FMO is pleased to announce the closing of a a five-year GEL 30 Million Loan Agreement with leading Georgian microfinance institution Credo Bank. The facility aims to support micro, small and medium sized businesses with primary focus on agriculture finance and young entrepreneurs in response to Covid-19 impact.
FMO and Credo Bank count four years of successful cooperation with over GEL 105 million debt investment and Capacity Building programs.
“I would like to express my sincere appreciation to FMO for all the projects over the past years and especially for standing by the bank and its customers during the global challenge that we all face today. Yet another GEL denominated loan will be directed to assist activities of Georgian farmers throughout spring season and therefore facilitate productive harvesting. This is the approach which Credo Bank –a leading agriculture lender in the country - sees as its predominant role to support farmers and the economy.”– says Zaal Pirtskhelava – Chief Executive Officer of Credo Bank.
Huib-Jan de Ruijter, Director Financial Institutions at FMO: ,,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.’’
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Promoting loans to SME clients and providing them with access to capital will empower local entrepreneurs and support job creation. The loan facility will help to create and maintain jobs, especially for young entrepreneurs, and is therefore fully aligned with Goal 10 of the UN Sustainable Development Goals (SDGs), Reducing Inequalities and Goal 8, Decent Work and Economic Growth.
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