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MFI Profits Rise Sharply

Consolidated profit of microfinance institutions amounted to GEL 18 million in the first quarter of this year, that is 30.2%  highercompared to the same period in 2013.

As per March 31, 2013, a total of 80 microfinance institutions were registered in Georgia, by the end oflast year their number was 67. 13 of them do not have any employees or offices and branches.

As of March 31, the total assets of MFIs totaled GEL853.1 million, which means a 17% growth. Liabilities reach GEL 635.2 million (a 18.2% growth).

As for MFOs capital, it reaches GEL 217.8 million, an increase totals 13.4% in a year.

As of the first quarter, MFOs employed 3 474 people and opened  273 branches and service centers.