Credo Bank and the European Bank for Reconstruction and Development (EBRD) signed a $10 million investment agreement to support the development of micro, small and medium-sized enterprises (MSMEs) in Georgia. The local currency denominated transaction aims to improve financial inclusion and increase competitiveness, including in economically less-developed regions of the country.
The signing ceremony took place 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 EBRD reaffirm long-term strategic collaboration to support growth and development of businesses in Georgia. Over the years, EBRD has made substantial investments in Credo Bank and its customers, totaling more than GEL120 million to advance financial inclusion, promote sustainability and empower women-led businesses. As Credo Bank, we stay committed to provide affordable and innovative financial products and services to local MSMEs.”
Credo Bank the fifth-largest commercial bank in Georgia, boasts a widespread rural presence, with 90 branches and digital infrastructure catering to over 480 thousand active customers, with a significant emphasis on empowering women entrepreneurs. It is owned by international social impact and development finance institutions such as German – Access Microfinance Holding AG, Swiss – responsAbility Investment Management AG, the Dutch – Triodos Investment Management BV and French – Proparco.
The EBRD is a multilateral bank that promotes the development of the private sector and entrepreneurial initiative in 36 economies across three continents. The Bank is owned by 73 countries as well as the EU and the EIB. EBRD investments are aimed at making the economies in its regions competitive, inclusive, well governed, green, resilient and integrated. To date, the EBRD has invested more than €5 billion in 293 projects in the financial, corporate, infrastructure and energy sectors in Georgia, with 82 per cent of those investments in the private sector.
