Georgia: EBRD provides loan to Credo Bank to support local small businesses
May 20, 2024

Georgia: EBRD provides loan to Credo Bank to support local small businesses

The European Bank for Reconstruction and Development (EBRD) will provide a financing package to Credo Bank to support the development of micro, small and medium-sized enterprises (MSMEs) in Georgia.

The commitment was made at the EBRD’s Annual Meeting 2024, which this year took place on 15-16 May in Yerevan.

The EBRD will provide a loan of up to $10 million (€9.28 million) to on-lend to local businesses, improve their access to finance and help them increase their competitiveness, including in economically less-developed regions of the country.

Credo Bank will provide financing in foreign and local currencies through its countrywide branch network and digital channels, continuing to support women-led businesses and other underserved groups.

To date, the EBRD has invested more than €5 billion in 296 projects in the financial, corporate, infrastructure and energy sectors in Georgia. Of those investments, 83 per cent have been made in the private sector.

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