Bank of Georgia has signed a one-year US$50 million Trade Finance Facility with Citi. The Facility has been arranged under the Continuing Agreement for Reimbursement of Trade Advances (“CARTA”), signed with Citi in 2011, and is the ninth successful transaction between Citi and Bank of Georgia under this agreement. The Facility aims to enhance the Bank’s best-in-class offering of trade finance solutions for the Georgian corporate and small and medium sized (SME) sectors.
Archil Gachechiladze, CEO of Bank of Georgia commented: “Facilities of this kind from our trusted partner Citi is extremely important as we create new opportunities through this partnership for both corporate and SMEs that are actively involved in export/import operations. We have a long history of cooperation with Citi in trade finance and this is the ninth deal under the CARTA agreement, which motivates us and allows us to strengthen our position as a go-to bank for tailored trade finance offerings in Georgia. I would like to thank Citi for successful cooperation on trade finance deals.
Emre Umut, Citi’s Treasury and Trade Solutions Head of Financial Institution Sales – Middle East & Africa commented: “We have a long-standing relationship with JSC Bank of Georgia, one of the leading financial institutions in Georgia that we are very proud of. This trade finance facility underlines Citi’s continued support not only for the business activities and growth ambitions of our clients in Georgia but the country overall as well.” S
