows a US$20mn line extended by the agency to Bank of Georgia in July 2014.