Project detail - JSC CREDO BANK


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Who is our client

JSC Credo Bank is a Georgian bank, which operates under a banking license since March 2017. The bank serves ~ 300,000 customers and has a loan portfolio of ~ USD 295 mln. It has a wide regional outreach via 71 branches and specialized products serving the needs of Georgian MSME businesses, most of them are active in agriculture and rural areas.

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. FMO can have the new exposure fully in GEL.

Why we fund this project

The Bank needs long-term financing in local currency which is still scarce in Georgia.

Environmental and social rationale

The project has been categorised as 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
3/18/2019 GEL 26.00 MLN
5/1/2018 EUR 0.07 MLN
4/12/2018 USD 20.00 MLN
9/26/2016 USD 10.00 MLN
Website client
Europe & Central Asia
Financial Institutions
Signing date
Total FMO financing
USD 10.00 MLN
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)