U.S. International Development Finance Corporation (DFC) and Gazelle Finance announced an economic recovery facility to provide technical assistance to Ukrainian small and medium enterprises (SMEs) whose businesses have been negatively impacted by the war. The new facility builds upon an existing DFC investment in Gazelle, which provides capital to SMEs in key sectors in the South Caucasus, including Georgia, to boost development. The purpose of the new facility is to help Ukrainian companies with business continuity and stability support and develop an operational nexus and new markets in the South Caucasus region for their products and services, including Georgia. The intended outcome is to not only provide safe harbor to these companies’ workers who have already been displaced by the war, but to enable these companies to continue to grow their businesses, and rapidly adapt and expand to new markets to enhance revenue streams, which are severely impacted by the war.
The partnership between DFC and Gazelle Finance benefits from long-term support by USAID Georgia, which also provided grant support to Gazelle Finance portfolio companies in Georgia to help them recover from the COVID-19 pandemic.
On June 21, 2022 a Gazelle Finance portfolio company and DFC financing beneficiary, Fruit Logistics, hosted a signing ceremony for the new technical assistance facility. A wholly woman-owned business and leading cold storage company for fresh produce, Fruit Logistics is a leader in Tbilisi’s business community and representative of the partnership between DFC, USAID, and Gazelle. DFC and USAID support for Gazelle and the new technical assistance facility announced today show long-term U.S. support for Georgia’s private sector.