Credo Bank and ADB sign USD 44 million agreement to support MSMEs across Georgia
Credo Bank has signed a GEL 120 million (approximately USD 44 million) investment agreement with the Asian Development Bank (ADB) to expand access to finance for micro, small, and medium-sized enterprises across Georgia's regions, with a particular focus on women-owned businesses operating outside Tbilisi.
The long-term local currency financing builds on a partnership between Credo Bank and the ADB that began in 2015, combining financing and technical assistance to support MSME growth, financial inclusion, and digitalisation across the country. By providing local currency funding, the agreement also helps reduce foreign currency exposure and associated risks for borrowers.
Zaza Pirtskhelava, Credo Bank's Chief Executive Officer, welcomed the agreement: "This GEL 120 million transaction will further expand access to local currency financing for MSMEs in Georgia's regions. I would like to thank the entire team involved for their continued trust and contribution."
ADB Country Director for Georgia, Lesley Bearman Lahm, highlighted the broader impact: "This transaction will unlock more business opportunities throughout the various regions of Georgia and contribute to the country's economic growth."
Credo Bank is the fifth largest commercial bank in Georgia, serving over 500,000 customers through 97 service centres nationwide.