According to the EBRD, the project consists of a senior unsecured loan in the amount of up to EUR 8 million to be provided to ProCredit Bank Georgia ('PCBG') to support investment financing for on-lending to women-led MSMEs in Georgia under the Women in Business (EaP WiB) Programme in the Eastern Partnership countries.
This will be the first WiB project between EBRD and PCBG, therefore adding one more participant to WiB framework. The project will address the gender related inclusion gap for access to finance in Georgia, as lending to women entrepreneurs might be hindered by the absence or shortage of collateral. The First Loss Risk Cover in PCBG's favour under EFSD+ Programme (Product 1), will enable the bank to enhance borrowing capacity of their target clientele. Moreover, as part of WiB programme EBRD will continue promoting women entrepreneurship and women participation in business by building or improving efficiency of respective entities through expertise and advisory services provided under the framework.
As stated by the EBRD, ProCredit Bank Georgia has been operating in the Georgian banking sector more than two decades now, largely catering for the financial needs of SME segment and private clients through 4 branches, 1 service point and 7 self-service areas in 4 main cities of Georgia. As of 3Q23, the bank is ranked as 7th among the country's 15 banks and is holding up to 2.3% of sector assets and loans, and 2.0% of deposits.
Financial Intermediary - ProCredit Bank Georgia JSC:
ACCESS TO INFORMATION
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ACCOUNTABILITY MECHANISM OF EBRD
The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent.
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You can learn more about the PCM and how to file a complaint at: http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html