Banking
Posted: 1 month ago

Credo Bank Secures $13 Million Investment from Symbiotics Investments

Credo Bank has secured an investment of $13 million (₾36 million) from Symbiotics Investments. The three-year, local currency-denominated resource aims to support micro, small, and medium entrepreneurs in Georgia. Notably, 80% of Symbiotics' current total investment of over ₾100 million is in the national currency, significantly contributing to the de-dollarization of the country's economy.

"I would like to sincerely thank Symbiotics Investments for their long-term strategic partnership. This investment supports the financing of Georgian farmers in local currency, a necessary condition for their development. Additionally, with the support of our international partners, we continue to provide financial products and services to micro, small, and medium entrepreneurs. We plan to invest an additional amount of up to ₾175 million during the summer period," said Zaza Firtchelava, CEO of Credo Bank.

"This new transaction is part of a long-term cooperation with Credo Bank that began in 2006. We are happy to contribute to the stable development of the bank, thereby supporting micro, small, and medium entrepreneurs in Georgia. I am especially grateful to the bank's team and my colleagues who were involved in implementing this investment," said Alexander Fando, Regional Manager of the Caucasus and Central Asia at Symbiotics Investments.