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IFC, Georgian Government and TBC Bank Partner in Support of Smaller Businesses

Tbilisi, TBC Bank Headquarters – On March 5th, 2015 TBC Bank, Entrepreneurship Development Agency (Enterprise Georgia) and IFC, a member of the World Bank Group signed a Memorandum of Understanding aimed at supporting smaller businesses in Georgia.

Vakhtang Butskhrikidze, TBC Bank’s CEO, George Tsikolia, CEO of the Entrepreneurship Development Agency and Thea Gigiberia, IFC’s Georgian Representative, signed the agreement. Trilateral cooperation will be a key of the new SME support project of the government’s Produce in Georgia program. The project aims to support micro and small entrepreneurs. To encourage local production, individuals in remote rural regions interested in starting a new business will receive financial and technical support from the Entrepreneurship Development Agency.

IFC will work with both partners to disseminate online resources available through the SME Toolkit, a free online business portal www.tbcbusiness.ge, launched by TBC Bank and IFC Georgia in 2013 in cooperation with IBM.

“Our joint efforts serve as a good example of how global knowledge tailored to the needs of the local market can make a difference,” Theona Gigiberia, IFC’s Georgia’s Representative said. “This cooperation is part of our strategy in Georgia to support smaller enterprises and help them create jobs and reduce poverty.”

IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Georgia became an IFC member in 1995. Since then, IFC has invested more than $810 million in 60 projects across various sectors and supported in Europe and Central Asia.