BAKU, Azerbaijan, April 10
By Tamilla Mammadova - Trend:
Georgian Credo Bank and Dutch Entrepreneurial Development Bank (FMO) signed a five-year loan agreement worth 30 million lari ($9.4 million), Trend reports referring to Georgian media.
The agreement aims to support Georgian micro, small and medium-sized businesses with primary focus on financing the agriculture sector and supporting youngentrepreneursin response to Covid-19 impact.
Meanwhile, FMO and Credo Bank count four years of successful cooperation with over 105 million lari ($32.9 million) debt investment in Georgia 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 lari denominated loan will be directed to assist activities of Georgian farmers throughout spring season and therefore facilitate productive harvesting,” said Zaal Pirtskhelava, Chief Executive Officer of Credo Bank.
“We are proud to continue to support Credo Bank during these volatile and uncertain times. We fully support the focus on agriculture finance and young entrepreneurs to guide them through these difficult times,” said Huib-Jan de Ruijter, Director Financial Institutions at FMO.
Credo Bank is the leading bank on Georgian microfinance market in terms of countrywide presence and the number of clients. It operates 72 service centers and supports more than 300 thousand customers across Georgia. Credo Bank is owned by consortium of international shareholders, the social impact investors - Access Microfinance Holding AG, ResponsAbility Investment Management AG and Triodos Investment Management BV.
FMO is the Dutch Entrepreneurial Development Bank. As a leading impact investor, FMO supports sustainable private sector growth in developing countries and emerging markets by investing in ambitious projects and entrepreneurs.
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