IFC offers $30m loan to Bank Republic to boost SMEs in Georgia
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The International Finance Corporation (IFC) is teaming up with one of the leading banks in Georgia to encourage business growth and job creation in the country.
This week IFC, a member of the World Bank Group, offered a $30 million USD loan to Bank Republic, a Georgian subsidiary of the Société Générale Group, which will provide much-needed financing to small and medium enterprises (SMEs) in Georgia.
The long-term financing will be used to on-lend to smaller businesses across Georgia, broadening SME access to a wide range of high-quality banking services.
Our cooperation with IFC will help us meet increasing customer demand for SME financing, significantly growing our SME portfolio. This long-term funding will help foster economic growth in Georgia,” said Bank Republic CEO Antoine Gabizon.
The World Economic Forum’s Global Competitiveness Index 2014-2015 found access to finance remained one of the most challenging factors for doing business in Georgia, and SMEs often found it more difficult to attract finances.
IFC Regional Manager for the South Caucasus Jan van Bilsen said the loan would make a huge difference for local small-medium business owners.
Creating opportunities for SMEs is a key way to advance development and reduce poverty, and it is a strategic priority for IFC. This support for Bank Republic, our long-time partner, furthers IFC’s efforts to support SMEs, a vital economic segment in Georgia,” said van Bilsen.
In recent years IFC has provided Bank Republic with about $80 million USD financing to improve access to finance in Georgia. The Bank also participated in the IFC Global Trade Finance Program.
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