According to a Georgian Business Week article, the Georgian microfinance sector saw profits of GEL 16 million, the equivalent of over USD 9.3 million, in 2009.Additionally, twelve new microfinance organizations were registered by the National Bank of Georgia (NBG) in 2009 and, as of January of 2010, there are a total of thirty-nine microfinance entities in the country. Fourteen Georgian microfinance institutions (MFIs) have reported to the MIX Market, the microfinance information clearinghouse, from 1999 through 2009, accounting for a gross loan portfolio of USD 407.4 million, total assets of USD 523.7 million, and active borrowers totaling 133,136.
By Christopher Maggio, Research Assistant
About National Bank of Georgia (NBG):
The National Bank of Georgia is the central bank of the Republic of Georgia. It is in charge of monetary policy, is the banker and fiscal agent of the Georgian government, and has the sole right to issue money. It is Governed by the Council of the National Bank whose members are nominated by the President and confirmed by Parliament.
Organization’s Website:
http://www.nbg.gov.ge/
Additional Resources:
Georgian Business Week article entitled ‘The Microfinance Sector Ended the Year in Profits of 16 million GEL’: http://www.gbw.ge/news.aspx?sid=a7988ad8-035f-479e-a587-3e93430c4498
MicroCapital’s Microfinance Universe Profile: National Bank of Georgia (NBG)
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