Tbilisi, Georgia, September 4, 2013
—IFC, a member of the World Bank Group, is providing financing to Tetri Kudi, helping the Georgian mushroom producer expand production, improve competitiveness, and replace imported mushroom products in Georgia.
IFC’s $1.5 million loan will support the company’s growth, boosting agribusiness and supporting local farmers. The project will create direct and indirect jobs, especially in regions where job opportunities are scarce.
IFC’s investment is expected to support the development of agriculture in Georgia through supply-chain linkages. The project will also help the development of environmentally friendly agricultural production and generate additional revenues to the state budget.
“Tetri Kudi is a fast growing company and IFC’s long-term funding will support our expansion and modernization plans,” said Ivane Ioseliani, General Director, Tetri Kudi.
Thomas Lubeck, IFC Regional Manager for the South Caucasus, said: “Our investment in Tetri Kudi is yet another step forward in our strategy to support Georgia’s agribusiness sector. The project can demonstrate that many products that are now imported can be produced in Georgia, benefitting local communities, creating job opportunities, and contributing to the country’s economic growth.”
Georgia became an IFC member in 1995. Since then, IFC has invested about $656 million in 51 projects across various sectors and supported regional projects developed in the country. IFC has also implemented a number of advisory projects focused on developing the private sector.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in more than 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and promote shared prosperity. In FY13, our investments climbed to an all-time high of nearly $25 billion, leveraging the power of the private sector to create jobs and tackle the world’s most pressing development challenges. For more information, visit
www.ifc.org
.
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