Credo Bank and the European Bank for Reconstruction and Development (EBRD) signed a USD 40 million (∼GEL 108 million) investment agreement to support the growth of micro, small and medium-sized enterprises (MSMEs) in Georgia. The local currency-denominated funding aims to increase access to finance, promote financial inclusion and enhance competitiveness across the country’s regions, including for women-led businesses.
“We are proud to further strengthen our strategic partnership with the EBRD through this USD 40 million financing. The local currency-denominated transaction will expand access to finance for MSMEs, our core customer segment, providing affordable funding necessary for their growth and development, while promoting sustainability for their businesses. I would like to thank the whole team for their efforts and cooperation,” said Zaza Pirtskhelava, Credo Bank’s Chief Executive Officer.
“Supporting small businesses is key to Georgia’s economic resilience. Through this partnership, we are increasing access to finance where it is needed most, especially for women entrepreneurs and regional businesses,” said Alkis Vryenios Drakinos, EBRD Regional Head, Caucasus.
Credo Bank is the fifth-largest commercial bank in Georgia. With its wide regional outreach through 97 service centers, it offers fully-fledged and innovative banking services to over 500,000 customers. The Bank’s mission is to support Georgia’s entrepreneurs, their employees and families to create a better future by offering affordable financial services. It is owned by international social impact and development finance institutions: German - Access Credo GmbH, French – Proparco and Japanese - Gojo & Company, Inc.
Since the start of its operations in Georgia in 1996, the EBRD has invested more than €5.79 billion in the country across 318 projects, supporting the private sector, financial institutions and sustainable economic development.
