Credo Bank attracted USD 13 million (GEL 36 million) funding from Symbiotics Investments. A three-year local currency facility targets to support Micro, Small, and Medium-sized entrepreneurs in Georgia. It is notable that 80% of over GEL 100 million total investment currently outstanding with Symbiotics Investments is in Local Currency, which highly contributes to de-dollarization efforts for the economy.
“I would like to extend my sincere appreciation to Symbiotics Investments for the long-term strategic partnership. This new facility supports Georgian farmers with local currency funding necessary to their development. Moreover, with the support of our international partners, we stay committed to provide affordable financial products and services to local MSMEs and envision additional up to GEL 175 million investment within the summer period.” – said Zaza Pirtskhelava, Chief Executive Officer of Credo Bank.
“This new transaction is part of our long-term partnership with Credo Bank, that started back in 2006. We at Symbiotics Investments are glad to contribute to Credo’s stable development, and thus support Georgia's micro, small and medium entrepreneurs. I would like to thank the Bank’s team and my colleagues involved for arranging this new facility.” – said Alexandr Fando, Regional Manager for Caucasus and Central Asia at Symbiotics Investments.
About Credo Bank
Credo Bank is the fifth-largest commercial bank in Georgia. With its wide regional outreach through 90 branches, it offers fully-fledged and innovative banking services to over 480,000 customers. The bank’s mission is to support Georgia’s MSME entrepreneurs and their employees to create a better future by offering affordable financial services. It is owned by international social impact and development finance institutions such as German - Access Microfinance Holding AG, Swiss - responsAbility Investment Management AG, the Dutch – Triodos Investment Management BV and French – Proparco.
About Symbiotics Investments
Symbiotics is the leading market access platform for impact investing, dedicated to private markets in emerging and frontier economies. The group offers investment, asset management and capacity building services. Since 2005, Symbiotics Investments has originated over 7,800 investments representing more than USD 9.9 billion for 597 companies in 96 countries. symbioticsgroup.com