Bank of Georgia Secures $50 Million Trade Finance Deal with Citi
The Bank of Georgia has successfully secured a $50 million financial package from Citi to bolster its trade financing capabilities.
This transaction marks the ninth collaboration between the two financial giants under the umbrella of the Continuing Agreement for Reimbursement of Trade Advances (CARTA), initially signed in 2011. The newly acquired funds are slated to enhance the bank's product offerings for trade financing, catering to corporate clients as well as small and medium-sized enterprises (SMEs).
Archil Gachechiladze, General Director of the Bank of Georgia, expressed gratitude and optimism following the new agreement. "Our longstanding partnership with Citi has been instrumental in crafting expansive financial opportunities for businesses engaged in both import and export activities. This ninth successful transaction within the CARTA framework fortifies our commitment to delivering increasingly tailored trade finance solutions to our clients. We extend our heartfelt thanks to Citi for their unwavering collaboration."
Emre Umuti, who oversees financial institution sales treasury and trading solutions in the Middle East and Africa for Citi, echoed Gachechiladze's sentiments. "We are exceedingly proud of our sustained alliance with the Bank of Georgia, a cornerstone financial institution in the country. This latest agreement underscores Citi’s steadfast support not only for the growth and business endeavors of our clients but also for the economic development of Georgia at large."