Project detail - JSC CREDO BANK

JSC CREDO BANK

Status: Approved investment
Back to map

Why disclosure?

FMO is committed to making publicly available relevant investment information that informs stakeholders and enables them to engage directly with FMO on its investments which, in turn, enhances our investment decisions, the design and implementation of projects and policies, and strengthens development outcomes. Learn more

In case of questions

In case of questions, please contact us at disclosure@fmo.nl

Disclaimer

The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.

Who is our customer

JSC Credo Bank (hereafter: the Bank) is a Georgian bank, which operates under a banking license since March 2017. The bank serves approximately 355,000 customers and has a loan portfolio of around USD 700 million per Q32023. It has a wide regional outreach via more than 80 branches and specialized products serving the needs of Georgian MSME businesses, most of them are active in agriculture and rural areas.

What is our funding objective?

The Bank needs additional funds to support its growth. Due to the de-dollarization measures taken by the National Bank of Georgia, the Bank needs Georgian Lari ("GEL") funding, which can be provided by FMO.

Why do we fund this investment?

The Bank needs long-term financing in local currency, which is still scarce in Georgia. The proceeds of the facility will be used to further grow Credo Bank's rural, agri, women and youth (M)SME portfolio.

What is the Environmental and Social categorization rationale?

The project has been categorized as E&S category C in accordance with FMO’s Sustainability Policy. The project’s activities are deemed to have minimal or no adverse environmental and social risks and/or impacts. As part of the project, JSC Credo Bank will be required to apply the EDFI Exclusion List and Georgia’s E&S laws and regulations.

More investments

Date Total FMO financing
6/16/2022 GEL 100.00 MLN
4/7/2020 USD 10.00 MLN
3/12/2024 GEL 26.00 MLN
1/14/2020 EUR 0.07 MLN
5/1/2023 USD 20.00 MLN
6/26/2018 USD 10.00 MLN
Website customer/investment
https://credo.ge/en/
Region
Europe & Central Asia
Country
Georgia
Sector
Financial Institutions
Publication date
3/14/2024
Effective date
6/12/2024
Total FMO financing
USD 37.00 MLN
Funding
FMO NV
Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk Environmental & Social Category
(A, B+, B or C)
C