Tbilisi, September 24, 2008—Snezana
Stoiljkovic, IFC Director for Central and Eastern Europe, met today with
Georgian Prime Minister Lado Gurgenidze, to discuss IFC’s ongoing support
to Georgia’s private sector.
IFC, a member of the World Bank Group,
is strengthening support to its client banks to contribute to the stability
of Georgia’s financial sector and ensure access to finance for local companies.
The meeting also discussed possible IFC support to improve the business
enabling environment, expand access to finance for smaller businesses,
and encourage private investment in the country’s infrastructure. IFC
has participated in the ongoing needs assessment led by the World Bank
and will conduct a survey of small and medium enterprises to assess their
needs and design relevant products for their financing.”
“IFC has been very active in Georgia in recent years, particularly in
the banking sector,” said Stoiljkovic. “Our priority now is to
support our existing clients so that they are able to keep contributing
to Georgia’s growth. We just received an approval for a $20 million
trade facility for one of our banking clients, which will be announced
shortly. We are also looking at new investments in Georgia across different
sectors. In the current fiscal year we plan to invest up to $300 million
in the country and complement our investments with extensive advisory services.
We will also coordinate efforts with other international financial institutions
to help improve foreign investor confidence, mobilize private financing
for infrastructure, and support the development of Georgia’s small and
medium enterprises,” she added.
IFC, a member of the World Bank Group, creates opportunity for people to
escape poverty and improve their lives. We foster sustainable economic
growth in developing countries by supporting private sector development,
mobilizing private capital, and providing advisory and risk mitigation
services to businesses and governments. Our new investments totaled $16.2
billion in fiscal 2008, a 34 percent increase over the previous year. For
more information, visit www.ifc.org.
IFC in Georgia
Georgia became a shareholder and a member
of IFC in 1995. As of July 1, 2008, IFC has committed nearly $225 million
in 26 projects in Georgia's financial, power, oil and gas, and manufacturing
sectors. In addition to investments, IFC conducts advisory programs in
Georgia to promote corporate governance and improve the business environment
with the support of BP and its oil and gas partners and the Canadian International
Development Agency. The corporate governance project helps companies and
banks improve their practices, which has helped bring millions in investment
to Georgia. IFC’s business enabling environment project helps government
agencies streamline the regulatory framework. It also monitors the local
business climate through a regular survey of entrepreneurs. This survey
and the IFC/World Bank Doing Business report help the government
pinpoint priority areas for reform.