Constituency Highlights

• Georgia

  IFC Supports Bank of Georgia with $90 Million to Boost Growth, Expand Financial Services

  Tbilisi, Georgia, June 3, 2015—IFC, a member of the World Bank Group, is providing Bank of Georgia, the country’s largest bank, a $90 million long-term loan to help expand access to finance, further diversifying Georgia’s economy and boosting growth. IFC is providing a 10-year subordinated loan, including $20 million mobilized from the European Fund for Southeast Europe (EFSE), to help expand financial services in Georgia, where banking penetration remains low, and increase the flow of credit to micro, small, and medium enterprises (MSMEs). “I am pleased to announce the completion of one of the largest debt transactions for Bank of Georgia,” said Irakli Gilauri, Bank of Georgia CEO. “This subordinated loan facility, which qualifies as Tier II Capital under the Basel 2 framework, will improve the overall capitalization of the bank and support our growth without compromising capital ratios. I would like to thank our long-time partner IFC for continuous collaboration.” The financing will help Bank of Georgia, a long-term IFC partner in the region, expand its already large MSME customer base and encourage growth in its retail banking business. It will also contribute to the bank’s strategic goal of supporting entrepreneurship in Georgia. “The loan package will help Bank of Georgia finance more smaller businesses, which are a driving force for development but often lack the capital to grow,” said Jan van Bilsen, IFC Regional Manager for the South Caucasus. “This project is yet another step forward in implementing our strategy in Georgia – one pillar of which focuses on mobilizing our partners’ resources to help expand the financial sector, boost access to finance, and reduce poverty.” Georgia became an IFC member in 1995. Since then, IFC has provided a total of about $665 million in long-term finance, including $272 million mobilized from partners, supporting 51 projects across various sectors. In addition, IFC has supported trade worth more than $292 million through its trade finance program. IFC has also implemented a number of advisory projects focused on private sector development.

• Georgia

  IFC Issues First Iveria Bond to Support Capital Markets Development in Georgia

  Washington, D.C./Tbilisi, Georgia, February 17, 2015 - IFC, a member of the World Bank Group, today issued a 30 million Georgian lari bond – equivalent to approximately $15 million – to support Georgia’s capital markets. This is IFC’s first local currency issuance in Georgia.The bond, named Iveria after an ancient kingdom based in present-day Eastern Georgia, is part of a 200 million lari bond program and creates a pricing benchmark for future IFC issuances in Georgia’s domestic capital markets. Under the program, IFC can issue lari-denominated bonds when market opportunities align with the funding needs of the country’s private sector.“The IFC Iveria bond is an essential part of IFC’s strategy to support Georgia’s capital market development,” said Jingdong Hua, IFC Vice President and Treasurer. “Deep, liquid capital markets are the foundation for sustained economic growth because they efficiently channel investment to key sectors such as infrastructure and housing, which in turn generate jobs and growth.” Giorgi Kadagidze, the President of the National Bank of Georgia, said: “The IFC bond marks an important milestone in the partnership between Georgia and IFC. It signals a strong vote of confidence in the outlook for Georgia amid market volatility. We hope it will pave the way for other high quality issuers to come to Georgia’s domestic capital markets.” Galt & Taggart, the wholly-owned investment arm of Bank of Georgia, acted as the arranger for the bond. IFC has issued bonds in 16 local currencies, including the Armenian dram, Brazilian real, Chinese renminbi, Indian rupee, and Nigerian naira. Georgia became an IFC member in 1995. Since then, IFC has invested more than $810 million in 60 projects across various sectors and supported regional projects developed in the country. IFC has also implemented a number of advisory projects focused on the development of the private sector. IFC Iveria Bond Summary Terms and Conditions: Issue amount: 30 million Georgian lari (approximately $15 million) Pricing date: February 17, 2015 Settlement date: February 17, 2015 Maturity date: February 17, 2017 Coupon: 6.924% Coupon Frequency: Semi-annual Repayment: Bullet on maturity date;

  For more information, please visit IFC website

• Israel

  The Jerusalem Post: Israel, World Bank ink tech training deal, November 30, 2014

  Having once been a recipient of World Bank loans--most recently from 1975 to 1981--the move to become a contributing country is significant. The Economy Ministry and World Bank have reached a first-of-its-kind agreement for Israel to provide best practices for developing countries in the Information and Communication Technologies (ICT) sector. The Economy Ministry will contribute a half-million to fund three training courses for bank staff to take place in Israel, focusing on ICT in water, agriculture and cyber-security. It will also contribute analysis for the Bank’s 2016 World Development report. “Israel is a leader in information technologies and their applications to areas like agriculture, irrigation, and cyber security,” said Pierre Guislain, Senior Director of the World Bank’s Transport and Information & Communications Technology (ICT) Global Practice. “We are very happy that Israel has chosen ICT as the topic for its partnership with the Bank.” The collaboration followed two years of discussions between the ministry’s Foreign Trade Administration and the Bank’s ICT unit, which represents roughly $1.7 billion worth of projects with active ICT components at the bank. Having once been a recipient of World Bank loans--most recently from 1975 to 1981--the move to become a contributing country is significant, Economy Minister Naftali Bennett noted. “This agreement will create a great collaborative platform that will contribute to strengthening our relations with developing countries and will create opportunities for sharing Israeli expertise and technologies,” Bennett said.

  World Bank ink tech training deal |  For more current news from Israel, please visit the The Jerusalem Post website

• Armenia

  Frank Heemskerk visits Yerevan on November 9, 2014

  Frank Heemskerk joins the World Bank Vice President Laura Tuck in a visit to Armenia from November 9-11, 2014. The main goal of the visit was to discuss the future World Bank's engagement in the country, and support to the reforms aimed at improvement of economic growth and competitiveness. For more detailed information on the visit, please see the ECA Region press release:

  The World Bank Vice President Laura Tuck Completes Three-Day Visit to Armenia

• Georgia

  Telavi festival in Kakheti region promoted tourism, cultural heritage, crafts, nature, and wine-making.

  The Georgian Kakheti region is known for its cultural heritage, and wine industry. Last year, the city of Telavi held a week-long festival to promote the Georgian products, such as textile and ceramics produced by the local artisans, as well as the Kakhetian organic wines. The festival attracted numerous domestic and foreign visitors. It was co-sponsored by the World Bank Regional Development Project, whose main objectives are to improve infrastructure services and institutional capacity, and to promote tourism and cultural heritage in the Kakheti region. For the full story, and a short movie about Telavi’s economic growth, please see the link:

  Tourism, Culture and Handicrafts Pave the Way for Telavi’s Success

• Bosnia and Herzegovina

  Frank Heemskerk visits Sarajevo on June 23, 2014

  Frank Heemskerk visited Bosnia and Herzegovina from June 23 - 25, 2014. During his visit, Mr. Heemskerk met with the Chairman of the Council of Ministers, Mr. Vjekoslav Bevanda, who is also the Governor for the World Bank. In addition, Mr. Heeemsker met with the other members of the Council of Ministers, including Minister of Treasury and Finance, Mr. Nikola Spiric, Minister of Foreign Affairs, Mr. Zlatko Lagumdzija, Minister of Civil Affairs, Mr. Sredoje Novic, Minister of Transport and Communications, Mr. Damir Hadzic, and Deputy Minister of Security, Mr. Mladen Cavar. Mr. Heemskerk discussed the political and economic situation in the country, and the ways in which the World Bank could further support the reform agenda to create economic growth and competitiveness. Moreover, it was noted that the devastating floods caused huge economic losses in the country, and Bank's engagement in the recovery and reconstruction was needed. The meetings were also held with the Joint Parliamentary Commission for Economic Reforms, and Foreign Trade Chamber to discuss business climate and investment opportunities, and possible further reforms. On the Federal level, Mr. Heemskerk met with the Prime Minister, Mr. Nermin Niksic and Minister of Finance, Mr. Ante Krajina. Mr. Heemskerk also talked to the Governor of the Central Bank, Mr. Kemal Kozaric. Lunch with the representatives of international agencies which was organized by the Royal Dutch Embassy and hosted by the Ambassador, H.E. Jurriaan Kraak, and a separate meeting with the EUSR, Mr. Peter Sorensen were good opportunities for Mr. Heemskerk to learn more about the international involvement, and progress towards the European integration. Mr. Heemskerk concluded his visit to Bosnia and Herzegovina with a visit to Mostar. During his stay in the country, Mr. Heemskerk met with the World Bank and IFC country office staff, and discussed with them the pace of reforms, and country's future engagement with the World Bank Group.

  IFC, MF Banka to Expand Micro-Enterprise Finance in Bosnia and Herzegovina
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  Bulgaria

  Mr. Frank Heemskerk visits Sofia on February 19, 2014

  During his visit, Frank Heemskerk met with the high level Government officials and discussed the current situation in Bulgaria and the future cooperation with the World Bank Group. He met with President of Bulgaria Rosen Plevneliev, Deputy Prime Minister for Economic Development Daniela Bobeva, Minister of Finance Petar Chobanov, Minister of Labor and Social Policy Hasan Ademov, and Governor of the National Bank Ivan Iskrov. Expressing his hope that the longstanding partnership with the World Bank will remain strong, Frank Heemskerk was very pleased to see that the cooperation with the World Bank promotes shared prosperity and growth.
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  Armenia

  Mr. Frank Heemskerk visits Yerevan on February 17, 2014

  Frank Heemskerk visited Yerevan on February 17, 2014, where he met with the Armenian Prime Minister Tigran Sargsyan. They discussed the current situation in the country, and Frank Heemskerk was happy to see the Government’s determination to continue with institutional reforms. He also noted the country’s success in Doing Business Report’s ratings, and offered his assistance in helping Armenia continue with its progress. During the meeting, further bilateral cooperation with the World Bank was stressed, and Tigran Sargsyan highlighted the importance of this cooperation by noting that a number of the World Bank programs were implemented in Armenia over the past period.

  IFC Press Release: IFC and BSTDB Help Unibank Expand Lending to Small and Medium Enterprises in Armenia
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  Georgia

  Frank Heemskerk visits Tbilisi on February 14, 2014

  Frank Heemskerk together with Mr. Menno Snel, the IMF Executive Director, visited Tbilisi on February 14, 2014. They were received by the Prime Minister of Georgia Irakli Garibashvili, and other high level Government Officials. Frank Heemskerk discussed the current economic situation in the country and expressed his support to the Government in its efforts to further improve economy and growth in the coming period. He was very positive of the cooperation with the World Bank Group, and offered his further assistance in deepening this partnership.

  IFC Press Release: IFC Helps Georgian Agribusiness Firms Improve Standards, Promoting Economic Development |  IFC Press Release: IFC, TBC Bank Launch Web Platform to Support Smaller Businesses in Georgia |  Maldives’ Monetary Authority |  IFC Press Release: IFC Supports Bank Republic to Increase Mortgage Lending in Georgia

• Israel

  Frank Heemskerk visits Jerusalem on November 13, 2013

  Mr. Heemskerk traveled to Israel from November 13-14, 2013. He met with the Governor of the Bank of Israel, Minister of Finance, and Foreign Ministry officials. In his talks with the Israeli authorities, Mr. Heemskerk discussed Israel’s contribution to IDA, as well as the possible engagement of the private sector with the World Bank Group. In this context, Mr. Heemskerk met with the companies that could potentially work with the World Bank on various projects, mainly in the infrastructure, agriculture, and water sectors. In addition, he also visited a humanitarian organization, Save a Child’s Heart, which provides heart surgeries and urgent pediatric care for the children from developing countries where the heart surgery is not available. Mr. Heemskerk visited the Parliament and had an opportunity to join the session in which the Prime Minister Netanyahu gave a speech. The program also included the inauguration of the new Bank of Israel Governor. This high level ceremony was attended by the President Peres, Prime Minister, Minister of Finance, other relevant ministers, members of the Parliament, and high level officials. During his stay in Israel, Mr. Heemskerk met with the World Bank staff working in the West Bank and Gaza Office. After the meetings, Mr. Heemskerk walked through the Old City of Jerusalem and visited the religious and historic sites.

• Cyprus

  Frank Heemskerk visits Nicosia on November 11, 2013

  Frank Heemskerk visited Cyprus from November 11-12, 2013. He met with the Minister of Finance and the Minister of Foreign Affairs, as well as the other high level officials. They discussed the current situation in Cyprus and the avenues in which the Government could better engage with the World Bank to boost the country’s economic recovery. Mr. Heemskerk pointed out the World Bank’s extensive knowledge on challenges facing Cyprus. The Cypriot authorities were mainly interested in technical assistance, and the IFC supported investments in the banking sector, which would help the country overcome the difficulties caused by the financial crisis: lack of economic growth, banking sector challenges, and high energy prices; During his visit, Mr. Heemskerk also met with the Ambassador of the Netherlands to Cyprus. After the meetings, Mr. Heemskerk had an opportunity to walk through the Old City of Nicosia and enjoy the unique atmosphere there. He also visited the border crossing between the Greek and the Turkish sides.

• The Netherlands

  Frank Heemskerk visits The Hague on September 14, 2013

  During his trip to the Netherlands, Mr. Heemskerk gave an interview for the Dutch daily, De Volkskrant. The interview was published on September 14, 2013. A copy of the interview was provided through the courtesy of the De Volkskrant.

• Croatia

  Frank Heemskerk visits Zagreb on July 11, 2013

  You can read about Mr. Heemskerk's visit to Croatia in the Croatia Newsletter provided through the courtesy of the Croatia Country Team:

  Croatia country page
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  Macedonia

  Frank Heemskerk visits Skopje on July 10, 2013

  During the visit, Mr. Heemskerk met with Parliament Speaker Trajko Veljanovski, Prime Minister Nikola Gruevski, Minister of Finance Zoran Stavreski, Vladimir Pesevski, Ministers of Economy and Education, and representatives of the private sector. Mr. Heemskerk also visited the Social Welfare Center which benefits from the Conditional Cash Transfer project, and met with the management of ELEM, the implementing agency for the potential Lukovo Pole project, where he received first-hand information about the views of the clients on both activities. All interlocutors confirmed the importance of the collaboration with the World Bank Group and reinforced their overall satisfaction with the Bank’s responsiveness to the needs of the country. The photo and the highlights of the visit were provided through the courtesy of the Country Office in Macedonia.
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  Ukraine

  Frank Heemskerk visits Kiev on June 5, 2013

  Mr. Frank Heemskerk visited Ukraine from June 5-6, 2013. The program included meetings with high level Government Officials in which Mr. Heemskerk discussed the role of the World Bank in Ukraine and the possibilities of deepening the cooperation between the Bank and the country. In a meeting that Mr. Heemskerk held with Mr. Sergiy Arbuzov, the First Deputy Prime-Minister and the Governor for Ukraine in the World Bank, Mr. Arbuzov stressed Ukraine’s effort to improve business climate and the importance of the Doing Business report, which is seen as crucial in tracking the progress. The meetings with Mr. Oleksandr Vilkul, Deputy Prime-Minister, Mr. Igor Prasolov, Minister of Economic Development and Trade, Ms. Iryna Akimova, First Deputy Head of the Administration of the President, and Mr. Eduard Stavitsky, Minister of Energy and Coal Industry, provided an opportunity to discuss policy issues. The Government Officials appreciated the value of the research that the Bank does. Mr. Heemskerk also visited the World Bank Country Office, where he met with the local staff and discussed the World Bank internal reform agenda. The Country Office organized a meeting with the EBRD’s client, Ukrhydroenergo, a state owned hydro power company, and the IFC’s client, Mriya, one of the fastest growing agriculture companies in Ukraine. Management of the companies expressed their appreciation for the lending opportunities, and the knowledge which working with the World Bank Group brings. During his time in Ukraine, Mr. Heemskerk had an opportunity to meet with Ms. Gerrie Willems, Charge d’Affaires of the Royal Dutch Embassy to Kiev, and the representatives of the Dutch companies that do business in Ukraine, including Philips, All Seeds, ING Bank Ukraine, Tebodin, Daxx, and Shell.

• Armenia

  Frank Heemskerk visits Yerevan on June 2, 2013

  Frank Heemskerk visited Armenia from June 2-4, 2013. During the visit, Mr. Heemskerk met with the Prime Minister, Mr. Tigran Sargsyan and discussed the progress and continuity of various World Bank projects in Armenia. The program also included the meetings with the Chief of Staff of the Government, Mr. Vache Gabrielyan, Minister of Finance, Mr. David Sargsyan, Minister of Economy, Mr. Vahram Avanesyan and the Deputy Governor of the Central Bank, Mr. Nerses Yeritsyan. The World Bank and IFC Country Office Staff organized visits to project sites and a lunch with Mr. Heemskerk during which the country issues, as well as the ongoing World Bank internal reform were discussed. This topic provoked a lively discussion and was a great opportunity to share the views about the reform process from the Country Office perspective. The visit to the country provided a better insight into the country’s current economic position, the pace of reforms, future actions, and the World Bank’s role in it.

• Georgia

  Frank Heemskerk visits Tbilisi on May 31, 2013

  This year, our Constituency Meeting was held in Tbilisi, Georgia from May 31 to June 2, 2013. The Constituency Meeting started with the opening remarks by the Georgian Prime Minister, Mr. Bidzina Ivanishvili, which opened the floor for the discussions of three main topics: The Banking Union in Europe, Growth Perspectives and Challenges, and the World Bank Group's New Strategy. The program also included two interesting side events: a meeting with a group of students from the University of Tbilisi, and an emotional farewell soccer game organized by the former Georgian National Team and AC Milan player, Kakhi Kaladze. Mr. Kaladze is currently Vice Prime Minister and Minister of Energy of Georgia. Our hosts did a great job in showcasing their culture through a remarkable modern ballet performance, which combined the traditional folk dances with the local and international music. They also organized an excursion to Kakheti Region, and introduced us to the amazing historical and cultural Georgian heritage, which was completed with a great traditional dinner. We all had a great time in Georgia and we thank once again the Ministry of Finance and the National Bank of Georgia for the excellent organization.
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  Romania

  Frank Heemskerk visits Bucharest on May 9, 2013

  From May 9 - 10, the Romanian authorities hosted the World Bank Group President, Dr. Jim Yong Kim. He was accompanied by the Regional Vice President for Europe and Central Asia, Mr. Philippe Le Houerou and the Country Director for Romania, Ms. Mamta Murthi. Frank Heemskerk and Mr. Stefan Nanu also joined President Kim. The purpose of the visit was to better understand the World Bank’s partnership of choice with Romania, an upper middle-income client that relies heavily on the reimbursable advisory services (RAS) provided by the Bank to strengthen its administrative capacity, as well as the EU Funds absorption capacity. President Kim met with the Romanian President, Mr. Traian Basescu, Prime Minister, Mr. Victor Ponta, Vice Prime Minister and Minister of Public Finance, Mr. Daniel Chitoiu, and other ministers and deputy ministers responsible for the regional development, justice, EU funds, health and education. In the very candid talks with the Romanian authorities, President Kim expressed his support for further engagement with the country, which will serve as an example of the World Bank’s added value in the more sophisticated client countries. The authorities were interested to see the Bank’s support in setting up a delivery unit at the Central Government level to monitor and support the implementation of the Government’s priorities. The Romanian authorities also came up with an idea of creating a knowledge hub from which the new EU members and EU candidates could benefit in a more timely and effective way. Both ideas were welcomed by President Kim. The program also included a meeting with Roma students sponsored by the Roma Education Fund (REF) and President Kim. Mr. George Soros, the REF Founder joined the meeting. Roma students from Romania and several neighboring countries, including Albania, Bulgaria, Hungary, and Macedonia had an opportunity to discuss different topics and raise various questions from discrimination to employment and training opportunities offered by the World Bank to Roma students. During his stay in Romania, President Kim visited the World Bank Country Office where he met with the local Bank and IFC staff. The Country Office organized a visit to a village where a large Roma community (Frumusani) lives. The participants enjoyed the interaction with many community members and visited the local primary school.

• Frank Heemskerk - Interview for th NACD Directorship Magazine

  "Staying True to a Mission"

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  Innovation Centers Help Developing Countries Capture Climate Change Opportunities

  A global network of seven Climate Innovation Centers is helping hundreds of clean-tech ventures grow beyond the start-up phase to spread innovative business ideas across regions and accelerate the pace of climate innovation.
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  Georgia: Seizing the Opportunity to Prosper

  A new Country Economic Memorandum for Georgia looks at a range of issues related to job creation, trade, and export competitiveness
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  EU Regular Economic Report - Growth, Jobs and Integration: Services to the Rescue

  To make the recovery sustainable, Europe needs to continue reforms to promote exports and investment, create jobs, and protect the vulnerable.