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Overview

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

Commitments (Constant USD, 2023)$5,453,608
Commitment Year•2016Country of Activity•GeorgiaDirect Recipient Country of Incorporation•GeorgiaSector•Banking And Financial ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Feb 1, 2016

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% Chinese ownership

Funding agencies

State-owned Policy Banks

  • China Development Bank (CDB)

Receiving agencies

Private Sector

  • JSC BasisBank

Implementing agencies

Private Sector

  • JSC BasisBank

Loan description

CDB provides a $5 million USD line of credit to JSC BasisBank in 2016 to support international trade operations

Interest type•Unknown

Narrative

Full Description

Project narrative

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 Record ID#67718) to finance small and medium-sized enterprises and further expand the financial cooperation between the banks.

Staff comments

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.