The European Bank for Reconstruction and Development (EBRD) and BasisBank of Georgia announced Friday they have increased cooperative measures in the financing of $31.5 million into several sectors.

This includes Georgian small and medium-sized enterprises (SME), trade finance and energy-efficiency measures and projects. $20 million will be used to finance corporate projects, $10 million will be used for SME financing and the remaining $1.5 million will allow BassisBank to increase its trade financing ability.

We are very pleased to sign this package today as it will allow us to further reinforce a strong partner and thus also deepen the EBRD’s support for the Georgian economy," EBRD Managing Director for Financial Institutions Nick Tesseyman said. "The package covers the needs of local businesses well and illustrates what we can offer to contribute to their successful development through a strong and leading local-market participant like BasisBank.”

Both banks aim to contribute to the development of the country's economy through this partnership.