NEWS

Credo Bank and the Dutch Development Bank (FMO) Signed 20 Million Dollar Finance Agreement

2018-04-19

On 19 April, 2018 Credo Bank held an official signing ceremony of USD 20 million Finance Agreement with one of the leading European Development Finance Institutions – FMO. A five year facility is aimed to support development of micro,small and medium sized enterprises in Georgia with particular focus on women entrepreneurs.

 

“FMO, the Dutch Development Bank, is proud to sign already the second transaction with JSC Credo bank. With this new facility the relation between our two organizations will be further deepened. The facility will be fully denominated in GEL which supports Credo in actively managing the de-dollarization of the Georgian economy. Georgian Micro and Small entrepreneurs will benefit from the loans denominated in GEL. Further, the funds actively support the “inclusive finance-agenda” as a part of the loan will be used to support the segment of women entrepreneurs in Georgia.” Jan-Willem Hoek, Investment Officer FMO- Dutch Development bank.

 

“It is our honor to enhance the successful partnership with FMO. 2017 has been a remarkable year in Credo Bank’s history, with the support of our international shareholders, microfinance organization Credo entered the banking industry.  Focus on agriculture, micro,small and medium businesses in Georgia remains one of our top priorities. Therefore, continuous cooperation with FMO is an important step to further maintain the development of those businesses and create additional employment capabilities.” said Credo’s Chief Executive Officer Zaza Pirtskhelava.

 

The Ambassador of the Kingdom of the Netherlands, Jos Douma, welcomed the facility as another step in FMO’s investment in the Georgian economy and for its special characteristics: lari-denominated, focusing on agriculture, micro,small and medium businesses and the special support for women entrepreneurs. He congratulated Credo for entering the banking sector and hoped it would also as a bank keep the small and rural as its prime beneficiaries, in the spirit of its social impact investors, amongst which Dutch Triodos.

 

 

About FMO


The Dutch Development Bank (FMO) is the international development bank of the Netherlands. FMO invests risk capital in companies and financial institutions in developing countries. With an investment portfolio of EURO 9.2 billion, FMO is one of the largest bilateral private sector development banks worldwide. Thanks in part to its relationship with the Dutch government, FMO is able to take risks which commercial financiers are not - or not yet - prepared to take. FMO's mission: to create flourishing enterprises, which can serve as engines of sustainable growth in their countries.

 

About Credo Bank

 

Credo Bank is the leading bank on Georgian microfinance market in terms of countrywide presence and number of clients. It operates 67 Service Centers and supports up to 230 thousand customers across Georgia. The bank’s mission is to provide sustainable financial services to micro, small and medium businesses, with a preference for rural activities and those businesses that create income and employment opportunities. Credo Bank is owned by consortium of international shareholders, the social impact investors - Access Microfinance Holding AG, ResponsAbility Investment Management AG and Triodos Investment Management BV.

On 19 April, 2018 Credo Bank held an official signing ceremony of USD 20 million Finance Agreement with one of the leading European Development Finance Institutions – FMO. A five year facility is aimed to support development of micro,small and medium sized enterprises in Georgia with particular focus on women entrepreneurs.

 

“FMO, the Dutch Development Bank, is proud to sign already the second transaction with JSC Credo bank. With this new facility the relation between our two organizations will be further deepened. The facility will be fully denominated in GEL which supports Credo in actively managing the de-dollarization of the Georgian economy. Georgian Micro and Small entrepreneurs will benefit from the loans denominated in GEL. Further, the funds actively support the “inclusive finance-agenda” as a part of the loan will be used to support the segment of women entrepreneurs in Georgia.” Jan-Willem Hoek, Investment Officer FMO- Dutch Development bank.

 

“It is our honor to enhance the successful partnership with FMO. 2017 has been a remarkable year in Credo Bank’s history, with the support of our international shareholders, microfinance organization Credo entered the banking industry.  Focus on agriculture, micro,small and medium businesses in Georgia remains one of our top priorities. Therefore, continuous cooperation with FMO is an important step to further maintain the development of those businesses and create additional employment capabilities.” said Credo’s Chief Executive Officer Zaza Pirtskhelava.

 

The Ambassador of the Kingdom of the Netherlands, Jos Douma, welcomed the facility as another step in FMO’s investment in the Georgian economy and for its special characteristics: lari-denominated, focusing on agriculture, micro,small and medium businesses and the special support for women entrepreneurs. He congratulated Credo for entering the banking sector and hoped it would also as a bank keep the small and rural as its prime beneficiaries, in the spirit of its social impact investors, amongst which Dutch Triodos.

 

 

About FMO


The Dutch Development Bank (FMO) is the international development bank of the Netherlands. FMO invests risk capital in companies and financial institutions in developing countries. With an investment portfolio of EURO 9.2 billion, FMO is one of the largest bilateral private sector development banks worldwide. Thanks in part to its relationship with the Dutch government, FMO is able to take risks which commercial financiers are not - or not yet - prepared to take. FMO's mission: to create flourishing enterprises, which can serve as engines of sustainable growth in their countries.

 

About Credo Bank

 

Credo Bank is the leading bank on Georgian microfinance market in terms of countrywide presence and number of clients. It operates 67 Service Centers and supports up to 230 thousand customers across Georgia. The bank’s mission is to provide sustainable financial services to micro, small and medium businesses, with a preference for rural activities and those businesses that create income and employment opportunities. Credo Bank is owned by consortium of international shareholders, the social impact investors - Access Microfinance Holding AG, ResponsAbility Investment Management AG and Triodos Investment Management BV.

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