IFC Partners with Bank Constanta to strengthen risk management capacity in Georgia
21 October, 2010
IFC Partners with Bank Constanta to strengthen risk management capacity in Georgia

International Finance Corporation (IFC), a member of the World Bank Group, will work with Bank Constanta, one of Georgian smaller banks, to improve its risk management practices, which will help the bank increase the volume of lending to smaller businesses in Georgia. This initiative is part of a broader IFC strategy to strengthen local banks in the aftermath of the global financial crisis.

Bank Constanta is a new commercial bank that evolved from a leading microfinance organization with more than 10

years’ experience in Georgia. Experts from the IFC Financial Crisis Response Program in Europe and Central Asia will train the bank’s staff on best practices in risk management as well as help with prioritizing their operations. These efforts will help the bank become more profitable and increase its lending to companies.


“Our cooperation with IFC will help us strengthen our business and increase profitability,” Levan Lebanidze, Bank Constanta Director, said after signing a cooperation agreement on October 19, 2010. “IFC will help us analyze and improve our existing portfolio and adjust our strategy to the changing environment.”
“Constanta is the first Georgian bank to join IFC’s regional Financial Crisis Response Program. We are working with financial institutions across the region to strengthen their risk management capabilities. Our long-term objective is to help banks emerge from the crisis with enhanced risk management framework and capabilities to protect them from future crises,” Thomas Lubeck, IFC Regional Head, Caucasus, said.


IFC’s Financial Crisis Response Program in Europe and Central Asia was launched in 2009, in partnership with the Austrian Ministry of Finance. The program has delivered training to over thousand senior and middle-level banking professionals, disseminating good practice on risk management and how to deal with distressed assets. IFC experts are also working on legislation to help create a transparent and working market for distressed assets to facilitate the post-crisis recovery in the region.
Georgia became a member of IFC in 1995. IFC’s cumulative investments in Georgia since then total nearly USD 500 million in 35 projects across a variety of sectors. Through its advisory services, IFC is working toward reforming the country’s tax system to benefit small businesses, while helping companies improve corporate governance practices and raise food safety standards. Bank Constanta has been an IFC client through the IFC Georgia Corporate Governance Project.

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