EBRD gives US$16m loan to Credo Bank

European Bank for Reconstruction and Development (EBRD) has extended a financial package of USD 16 million to Credo Bank to support micro, small, and medium-sized enterprises (MSMEs) in Georgia. This initiative is part of the bank’s efforts to promote local-currency lending and to help women-led firms in the country. The package comprises of a credit line of up to USD 10 million for local firms, USD 4 million under the Women in Business (WiB) program and USD 2 million under the EU4Business-EBRD Credit Line.

The WiB program, which is supported by the European Union (EU) and Sweden, aims to promote women entrepreneurship by improving access to finance and offering advice to women-led firms. The EU4Business-EBRD Credit Line is aimed at assisting small businesses to upgrade to greener technology, making them more sustainable and competitive.

Catarina Bjorlin Hansen, EBRD Regional Director for the Caucasus, praised MSMEs for bringing new ideas and innovations to the market. She stated that the bank is working with its partners to provide more opportunities for small businesses and to promote sustainable development in the country.

Ambassador of the European Union to Georgia, Paweł Herczyński, welcomed the partnership between Credo Bank and EBRD, as it aligns with EU priorities for SME development, women’s entrepreneurship, and the green economy in Georgia. Credo Bank CEO Zaza Pirtskhelava expressed pride in the continued partnership with EBRD and thanked the bank’s Georgian representation for their efforts.

Credo Bank is the fifth-largest bank in Georgia and provides financial services mainly to MSMEs. This is the first time the bank has participated in the WiB and EU4Business-EBRD Credit Line facilities. To date, EBRD has invested about €5 billion in more than 280 projects in Georgia.