Small and Medium Business will Get Money for DevelopmenT

FROM THE REDACTION

International Financial Corporation (IFC) is a member of the World Bank Group in private sector field, its headquarters is situated in Washington.

International Financial Corporation coordinates its activities with other institutions of the World Bank Group, though it is independent from legal and financial point of view. Its 178 member-countries carry out distribution of the own capital and jointly determine the policy of the corporation.
This year the organization marks its anniversary, fifty years have passed since the moment of its establishment in 1956. During this time it allocated about 50 billion USD from the own funds, and carried out syndication of 24 billion USD to 3 319 companies from 140 countries of the world. IFC has been successfully participating in the implementation of various projects for a long time, and on March 2 in New York it signed an agreement with British Petroleum (BP) on the project for the development of small and medium business in Georgia, the financial part of which makes up 1.5 million USD, of which 750 000 falls to the share of British Petroleum, 500 000 – to the corporation, and 250 000 – to Canadian International Agency.
On April 13, the manager of the project Giorgi Gelovani said at its presentation that the project has three directions: 1. Lifting of the regulation burden from business. 2. Monitoring and study of small and medium business environment. 3. Informational provision of small and medium business, and perfection of procedures of obtaining of permissions and licenses.