RIA Oreanda, Russia
Economic News
July 31 2009

IFC Vice President Highlights Priorities for Georgia and Armenia

Tbilisi. OREANDA-NEWS . On 31 July 2009 was announced, that Jyrki
Koskelo, Vice President of IFC, a member of the World Bank Group,
pledged that IFC will continue supporting the growth of the private
sector in Georgia and Armenia by expanding its presence in the
countries.

IFC views the region as a long-term strategic priority and is planning
to expand its activities by building on established partnerships with
the private sector and government. IFC also plans to continue
providing expert advice to mitigate the effects of the financial
crisis, improve the investment climate, and foster corporate
governance best practices.

Speaking at the official opening ceremony of the new IFC hub office in
Tbilisi covering Georgia and Armenia , Koskelo emphasized IFCs
long-term commitment to these countries. Despite the global financial
crisis, IFC has decided to expand its presence in the region because
we are facing increasing demand for our products and services, he
said. The new office in Tbilisi will help us be closer to our Georgian
and Armenian clients, maximize our resources, and strengthen our
collaboration with partners across the region.

The past financial year was a record year for Georgia and Armenia with
IFC investing USD 229 million as part of its global strategy to
respond to the financial crisis and the needs of the clients with
appropriate products.

Georgia and Armenia became shareholders and members of IFC in 1995. As
of June 2009, IFC has committed around ////$

500 million in these countries across a variety of sectors. IFC
continues to look for opportunities to build on the success of its
advisory services programs and investments, and to increase the
availability of debt funding and equity investment to local
enterprises.