IFC supports Georgian agribusiness companies to improve standards

International Finance Corporation (IFC), a member of the World Bank Group, has launched a new program to improve the performance of agribusiness companies in order to help businesses implement sound environmental, social, and food safety management systems.

The IFC Agribusiness Standards Advisory Program can help firms reduce operational costs, boost productivity, reduce waste, and access new markets.

According to IFC, that is especially important in some regional countries, where infrequently-applied standards cause spoilage, reduce worker productivity, and present greater risks for the environment and neighboring communities.

"Agriculture in Georgia has significant potential, however, a lack of standards in agribusiness hampers the development of the sector, said Thomas Lubeck, IFC Regional Manager for the South Caucasus at the presentation of the program on November 27.

"IFC will build upon its recent work with food producers in the area of food safety, helping address the multiple challenges facing these companies, and ultimately, improving productivity, he added.

IFC believes that in European and Central Asia countries, agriculture firms have the potential to create jobs and drive economic growth.