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United States : IFC Supports Georgian Mushroom Producer, Boosting Agribusiness and Supporting Farmers.

IFC, a member of the World Bank Group, is providing financing to Tetri Kudi, helping the Georgian mushroom producer expand production, improve competitiveness, and replace imported mushroom products in Georgia.

IFC s $1.5 million loan will support the company s growth, boosting agribusiness and supporting local farmers. The project will create direct and indirect jobs, especially in regions where job opportunities are scarce.

IFC s investment is expected to support the development of agriculture in Georgia through supply-chain linkages. The project will also help the development of environmentally friendly agricultural production and generate additional revenues to the state budget.

Tetri Kudi is a fast growing company and IFC s long-term funding will support our expansion and modernization plans, said Ivane Ioseliani, General Director, Tetri Kudi.

Thomas Lubeck, IFC Regional Manager for the South Caucasus, said: Our investment in Tetri Kudi is yet another step forward in our strategy to support Georgia s agribusiness sector. The project can demonstrate that many products that are now imported can be produced in Georgia, benefitting local communities, creating job opportunities, and contributing to the country s economic growth.

Georgia became an IFC member in 1995. Since then, IFC has invested about $656 million in 51 projects across various sectors and supported regional projects developed in the country. IFC has also implemented a number of advisory projects focused on developing the private sector.

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Publication:Mena Report
Date:Sep 5, 2013
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