European Investment Bank Lends EUR 10 Million to Credo Bank to Support MSMEs

The European Investment Bank (EIB) will lend €10 million to a Credo bank in Georgia to ensure more affordable loans to micro, small and medium enterprises (MSME), mostly in the agriculture sector.

This is the second loan granted under the EIB’s ‘Georgia Outreach Initiative’. Launched in December 2019, the initiative improves financial inclusion and access to finance for underserved MSMEs in Georgia by supporting smaller banks in improving their service offers.

The loan from the EU bank will be available to MSMEs in a synthetic local currency to protect them from currency depreciation. An EU grant will complement the EIB loan to promote the local currency financing and cover part of the foreign exchange risk-related costs.