Tbilisi, Georgia, September 4, 2013—IFC,
a member of the World Bank Group, is providing financing to Tetri Kudi,
helping the Georgian mushroom producer expand production, improve competitiveness,
and replace imported mushroom products in Georgia.
IFC’s $1.5 million loan will support
the company’s growth, boosting agribusiness and supporting local farmers.
The project will create direct and indirect jobs, especially in regions
where job opportunities are scarce.
IFC’s investment is expected to support
the development of agriculture in Georgia through supply-chain linkages.
The project will also help the development of environmentally friendly
agricultural production and generate additional revenues to the state budget.
“Tetri Kudi is a fast growing company
and IFC’s long-term funding will support our expansion and modernization
plans,” said Ivane Ioseliani, General Director, Tetri Kudi.
Thomas Lubeck, IFC Regional Manager
for the South Caucasus, said: “Our investment in Tetri Kudi is yet another
step forward in our strategy to support Georgia’s agribusiness sector.
The project can demonstrate that many products that are now imported can
be produced in Georgia, benefitting local communities, creating job opportunities,
and contributing to the country’s economic growth.”
Georgia became an IFC member in 1995.
Since then, IFC has invested about $656 million in 51 projects across various
sectors and supported regional projects developed in the country. IFC has
also implemented a number of advisory projects focused on developing the
IFC, a member of the World Bank Group,
is the largest global development institution focused exclusively on the
private sector. Working with private enterprises in more than 100 countries,
we use our capital, expertise, and influence to help eliminate extreme
poverty and promote shared prosperity. In FY13, our investments climbed
to an all-time high of nearly $25 billion, leveraging the power of the
private sector to create jobs and tackle the world’s most pressing development
challenges. For more information, visit www.ifc.org.