EFSE sets to deepen engagement with Georgian financial institutions

Business Materials 17 February 2021 17:36 (UTC +04:00)
EFSE sets to deepen engagement with Georgian financial institutions

BAKU, Azerbaijan, Feb.17

By Tamilla Mammadova – Trend:

EFSE will continue to invest in the ability of Georgian local financial infrastructure to supply the resources entrepreneurs and families need to thrive, the EFSE told Trend.

"In this regard, the fund is set to further deepen its engagement with financial institutions and welcome new partner members to the EFSE family in 2021, particularly microfinance organizations and leasing companies aiming at achieving a stronger outreach and development impact. The fund’s investment activities will be complemented by the nonfinancial support of the EFSE Development Facility, which builds capacities, facilitates knowledge exchange, and nourishes an enabling ecosystem for entrepreneurs to grow," the EFSE said.

According to the source, such an ecosystem includes the systemic factors that contribute to business development – such as a culture of entrepreneurship, regulatory frameworks that prioritize access to finance, and knowledge-sharing that encourages inclusive and responsible practices.

"In 2021, for example, we intend to advance our Power of Local Currency campaign with a virtual event focusing on Georgia. The event will bring together key players from industry, finance, and government to discuss how to increase the awareness of the benefits of local currency finance and promote its uptake. Keep an eye on EFSE’s social media channels for more information to come," the source said.

"Another project we are looking forward to is our annual collaboration with TBC Bank on the TBC Awards, a high-profile national competition that showcases outstanding Georgian businesses. This annual event not only awards direct financial and non-financial support to micro and small enterprises, but it also provides visibility, networking, and role models in order to strengthen the country’s excellent culture of entrepreneurship," the EFSE said.

According to the source, equally important is the strategic partnership with the Bank of Georgia that is shaping into a scaling e-business academy that aims to enhance the capacities of entrepreneurs to successfully nurture their businesses despite the challenges.

"Supporting innovative financial technologies will also remain high on the EFSE agenda with a number of impactful projects foreseen, including with our long-standing partner Crystal as well as Banking Association and the National Bank of Georgia," the fund said.


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