MIGA issued its first guarantee in Georgia, for $3.4 million in coverage, to Commercial Bank of Greece, S.A. (CBG) for its $1.3 million equity investment in International Commercial Black Sea Bank-Georgia, S.A. MIGA's guarantee covers the risks of transfer restriction, expropriation, and war and civil disturbance.
The project enterprise is a joint venture bank based in Tblisi. The bank provides multinationals and local companies with a wide range of commercial services, including trade finance, foreign exchange, money market operations, and services related to privatization. The project will create about 40 permanent jobs for Georgian nationals, who will benefit from various training programs provided by CBG.
