JSC CREDO BANK-Nasira portfolio
Status: Approved investmentWhy disclosure?
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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 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 as of 2023Q3. It has a wide regional outreach via more than 80 branches and specialized products serving the needs of Georgian micro, small and medium-sized (MSME) businesses mostly active in agriculture and rural areas.
What is our funding objective?
FMO offers this risk sharing facility to Credo Bank to ensure funding to a new micro and SME loan portfolio of people from Georgia and to support their income-generating business activities.
Why do we fund this investment?
FMO shares directly the risk of the loan portfolio of people and their enterprises with Credo Bank. As a result, the risk sharing facility increases Credo Bank’s risk appetite and incentivizes the financing of underserved and marginalized communities in Georgia.
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 environmental and social (E&S) laws and regulations.
More investments
| Date | Total FMO financing |
|---|---|
| 11/19/2024 | EUR 0.38 MLN |
| 7/24/2024 | GEL 32.24 MLN |
- Region
- Europe & Central Asia
- Country
- Georgia
- Sector
- Financial Institutions
- Publication date
- 4/9/2024
- Effective date
- 7/24/2024
- Total FMO financing
- GEL 1.23 MLN
- Funding
- MASSIF
-
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