The FINANCIAL -- Tbilisi , Georgia, February 2, 2012. IFC, a member of the World Bank Group, will help Bank Constanta expand financial services to small and
medium enterprises, boosting economic growth and employment.
IFC, as a global knowledge leader in SME banking, will advise Bank Constanta on the development of new financial products and services focused on the needs of Georgia’s small and medium businesses. IFC will also help the bank create the necessary risk assessment tools that will support the rollout of new products and services.
"The small and medium business sector remains the target segment for Bank Constanta,” said Levan Lebanidze, CEO of Bank Constanta. “We began to provide financial services to small and medium enterprises in 1997 as a microfinance institution and continued to increase lending to this sector after transforming into a bank. As a result of our cooperation with IFC, Bank Constanta will be able to offer advanced financial services to its customers in this sector.”
Thomas Lubeck, IFC Regional Head for the Caucasus, said, “Small and medium enterprises spur employment and are the key drivers of economic growth in the region. IFC is committed to helping these businesses access finance and our partnership with Bank Constanta will aid in accomplishing that.”
The initiative is part of the IFC SME Banking Advisory Program, which provides advisory services to help banks in building a sustainable and profitable business of servicing small and medium enterprises in Europe and Central Asia. The program is supported with funds from the Development Bank of Austria.
Bank Constanta has been a client of the IFC Georgia Corporate Governance Project and the IFC Financial Crisis Response Program.
Georgia has been a member of IFC since 1995. IFC’s cumulative investments in the country to date total $561 million in 40 projects across various sectors. IFC advisory services projects in Georgia focus on reforming the tax system to benefit small businesses, helping raise food safety standards, and strengthening the risk-management practices of banks.
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