The Dutch Entrepreneurial Development Bank (FMO) and Credo Bank have announced the signing of a GEL 80 million Facility Agreement. The long-term local currency funding will support small and medium-sized businesses across Georgia, with the special focus on agriculture, as well as women and young entrepreneurs. FMO provided the funding through the issuance of a GEL-denominated AAA rated bond in Georgia, supporting domestic capital market development and de-dollarization of the economy.
“We are proud to mark nine years of successful collaboration with FMO, during which over GEL 400 million has been invested in Credo Bank to improve access to finance across Georgia. Together with last year’s NASIRA Risk Sharing Facility and Capacity Building Grant, this GEL 80 million transaction strengthens our ability to empower farmers, women-led businesses, and young entrepreneurs with affordable and long-term local currency funding. I would like to express my sincere appreciation to FMO and all parties involved for their professionalism and excellent cooperation throughout this process,” said Zaza Pirtskhelava, Chief Executive Officer of Credo.
“At FMO, we are committed to enabling entrepreneurs to thrive in challenging environments. This latest facility with Credo Bank reflects our shared ambition to strengthen Georgia’s local economy by expanding access to finance for farmers, women-led businesses, and young entrepreneurs. By supporting local currency lending and capital market development, we are helping build a more inclusive and resilient financial ecosystem,” said Juan Jose Dada Ortiz, Director Financial Institutions at FMO.
Credo is the fifth-largest commercial bank in Georgia. With its wide regional outreach through 99 service centers, it offers fully-fledged and innovative banking services to over 500,000 customers. The bank’s mission is to support Georgia’s micro, small and medium sized entrepreneurs, and their employees to create a better future by offering affordable financial services.
FMO is the Dutch entrepreneurial development bank. As a leading impact investor, FMO supports sustainable private sector growth in developing countries and emerging markets by investing in ambitious projects and entrepreneurs. FMO believes that a strong private sector leads to economic and social development and has a 50+ year proven track-record in empowering entrepreneurs to make local economies more inclusive, productive, resilient, and sustainable. FMO focuses on three sectors that have high development impact: Agribusiness, Food & Water, Energy, and Financial Institutions. With a total committed portfolio of EUR 13 billion spanning over 85 countries, FMO is one of the larger bilateral private sector development banks globally.
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