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As stated by the EBRD, the project consists of up to USD 25 million local currency denominated, three-year senior unsecured MSME credit line to Credo Bank ('Credo'), MSME dedicated lender in Georgia.
The proposed loan aims to address key market gaps on both the supply side (limited access to local currency funding) and the demand side (insufficient MSME knowledge and expertise). It will enable Credo to continue supporting local MSME investments by providing medium-term financing in local currency, which remains scarce in the market. Credo will also maintain its focus on regional and peri-urban clients through its extensive branch and advisory network, further complemented by strengthened online lending channels.
The EBRD categorized the project environmental and social risk as 'FI'.
As stated by the EBRD, Credo Bank is a commercial bank operating in Georgia. Historically, a microfinance lender, the bank has recently started exploring the medium enterprises segment. As of 2024YE, Credo is the 5th largest bank in the country, holding c. 3.2% of banking assets, 4.0% of total loan portfolio and 2.0% of customer deposits.
Financial Intermediary - JSC Credo Bank:
Kristine Chkheidze
Email: kchkheidze@credo.ge
Phone: +995 322424242
Website: https://credobank.ge/en/
Address: R. Tabukashvili street 27, Tbilisi, Georgia
ACCESS TO INFORMATION
You can request information by emailing: accessinfo@ebrd.com or by using this electronic form: https://www.ebrd.com/eform/information-request
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.
You can contact the PCM at: pcm@ebrd.com or you can submit a complaint online using an online form at: http://www.ebrd.com/eform/pcm/complaint_form?language=en
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