SIFEM - Swiss Investment Fund for Emerging Markets

First SIFEM investment which qualifies for “2X Challenge: Financing for Women"

Bank of Georgia has become SIFEM’s first investment which is eligible to be recognised as a “2X Challenge” investment for women’s economic empowerment. Over 40 per cent of Bank of Georgia’s employees are women and the company has implemented policies and programmes addressing various barriers to women’s quality employment which exceed those required by Georgian legislation.

Moreover, Bank of Georgia has set up support initiatives such as Women in Business, which targets women entrepreneurs with funding and non-financial assistance. 

Established in 1994 as a private bank, Bank of Georgia is an industry-leading and systemically important universal bank, serving 2.5 million clients through 276 branches, which is the largest distribution network in Georgia. In 2019, SIFEM committed USD 10 million to Bank of Georgia, as part of a syndicate led by the Dutch FMO, with the aim to increase its footprint in the Caucasus, an under-invested region. DEG (Germany), Finnfund (Finnland), Swedfund (Sweden) have also taken part in this collective investment. 

The “2X Challenge” by Development Finance Institutions (DFIs), including SIFEM, is committed to mobilising a total of USD 3 billion by the end of this year with the aim to unlock resources that will help advance women in emerging markets as entrepreneurs, as business leaders, as employees and as consumers of products and services that enhance their economic participation. The initial target has already been surpassed by committing and mobilising USD 4.5 billion in capital.

For more information

Bank of Georgia, Annual Report 2019

2X Challenge