The International Finance Corporation (IFC) is boosting access to working capital and trade finance for Georgia’s small and medium enterprises (SMEs), helping them expand their businesses, create jobs and tap into new markets.
Access to finance is among the biggest challenges for doing business in Georgia, according to the World Economic Forum’s Global Competitiveness Index 2017-2018. To help address this, the IFC is providing a $10 million loan to Basisbank, a subsidiary of the Hualing Group, one of China’s largest private enterprise groups, to enable it to on-lend trade-related working capital to Georgia’s exporters and importers”, reads the press release from IFC.
Basisbank has also signed on as an issuing bank in IFC’s Global Trade Finance Program (GTFP). As part of the deal, IFC will provide the bank with a trade finance guarantee line of $2 million, helping it facilitate its clients’ trade transactions and boost cross-border trade.
