BAKU, Azerbaijan, Feb.18
By Tamilla Mammadova – Trend:
Dutch Entrepreneurial Development Bank (FMO) is pleased to announce the closing of a five-year 30 million lari loan agreement with leading Georgian microfinance institution Credo Bank, the FMO told Trend.
"The facility aims to support micro, small and medium-sized businesses with a primary focus on agriculture finance and young entrepreneurs in response to COVID-19 impact," the source said.
FMO and Credo Bank count four years of successful cooperation with over 105 million lari debt investment and Capacity Building programs, the source said.
"Whilst the COVID-19 pandemic is a public health crisis in the first place, the related economic impact is also a grave concern. We are proud to continue to support Credo Bank during these volatile and uncertain times. Micro, small and medium-sized businesses are hit the hardest by the measures taken. We fully support the focus on agriculture finance and young entrepreneurs to guide them through these difficult times,’’ the FMO said.
FMO is the Dutch entrepreneurial development bank. It supports sustainable private sector growth in developing countries and emerging markets by investing in ambitious projects and entrepreneurs. It focuses on three sectors that have high development impact: financial institutions, energy, and agribusiness, food & water.
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