Share the page
Credo Bank Attracted EUR 16.5 million from Proparco to Support MSMEs in Georgia
Published on
The five-year investment facility aims to provide post pandemic support to micro, small and medium sized enterprises in Georgia, as well as building further resilience to cope with regional uncertainties. This facility will be guaranteed by the European Union's EFSD COVID program, launched to support businesses impacted by the pandemic crisis.
“After becoming a shareholder in Credo Bank last year, Proparco continues to show its support to the leading responsible and sustainable bank in Georgia, by a new €16.5 million credit line. This facility will enable Credo to boost its operations, notably by providing support to the entrepreneurs, farmers and MSMEs hardly affected by the COVID crisis in the past years. With this transaction, Proparco strengthens its position in Georgian financial market and demonstrates its commitment to stand by Georgia in achieving its sustainability and social development goals.” said Stéphane Froissardey, Regional Director for Turkey, Caucasus, Balkans, and Central Asia.
“We are glad to see that both in role of a shareholder and a lender, Proparco continues uninterrupted contribution towards development of Credo Bank and its customers. Through this particular transaction we join forces with Proparco to provide sustainable financial services to micro, small and medium entrepreneurs with special focus on digitalization and delivery of innovative products which is so important to empower then during such turbulent times.” Said Zaza Pirtskhelava, Chief Executive Officer of Credo Bank.
Further reading
Proparco becomes the shareholder of Credo Bank
Proparco and Credo Bank signed an equity investment agreement based on which Proparco has become a new shareholder of the bank. The investment supports the acquisition of Finca Bank Georgia by Credo a...
Published on july 23 2021
