BasisBank I (IFC-37300)

Countries
  • Georgia
Where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Bank Risk Rating
FI
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Sep 18, 2017
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
BasisBank JSC
The holder of the loan, grant, or other investment.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 10.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Loan Amount (USD)
$ 10.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Aug 3, 2018

Disclosed by Bank Jul 5, 2017


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Project Description

According to IFC website, the project consists of two products: (i) a revolving 1-year senior loan for an amount of up to US$10 million; (ii) IFC Global Trade Finance Program (GTFP) with initial limit of up to US$2 million. The project would provide trade-related working capital financing to support local SME exporters and importers.

The project is expected to provide increased access to financing for SMEs. On the macro level this will help sustain both import flows of basic goods required by Georgia and critical inputs for the export sector and on the micro level, provide assistance to SMEs to better manage cash flows and assist them to grow competitively in regional and global markets, supporting domestic job creation and diversifying the country's economic base. By providing support to a smaller sized bank the Project is expected to assist in diversifying the banking sector in Georgia.

Investment Description
  • International Finance Corporation (IFC)
Private Actors

JSC BasisBank was incorporated in 1993 as a commercial bank by several Georgian individuals. In 2008, 15% of the Bank’s shares were acquired by EBRD. In 2012 the majority stake of the Bank was acquired by the Chinese Hualing Group from its local shareholders. In 2014, EBRD exercised its put option and exited the Bank. As of December 2016 Hualing Group holds a majority 92.78% share in the Bank. Mr. Mi Zaiqi, a Member of Supervisory Board, holds 7% of the Bank’s shares, while BasisBank’s current Management Board holds the rest.

Contact Information

Ani Skhirtladze
International Financial Institutions Relationship Manager, JSC BasisBank
Telephone No.: (995 32) 922 922+171
Email Address: Ani.Skhirtladze@basisbank.ge
Office Address: 1, Ketevan Tsamebuli Ave., Tbilisi, Georgia
Website: www.Basisbank.ge

General IFC Inquiries
IFC Communications
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384

ACCOUNTABILITY MECHANISM OF IFC

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/