MINISTRY OF ECONOMY
AND SUSTAINABLE DEVELOPMENT
OF GEORGIA

First Vice Prime Minister, Minister of Economy and Sustainable Development, Levan Davitashvili, met with the Regional Vice President of the International Finance Corporation (IFC), Alfonso Garcia Mora. The meeting was held within the First Vice Prime Minister’s visit to the United States of America.

Activities of the International Finance Corporation in Georgia, as well as the current and planned projects were discussed during the meeting. Special attention was focused on the Corporation’s priorities regarding the financing of the country’s private sector in areas such as energy, industry, transport and connectivity, the further development of the Middle Corridor, etc.

The meeting was also attended by the Minister of Finance of Georgia, Lasha Khutsishvili, the Deputy Ministers of Economy and Sustainable Development, Genadi Arveladze and Vakhtang Tsintsadze, the First Deputy Minister of Finance, Giorgi Kakauridze, and the Deputy Minister, Ekaterine Guntsadze, as well as the First Vice President of the National Bank of Georgia, Ekaterine Mikabadze.

First Vice Prime Minister noted at the meeting that Georgia has a long and successful history of cooperation with the International Finance Corporation. At the same time, Davitashvili said that the Corporation, in coordination with the Georgian side, is considering activities in several priority areas. According to Levan Davitashvili, one of the initiatives is providing loans to small and medium-sized enterprises in specific priority sectors. This will be carried out by banks in Georgia with funding from the International Finance Corporation.

“The second area involves larger projects in specific priority sectors, which the Corporation will finance directly. This concerns the funding of the private sector, not the public sector. Specific areas have been identified – primarily, we’re talking about energy projects that private companies will develop in terms of renewable energy. Another area where interesting cooperation is also planned with the International Finance Corporation is the promotion and development of manufacturing. This includes large industrial sectors such as the production of mineral fertilisers and the chemical industry,” – Levan Davitashvili noted.

Emphasis was also placed on the International Finance Corporation’s support for projects that will enhance Georgia’s role as a digital hub. In particular, the discussion involved the financing of new telecommunications infrastructure. “We also see great potential for private investment in this regard. The Corporation will be a supporter of private investment in this sector as well,” – Levan Davitashvili stated.

It was highlighted at the meeting that the projects supported by the International Finance Corporation will contribute to the further development of Georgia’s economy, create new jobs, and increase the country’s competitiveness.