• EIB supports Credo Bank to strengthen its resilience and ensure business continuity during the potential crisis situations
  • The support from the EU bank contributes to the overall stability of the national banking sector in Georgia

Credo Bank, as one of the leading Georgian financial institutions, successfully implemented its General Business Continuity Plan, increasing the resilience of its business during the potential crisis and reinforcing its ability to fuel the economic development of Georgia through support for micro-enterprises.
The Business Continuity Plan, developed with support from the European Investment Bank (EIB), allows the Credo Bank to prepare for a potential crisis, pre-define different stages of a potential emergency, prepare the steps necessary to ensure business continuity, and identify measures, roles and responsibilities of the staff members, including the most effective communications channels in case of crisis situations.
The plan also strengthens the Georgian banking sector`s ability to operate and support the national economy without interruption despite the arrival of a major crisis, such as COVID-19.

Tereza Czerwinska, Vice President of the European Investment Bank, who is responsible for operations in Georgia, said: “The EIB welcomes the Plan as an important contribution to the stability of Credo Bank and the Georgian banking sector in general. Activities like these strengthen the ability of financial institutions to fuel economic growth and secure jobs. The EIB support expands the contribution of Team Europe to the economic resilience of Georgia, which is increasing despite the difficult economic circumstances brought by the COVID-19 pandemic”.

Zaal Pirtskhelava, Chief Executive Officer of Credo Bank, said: “I would like to thank the European Investment Bank for technical assistance and AFC for successful implementation of the Business Continuity Plan at Credo Bank which is especially important in current unprecedented COVID-19 times”.
Mandatory tests of Credo Bank`s Business Continuity Plan were all completed according to standards and the Plan was approved by the National Bank of Georgia. The Plan was developed with the support from the Eastern Neighbourhood TA Program for Financial Inclusion (ENTAFI), funded by the EIB and implemented by Agricultural & Finance Consultants GMBH (AFC).

About the EIB:

The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals.

The EIB in Georgia:

Since the beginning of operations in Georgia in 2007, the EIB has invested close to €2 billion in 23 projects in infrastructure, the private sector and climate action. In 2020 alone, the EIB Group supported COVID-19 recovery activities, and invested EUR 70 million to support the country`s SMEs and EUR 100 million in the Georgian healthcare system.
To date, the EIB invested in key sectors of Georgin economy: infrastructure (€1 billion), MSMEs and mid-caps (€290 million), municipal infrastructure (€280 million) and green energy generation projects (€23.5 million).
The EIB stepped up its support for the country with the 2014 Association Agreement and the Deep and Comprehensive Free Trade Area between Georgia and the European Union, making it the main EIB lending beneficiary per capita in the EU Eastern Neighbourhood.
The EIB finances most projects in Georgia under the EU External Lending Mandate. This provides the EIB with a guarantee covered by the EU budget for projects in the fields of social and economic infrastructure, local private sector development and climate action.

For more information on the EIB’s activities in Georgia please follow this link.

About Credo Bank:

Credo Bank is the leading bank in the Georgian microfinance market in terms of countrywide presence and the number of clients. It operates 75 service centers and supports more than 335,000 customers across Georgia. The bank’s mission is to provide sustainable financial services to micro, small and medium businesses, with a preference for rural activities and those businesses that create income and employment opportunities. Credo Bank is owned by a consortium of international shareholders, the social impact investors - Access Microfinance Holding AG, ResponsAbility Investment Management AG, and Triodos Investment Management BV.

For further information see: www.credobank.ge

About ENTAFI Program of the EIB:

The Eastern Neighbourhood TA Program for Financial Inclusion (ENTAFI) was initiated in January 2019 with the aim to support Partner Financial Institutions (PFIs) of the European Investment Bank (EIB) to allocate loans to micro, small and medium-sized enterprises in a sustainable and responsible matter. The program provides PFIs from Georgia, Moldova, and Ukraine with tailored support to strengthen their capacity in various fields. Final beneficiaries - micro, small and medium enterprises from the three countries, can access financial literacy trainings and business development services to enhance their entrepreneurial skills and ability to present eligible income generation projects to financial institutions.

For further information see: www.afci.de