Credo Bank and The European Investment Bank Signed GEL 36 Million Finance Agreement to Support MSMEs in Georgia

Credo Bank and the European Investment Bank signed a five-year GEL 36 million finance agreement to support micro, small and medium enterprises operating predominantly in agriculture sector. The loan is provided under the EIB’s Georgia Outreach Initiative and comes a part of an immediate response to Covid-19 pandemic launched by the European Union, its Team Europe and is facilitated by an EU grant. The finance in flexible and affordable terms will help Georgian farmers to continue business operations and preserve jobs.

          

Lilyana Pavlova - Vice President of the EIB, responsible for the bank’s activities in Georgia said: “With this loan the European Investment Bank and Team Europe are delivering on their pledge to support Georgia overcome the challenges brought by Covid-19 pandemic. Through our partnership with Credo Bank we will provide liquidity in local currency in order to keep businesses running during the crisis, and support their early and speedy recovery, thus, contributing towards a more resilient economy and strengthening the national financial sector. This will all be crucial for any future sustainable development of Georgia.”

Carl Hartzell - the EU Ambassador to Georgia, said: “Improving living conditions in rural areas is an important priority of EU-Georgia cooperation. This loan will have a strong focus on the local agricultural sector, which is key from a local food production and employment perspective.”

Zaza Pirtskhelava - Chief Executive Officer of Credo Bank Said: “I would like to sincerely thank the European Investment Bank for years of successful cooperation to improve financial inclusion in Georgia, for standing by the bank and its customers during the most volatile times and the European Union for the complementary grant to the transaction. This long-term local currency finance will be directed to assist farmers survive current constraints induced by Covid-19 pandemic and will highly contribute to uninterrupted agriculture production and food security in the country.”

          

About the European Investment Bank

The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals.

About Credo Bank

Credo Bank is the leading bank on Georgian microfinance market in terms of countrywide presence and the number of clients. It operates 74 service centers and supports more than 300 thousand customers across Georgia. The bank’s mission is to provide sustainable financial services to micro, small and medium businesses, with a preference for rural activities and those businesses that create income and employment opportunities. Credo Bank is owned by consortium of international shareholders, the social impact investors - Access Microfinance Holding AG, ResponsAbility Investment Management AG and Triodos Investment Management BV.

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