China Development Bank offers $15m to Georgia’s BasisBank
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The China Development Bank has issued to local Georgian bank BasisBank a credit line in the amount of $15 million.
The purpose of the credit line is for the financing of small and medium-sized enterprises (SMEs) in Georgia.
This was the second case of cooperation between the China Development Bank and BasisBank. Last year, BasisBank attracted $5 million from the Chinese financial institution to finance international trade transactions.
"BasisBank is a strategic partner of the China Development Bank in Georgia,” said the General Director of BasisBank, Davit Tsaava.
"Trade relations between Georgia and China is increasing and Georgia is attracting more and more investments from China. Thanks to our Bank it will be possible these investments to reached the specific entities. We will support Georgian businesses to develop in the country and also to boost export and trade,” he added.
A $31.5 million USD loan to Georgia’s BasisBank is one way the European Bank for Reconstruction and Development (EBRD) is supporting small and medium-sized enterprises (SMEs), energy efficiency measures and access to trade finance in Georgia.