The European Bank for Reconstruction and Development will assign a $16-million loan, backed by the European Union and Sweden, to Georgia’s Credo Bank to support local micro, small and medium-sized companies and women-led firms in the country.
The financial package involves a credit line of $10 million for MSMEs, with $4 million assigned from EBRD’s Women in Business programme that promotes women’s participation in entrepreneurship and access to finance and advises women-led firms.
Credo Bank will also receive $2 million under the EU4Business-EBRD programme for small business upgrades to modern, greener technology, making the firms more sustainable and competitive both locally and internationally.
“Borrowers will receive grants upon the successful implementation of their investment projects and technical assistance, both funded by the EU under its EU4Business initiative”, the announcement said.
Catarina Bjorlin Hansen, the EBRD Regional Director for the Caucasus, said the bank and its partners continued to support businesses and women entrepreneurs in Georgia and create more opportunities to promote sustainable development of the domestic economy.
Pawel Herczynski, the Ambassador of the European Union to Georgia, congratulated Credo Bank on the deal with the EBRD, noting the EU supported local and female-led business development and the green economy in Georgia.
To date, the EBRD has invested around EUR 5 billion in over 280 projects in Georgia. (Agenda/Business World Magazine)