EBRD lends $16 million to Credo Bank in Georgia

The European Bank for Reconstruction and Development (EBRD) is extending a Georgian lari-denominated financial package worth US$16 million to Credo Bank in Georgia.

The financing package includes a micro, small and medium-sized enterprises (MSMEs) credit line of up to US$10 million to support investments by local firms across the country. A further US$4 million will be lent under the EBRD Women in Business (WiB) programme, which aims to promote women’s entrepreneurship by boosting access to finance and advising women-led firms. This programme is supported by Sweden and the European Union  in Georgia.

Credo Bank will also receive US$2 million under the EU4Business-EBRD Credit Line for small-business upgrades to modern, greener technology, making firms more sustainable and competitive at home and abroad. Borrowers will receive grants upon the successful implementation of their investment projects and technical assistance, both funded by the EU under its EU4Business initiative.

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Press release