CDB provides a $5 million USD line of credit to JSC BasisBank in 2016 to support international trade operations (Linked to Project ID#67718)

In early February 2016, China Development Bank issued a $5 million USD line of credit to Georgia's JSC BasisBank for the purpose of financing international trade operations. The line of credit was expected to contribute to financing of joint projects between Georgian and Chinese companies. With this transaction, CDB became China's first financial institution to develop international financial cooperation with a local Georgian bank. On the basis of the good cooperation found in this project, in July 2017 CDB and BasisBank signed a $15 million USD line of credit (captured by linked project ID#67718) to finance small and medium-sized enterprises and further expand the financial cooperation between the banks.

Additional details

The exact date when the loan was issued could not be identified, but the latest possible date the loan could have been issued was February 2, 2016 (as "Basis Bank took credit line of $5 million" was published on this date). Private Chinese company Xinjiang Hualing Industry & Trade (Group) Co., Ltd (the "Hualing Group") acquired a 90% equity stake in BasisBank in 2012; as of the end of 2014, it held a 92.78% interest in the bank.

Number of official sources

2

Number of total sources

5