EFSE provided CreditWest Bank financing package EUR 6 mln.
The European Fund for Southeast Europe (EFSE) has provided CreditWest Bank, Ukraine, with a financing package of EUR 6 million, including the equivalent of EUR 3 million in local currency, which will allow the bank to expand into small and medium-sized enterprise (SME) financing with particular focus on agricultural businesses, inform BankNews.
Having started as a corporate bank, CreditWest Bank is diversifying into the SME segment to increase its outreach as well as local businesses’ access to financing by offering dedicated financial solutions. The bank has already demonstrated its commitment to fostering business and economic development in the country – an endeavor that resonates with EFSE’s own mission of supporting sustainable economic growth in the region.
EFSE Board Chairman Christoph Tiskens said: “We are excited at this opportunity to work with CreditWest Bank in tailoring credit solutions that meet customers’ needs and business capacities. This new partnership is another step in EFSE’s commitment to investing in the economic development and prosperity of Ukraine.”
“Partnering with EFSE is an important step for our bank in pursuing the development strategy in Ukraine, which is largely founded on servicing small and medium enterprises. We trust that with the funding support of EFSE, we will be better positioned to cater to the needs of SMEs and agricultural businesses in a tailored manner, supporting their productivity, competitiveness and viability,” commented Chairman of the Board of CreditWest Bank, Igor Tykhonov.
About the European Fund for Southeast Europe
The European Fund for Southeast Europe (EFSE) was initiated by KfW Development Bank (KfW) with the financial support of the German Federal Ministry for Economic Cooperation and Development (BMZ) and the European Commission. It aims to foster economic development and prosperity in Albania, Armenia, Azerbaijan, Belarus, Bosnia and Herzegovina, Bulgaria, Croatia, the former Yugoslav Republic of Macedonia, Kosovo, Georgia, Moldova, Montenegro, Romania, Serbia, Ukraine and Turkey. As access to finance is a key success factor in developing the micro, small and medium enterprise segments, the EFSE focuses on assisting local financial sectors in strengthening their ability to ensure adequate and sustainable financing.
(c) Banknews
16 Август, 2019 at 10:34
JSC Bank of Georgia signs US$50 million Trade Finance Facility with Citi
Bank of Georgia Group PLC («the Group») announces that JSC Bank of Georgia (the “Bank” or “Bank of Georgia”) has signed a one-year US$50 million Trade Finance Facility (“the 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 third 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, Bank CEO commented: “I am very glad to see that Bank of Georgia and our trusted partner Citi continue to actively cooperate on trade finance deals, which enable us to strengthen our position as a go-to bank for tailor-made trade finance products in Georgia. Facilities of this kind are important for our corporate, as well as SME clients that are actively engaged in export-import transactions and we aim to remain a reliable financial support for them.”