EBRD and Credo Bank support MSMEs in Georgia

• Loan of up to $10 million to the EBRD's longstanding partner in Georgia
• Investment to improve access to finance through on-lending to MSMEs
• Loan agreement signed at the EBRD's Annual Meeting 2024 in Yerevan

The European Bank for Reconstruction and Development (EBRD) is providing a financing package to Credo Bank to support the development of micro, small and medium-sized enterprises (MSMEs) in Georgia.

The EBRD will provide a loan of up to US$ 10 million (€9.28 million) to on-lend to local businesses, improve their access to finance and help them increase their competitiveness, including in economically less-developed regions of the country.

Credo Bank will provide financing in foreign and local currencies through its countrywide branch network and digital channels, continuing to support women-led businesses and other underserved groups.

At a signing ceremony at the EBRD's Annual Meeting 2024 in Yerevan, Francis Malige, EBRD Managing Director for Financial Institutions, said: 'This $10 million investment with our longstanding partner Credo Bank illustrates our unwavering commitment to supporting Georgia's MSMEs, enhancing financial inclusivity, and empowering economic growth, particularly for women-led businesses. We are dedicated to furthering Georgia's prosperity and market orientation.'

Zaza Pirtskhelava, Credo Bank's Chief Executive Officer said: "With this transaction Credo Bank and the EBRD are reaffirming their longstanding strategic collaboration to support the growth and development of businesses in Georgia. Over the years, the EBRD has made substantial investments in Credo Bank and its customers, totalling more than GEL 120 million, to advance financial inclusion, promote sustainability and empower women-led businesses. Credo Bank remains committed to providing affordable and innovative financial products and services to local MSMEs."

Credo Bank is the EBRD's longstanding partner and is the fifth largest commercial bank in Georgia. It boasts a widespread rural presence, with 90 branches and digital infrastructure catering to over 480,000 active customers, with a noteworthy emphasis on empowering women entrepreneurs. It is owned by international social impact and development finance institutions such as Access Microfinance Holding AG (Germany), responsAbility Investment Management AG (Switzerland), Triodos Investment Management BV (the Netherlands) and Proparco (France).

To date, the EBRD has invested more than €5 billion in 296 projects in the financial, corporate, infrastructure and energy sectors in Georgia. Of those investments, 83 per cent have been made in the private sector.