Since 1995, when Georgia became a member of the International Finance Corporation (IFC), the IFC has invested over USD 2.5 billion in the country. This was reported to BMG by the IFC.
As the corporation, which focuses on private sector development, notes, investments in Georgia have been made mainly in the financial and energy sectors.
BMG inquired about the current status of IFC's activities in Georgia. As noted by the International Finance Corporation, within the framework of the World Bank Group's strategy, IFC contributes to improving the competitiveness of the private sector in the country and creating jobs.
"Georgia became an IFC member and shareholder in 1995. Since then, IFC, with its focus on the private sector, has invested close to $2.5 billion in Georgia mainly in the financial and energy sectors, complemented with advisory work on investment climate, trade facilitation, food safety, corporate governance, and access to finance.
Over years, IFC has played a crucial role in driving Georgia's economic transformation by supporting investment climate reforms, infrastructure projects, better healthcare services, deeper capital markets, and the growth and transformation of the financial sector, more recently with focus on sustainable banking and finance. As part of the World Bank Group’s Country Partnership Strategy for Georgia, IFC works to improve private sector competitiveness to boost export-led growth and job creation.
IFC has recently anchored a $300 million green bond issuance by Georgia Global Utilities through a subscription of $40 million, to improve outdated water infrastructure and equipment and expand the country's water network. This issuance—the largest ever by a Georgian private company— is expected to lead to enhanced water services for 1.3 million people, approximately 35 percent of Georgia's population. IFC has also invested $150 million in TBC Bank, to boost access to finance for its small and medium enterprise (SME) portfolio and bolster the country's climate finance market", - IFC told BMG.
