MFI MBC has received a 7 million GEL loan from the European Fund for South-Eastern Europe (EFSE) to support female entrepreneurs and farmers.
The aim of acquiring financial resources denominated in the local currency is to eliminate currency risks, enhance and facilitate access to funding for women entrepreneurs and farmers in Georgia.
"We are pleased to collaborate with such a significant investment fund as the European Fund for Southeast Europe (EFSE). The received financial resources will be utilized to empower women entrepreneurs and farmers in Georgia, especially in rural areas. This investment will enable MFI MBC to significantly expand its operations and contribute to the country's economic development," Tatia Jajanashvili, Financial Director at MFI MBC.
EFSE Board Chairperson Dr. Klaus Müller commented, "This local currency loan, directed towards micro and small enterprises, with a particular focus on agricultural businesses and those owned or managed by women, is a testament to our commitment to socioeconomic empowerment. By ensuring equal access and participation, we aim to not only boost local production and employment generation but also contribute to a more inclusive and integrated economy and society. We are thrilled to embark on this transformative partnership with MBC as our new partner in Georgia. This collaboration underscores our dedication to making a meaningful impact and fostering positive change in the region."
About MFI MBC:
As a financial organization, MFI MBC has been successfully operating in Georgia for more than ten years. The company is represented in Tbilisi and 7 regions, with a total of 17 service centers. MFI MBC aims to offer affordable financial services and products micro and small entrepreneurs through responsible financing, and to establish long-term and transparent relationships with them. Currently, the company has a credit rating of "B" stable from the German rating agency Scope Rating.
A number of important competitions have been won by MFI MBC recently, including the Responsible Business Award - Meliora in the category - Responsible Business of the Year 2022, the "Best Annual Report and Transparency Award - BARTA 2021/2022", the Corporate Sustainability Award 2023 presented by the UN Global Compact Network Georgia in the category of SDG4 (quality education) for promoting financial education among young people, etc. Furthermore, in 2022, the company successfully issued its first unsecured bonds.
About EFSE:
An impact investment fund established in 2005, the European Fund for Southeast Europe (EFSE) aims to foster economic development and prosperity in Southeast Europe and the Eastern Neighbourhood Region by investing in the success of micro and small enterprises as well as improved living conditions for private households. As access to financial services is key to developing this segment, EFSE focuses on helping local financial sectors strengthen their ability to provide responsible financing for this target group. Alongside its investment activities through local partners, EFSE multiplies its impact through the EFSE Development Facility, which provides technical assistance, training, and other nonfinancial support to entrepreneurs and institutions. The fund’s impact management system, through its advisor Finance in Motion, underwent an independent verification by impact auditor BlueMark affirming strong Operating Principles for Impact Management alignment in 2021.
EFSE was initiated by KfW Development Bank with the financial support of the German Federal Ministry for Economic Cooperation and Development (BMZ) and the European Commission. As the first public-private partnership of its kind, EFSE draws its capital from donor agencies, international financial institutions, and private institutional investors.
Finance in Motion GmbH, Germany, serves as EFSE’s advisor, for more information on the European Fund for Southeast Europe, please visit: www.efse.lu. For more information on Finance in Motion, please visit: www.finance-in-motion.com
