International Finance Corporation (IFC), the private-sector investment arm of the World Bank Group, is currently training bankers in the nation of Georgia to provide financial services to small and medium-sized enterprises (SMEs). IFC is partnering with the governments of Austria and Japan to offer the three-day program covering strategy and market segmentation, product design, credit risk management and information management systems. The initiative is aimed at building self-sustaining SMEs and strategies for funding these organizations. While reportedly being major drivers of economic growth and job creation in Central and Eastern Europe, SMEs often struggle with financing the growth of their businesses.
Approximately 35 bankers and trainers from 19 institutions in Georgia are participating in the training program, which is part of the broader Global SME Banking Program developed by IFC with the intent of helping banks in emerging markets assess the potential benefits of targeting the small-business sector. IFC has conducted similar programs in Sub-Saharan Africa, South Asia, the Middle East and North Africa, the Caribbean and East Asia and Pacific [1].
By John Howard-Smith, Research Associate
[1] IFC Press Release: “IFC Helps Banks in Georgia Increase Lending to Small Businesses, Boosting Economy”, http://www.ifc.org/ifcext/media.nsf/content/SelectedPressRelease?OpenDocument&UNID=76DC94A7B1D785D88525784E0053397D
About International Finance Corporation (IFC): A member of the World Bank Group, the International Finance Corporation (IFC) offers loan and debt securities, equity investments, advisory services and technical assistance to private companies with the intent of alleviating poverty and promoting open and competitive markets in developing countries. As of 2011, IFC has 182 member countries that drive its policies and approve disbursements. In fiscal year 2009, IFC’s new investments totaled USD 14.5 billion.
MicroCapital.org story, June 10, 2010: “MICROCAPITAL BRIEF: International Finance Corporation (IFC)’s Global Small and Medium-Sized Enterprise (SME) Banking Program Trains Caribbean Bankers on Building Sustainable Banking Operations”, https://www.microcapital.org/microcapital-brief-international-finance-corporation-ifc%E2%80%99s-global-small-and-medium-sized-enterprise-sme-banking-program-trains-caribbean-bankers-on-building-sustainable-banking-operations/
MicroCapital’s Microfinance Universe profile: International Finance Corporation (IFC), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=International+Finance+Corporation+(IFC)
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