With the financial support of VTB Bank, 27 000 tons of high-quality US wheat and 4 000 tons of soybean meal have been imported to Georgia. This was made possible through the agreement concluded between the „Poti Grain Terminal“ LLC and the American company Land O'lakes, under which a ship loaded with the American cargo called at the port of Poti. The imports of American wheat to Georgia will allow mills to purchase and process high-quality wheat at market prices.
American wheat is being imported as part of the US Government "Food for Progress" assistance program to Georgia. The proceeds from the program will be used to support and finance local projects in Georgia.
It is noteworthy that this year is the second time since 2004 that US high-quality wheat has been imported to Georgia with full financing from VTB Bank. First time, a similar deal between the „Poti Grain Terminal“ and the US side took place in 2019.
„We are glad that a project of strategic importance to the country has been implemented for the second time in partnership with VTB Bank. Today we are negotiating the purchase of the next batches, we hope that the agreement between the parties will again be successful and high-quality American wheat will continue to be imported to Georgia,“ said Vladimir Robakidze, Chief Corporate Banking Officer of VTB Bank.
Ketevan Kublashvili, CEO of Poti Grain Terminal, stated: „The project is very important for diversification of wheat import sources. This is particularly the case now, when due to the prevailing situation on the regional market the supply of wheat is expected to be limited.
VTB Bank and „Poti Grain Terminal“ have been cooperating in this area for two years now, with the entire chain financed through the trade finance, making it much easier to import and sell goods from the US.
It is important that the proceeds of the sales will be channeled into the agricultural sector of Georgia. We would like to thank all parties involved in this deal, including the governments of the United States and Georgia, as well as the US Embassy in Georgia.“