Bank Republic to Direct IFC-disbursed Loan of 20 million USD to Small and Medium Business Sectors

The International Finance Corporation (IFC) plans to allot a credit line of 20 million USD to Bank Republic for financing small and medium-sized business sectors as part of the IFC regional strategy aimed at strengthening the bank sectors in the Caucasus Region and supporting the economic growth through enlarging the crediting volume in the small and medium business companies.

"Bank Republic keeps mutually beneficial cooperation with IFC to promote the finance and bank sectors and the national economy", Bank Republic director general Gilbert Hie told a news conference on July 14.

The IFC loan will increase the Bank Republic credit portfolio and enable the bank to offer a wide variety of bank products to small, medium and major corporate clients, Hie noted.

IFC representative in the Caucasus Thomas Lubeck also pointed out the small and medium business sectors play a considerable role in the economy and employment of Georgia. Consequently, the credit line will promote the creation of new job places and economic growth.

IFC and Bank Republic launched cooperation in 2005. IFC has already invested about 42 million USD in Bank Republic.