According to the FMO website, FMO offers a USD 10 million, senior unsecured loan to Credo with a tenor of 5 years with 1 year grace. Due to pricing and structuring issues, it is not commercially viable to offer GEL-funding at this moment. However, Credo will have the option to swap the USD for GEL once. FMO contributes to improving access to finance for Georgian micro businesses and SMEs, especially in rural areas. FMO is able to provide Capacity Development support contributing to institution building from a MFI to a full-licensed bank and for extending financing to the SME-segment.
As stated by the FMO, Microfinance Organization Credo (Credo) is Georgia's largest MFI with 197 thousand customers and a loan portfolio of USD 177million. It has a wide regional outreach via 59 branches and specialized products serving the needs of Georgian micro businesses, most of them active in agriculture and rural areas.
No project contact information provided at the time of disclosure.
Financial Intermediary - Credo Bank JSC:
Address: 27 R. Tabukashvili St., Tbilisi, Georgia
Phone: +995 32 242 4242
ACCOUNTABILITY MECHANISM OF FMO
Communities who believe they will be negatively affected by a project funded by the Dutch Development Bank (FMO) may be able to file a complaint with the Independent Complaints Mechanism, which is the joint independent accountability mechanism of the Dutch Development Bank (FMO) and the German Investment Corporation (KfW) . A complaint can be filed in writing, by email, post, or online. The complaint can be filed in English or any other language of the complainant. The Independent Complaints Mechanism is comprised of a three-member Independent Expert Panel and it can provide either problem-solving, compliance review or both, in either order. Additional information about this accountability mechanism, including a guide and template for filing a complaint, can be found at: https://www.fmo.nl/