IFC allocates loan to Georgia to boost agriculture and exports

The International Finance Corporation (IFC), a member of the World Bank Group, signed a $1.5 million loan agreement with Georgian wine producer and exporter Tbilvino, creating employment opportunities in rural areas and benefitting small farmers, IFC website reported.

The loan will support Tbilvino's $3 million investment program to expand production, enhance product quality and food safety standards, and boost competitiveness. It will also help Georgia develop its agriculture sector and increase exports.

"Tbilvino's new investment program will help our company realize its growth agenda," said Zurab Margvelashvili, Executive Director of Tbilvino. "IFC's support is an important part of this program, and we hope that it will help our company reach new markets. The new capital investment will positively influence our quality control systems, while the new production facility will increase our capacity, which is so necessary with the annual growth in demand for our wines."

With IFC's support, the winery will establish a grape-collecting and crushing facility in the Kakheti region, which will create employment opportunities in the rural area. IFC's first investment in Georgia's wine sector will also contribute to strengthening the agribusiness supply chain and help boost income for Kakheti farmers.

"Agriculture is a key sector for economic growth and job creation in Georgia as more than half of the population is employed in this sector," said Dimitris Tsitsiragos, IFC Vice President, Eastern and Southern Europe, Central Asia, Middle East and North Africa. "With this investment we aim to support Georgia, which enjoys a long history of viticulture, to enhance its traditional lead export and realize its competitive advantage in this area."


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