Credo Bank and FMO Sign 30-million GEL Loan Agreement
Credo Bank and the Dutch Entrepreneurial Development Bank - FMO have signed a GEL 30 Million Loan Agreement.
The 5-year facility aims to support micro, small and medium business sectors with primary focus on agriculture finance and young entrepreneurs in response to Covid-19 impact.
FMO and Credo Bank count four years of successful cooperation with over GEL 105 million debt investment and Capacity Building programs.
“I would like to express my sincere appreciation to FMO for all the projects over the past years and especially for standing by the bank and its customers during the global challenge that we all face today. Yet another GEL denominated loan will be directed to assist activities of Georgian farmers throughout spring season and therefore facilitate productive harvesting. This is the approach which Credo Bank, a leading agriculture lender in the country, sees as its predominant role to support farmers and the economy.” - says Zaal Pirtskhelava, Chief Executive Officer of Credo Bank.
Huib-Jan de Ruijter, Director Financial Institutions at FMO commented: “Whilst the COVID-19 pandemic is a public health crisis in the first place, the related economic impact is also a grave concern. We are proud to continue to support Credo Bank during these volatile and uncertain times. Micro, small and medium sized businesses are hit the hardest by the measures taken. We fully support the focus on agriculture finance and young entrepreneurs to guide them through these difficult times.”
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 73 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.
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 more than 50-year proven track-record of empowering people to employ their skills and improve their quality of life. FMO focuses on three sectors that have high development impact: financial institutions, energy, and agribusiness, food & water. With a committed portfolio of EUR 9.6 billion spanning over 85 countries, FMO is one of the larger bilateral private sector developments banks globally.