Georgian Credo Bank, EIB sign finance agreement to support MSMEs in Georgia
BAKU, Azerbaijan, August 3
By Tamilla Mammadova – Trend:
Georgian Credo Bank and the European Investment Bank (EIB) signed a five-year finance agreement for providing 36 million lari ($11.7 million) to support micro, small and medium enterprises (MSMEs) operating predominantly in agriculture sector, Trend reports citing Georgian media.
The loan is provided under the EIB’s Georgia Outreach Initiative and comes as a part of an immediate response to COVID-19 pandemic, which was launched by the European Union (EU), its Team Europe and facilitated by an EU grant. The finance in flexible and affordable terms will help Georgian farmers to continue business operations and preserve jobs.
“With this loan, the European Investment Bank and Team Europe are delivering on their pledge to support Georgia overcome the challenges brought by COVID-19 pandemic. Through our partnership with Credo Bank we will provide liquidity in local currency in order to keep businesses running during the crisis, and support their early and speedy recovery, thus, contributing towards a more resilient economy and strengthening the national financial sector,” Vice President of the EIB, responsible for the bank’s activities in Georgia Lilyana Pavlova said.
“Improving living conditions in rural areas is an important priority of EU-Georgia cooperation. This loan will have a strong focus on the local agricultural sector, which is key from a local food production and employment perspective,” the EU Ambassador to Georgia Carl Hartzell said.
“This long-term local currency finance will be directed to assist farmers survive current constraints induced by COVI8D-19 pandemic and will highly contribute to uninterrupted agriculture production and food security in the country,” Chief Executive Officer of Credo Bank Zaza Pirtskhelava said.
Credo Bank is the leading bank on Georgian microfinance market in terms of countrywide presence and the number of clients. It operates 74 service centers and supports more than 300 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.
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