Tbilisi, Georgia, October 4, 2011—IFC,
a member of the World Bank Group, signed a $1.5 million loan agreement
with Georgian wine producer and exporter Tbilvino, creating employment
opportunities in rural areas and benefitting small farmers.
The loan will support Tbilvino’s $3
million investment program to expand production, enhance product quality
and food safety standards, and boost competitiveness. It will also help
Georgia develop its agriculture sector and increase exports.
“Tbilvino’s new investment program
will help our company realize its growth agenda,” said Zurab Margvelashvili,
Executive Director of Tbilvino. “IFC’s support is an important part of
this program, and we hope that it will help our company reach new markets.
The new capital investment will positively influence our quality control
systems, while the new production facility will increase our capacity,
which is so necessary with the annual growth in demand for our wines.”
With IFC’s support, the winery will
establish a grape-collecting and crushing facility in the Kakheti region,
which will create employment opportunities in the rural area. IFC’s first
investment in Georgia’s wine sector will also contribute to strengthening
the agribusiness supply chain and help boost income for Kakheti farmers.
“Agriculture is a key sector for economic
growth and job creation in Georgia as more than half of the population
is employed in this sector,” said Dimitris Tsitsiragos, IFC Vice President,
Eastern and Southern Europe, Central Asia, Middle East and North Africa.
“With this investment we aim to support Georgia, which enjoys a long history
of viticulture, to enhance its traditional lead export and realize its
competitive advantage in this area.”
Tbilvino won silver and bronze medals
at the 2011 China Wine Awards in September. A jury of 40 judges evaluated
more than 700 wines at the Hong Kong event, which attracted wine distributors
and connoisseurs from around the world.
IFC’s cumulative investments in Georgia
since 1995 total $550 million in 39 projects across a variety of sectors.
Through its Advisory Services, IFC is working towards reform of Georgia’s
tax system to benefit small businesses, helping raise food safety standards,
and strengthening the risk-management practices of banks. Georgia has been
a member of IFC since 1995.
IFC, a member of the World Bank Group,
is the largest global development institution focused exclusively on the
private sector. We help developing countries achieve sustainable growth
by financing investment, providing advisory services to businesses and
governments, and mobilizing capital in the international financial markets.
In fiscal 2011, amid economic uncertainty across the globe, we helped our
clients create jobs, strengthen environmental performance, and contribute
to their local communities—all while driving our investments to an all-time
high of nearly $19 billion. For more information, visit www.ifc.org
Tbilvino is Georgia’s largest producer
of high quality wines. Tbilvino stands out as the leader in the local market
and successfully exports 95 percent of its production to 25 countries worldwide.
The company portfolio consists of 78 wines produced under four brands.
Tbilvino wines are regular winners of prestigious international wine competitions
taking place in the UK, Germany, China, etc. During the last few years
the winery has been completely reconstructed and technological lines upgraded.
For more information, visit www.tbilvino.com.ge