BSTDB Scales Up Support for Georgian SMEs
31 December 2021- The Black Sea Trade and Development Bank (BSTDB) made available a EUR 7 million SME facility to Isbank, an existing BSTDB financial intermediary partner in Georgia. The facility will be used to support liquidity and working capital needs of small and medium-sized enterprises’ (SMEs), which are the main driver for economic growth and employment in the country.
Today’s agreement builds on the successful cooperation dating back to 2018, when BSDTB became the first IFI to partner with Isbank Georgia.
Commenting on the deal, Dmitry Pankin, BSTDB President, said: “We are delighted to teaming up again with Isbank, one of the largest private Turkish investors in Georgia, to help the bank grow and support its many SME customers. Providing financial support and liquidity to businesses, which remain credit-constrained under the on-going pandemic, is essential for generating employment, increasing export capacity and competitiveness and otherwise support economic growth”.
“We are proud to strengthen our partnership with BSTDB and sign the second Loan Agreement to finance SMEs in Georgia. This funding will contribute to reduce the SME finance gap that is especially important for the recovery efforts of businesses affected by the pandemic. At the same time, the long-term EUR 7 million funding will help Isbank Georgia to strengthen its financial positions and be more successful on the local market. We would like to thank BSTDB for this commitment and support”, commented Hakan Kural, Deputy Chief Executive Officer of Isbank Georgia.
JSC Isbank Georgia is operating in Georgia as a full subsidiary of Türkiye İş Bankası A.Ş., which is the largest private bank in Turkey. The bank serves commercial and individual clients with a wide variety of banking products and services. Isbank Georgia's priorities are to promote close commercial and business ties between Georgia and Turkey, in collaboration with the parent company, as well as to develop the Corporate and SME business in Georgia. More information on Isbank Georgia at www.isbank.ge.
The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Turkey, and Ukraine. The BSTDB headquarters are in Thessaloniki, Greece. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. The authorized capital of the Bank is EUR 3.45 billion. BSTDB is rated long-term “A” by Standard and Poor’s, “A2” by Moody’s and “A+” by the Russian credit rating agency ACRA. For information on BSTDB, visit www.bstdb.org.
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