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IFC's loan will increase level of funding for small business in Georgia

Business Materials 14 July 2010 16:44 (UTC +04:00)

Georgia, Tbilisi, July 14 / Trend N.Kirtzkhalia /

The International Finance Corporation (IFC), which enters World Bank (WB) Group, will allocate loan $ 20 million to the Georgian Bank 'Republic' to finance small and medium businesses and promote economic growth.

The corporation reported the investment is part of the IFC regional strategy, which aims to strengthen the banks in the region, and support economic growth by financing small and medium-sized businesses.

The Bank 'Republic' and IFC have been cooperating for a long time and fruitfully, which ultimately contributes to the development of banking and financial sectors," Bank Director Gilbert Hie said.  

IFC Regional Head Thomas Lubeck said IFC's financing will increase the possibility of lending to small and medium-sized enterprises, because small and medium business has an important place in the Georgian economy and employment. This funding will help create new jobs and economic growth."

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