Project detail - JSC CREDO BANK

JSC CREDO BANK

Status: Approved investment
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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 ~ 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.

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. FMO can have the new exposure fully in GEL.

Why do we fund this investment?

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

What is the Environmental and Social categorization 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.

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Date Total FMO financing
6/16/2022 GEL 100.00 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
4/13/2024 GEL 100.00 MLN
Website customer/investment
https://credo.ge/en/
Region
Europe & Central Asia
Country
Georgia
Sector
Financial Institutions
Publication date
2/11/2020
Effective date
4/7/2020
Total FMO financing
USD 10.00 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