34092 - Credo Georgia

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Summary of Investment Information

Project Number

34092

Company Name

CREDO BANK JSC

Date SPI Disclosed

Dec 23, 2013

Country

Georgia

Region

Europe

Projected Board Date

Jan 23, 2014

Environmental Category

FI-3 - No Impact

Status

Completed

Last Updated Date

Jun 12, 2021

Department

Regional Industry FIG LAC & EUR

Industry

Financial Markets

Previous Events

Approved : Feb 7, 2014
Signed : Mar 11, 2014
Invested : Jun 16, 2015

Sector

Microfinance and Small Business - Non Commercial Banking

Project Description

The Project would consist of an IFC Loan of up to $4 million or equivalent in Georgian Lari (proposed tenor: up to 4 years with a 1 year grace period) to Microfinance Organization Credo (“Credo” or the “Company”) aimed at expanding the financing of the Company’s microfinance clients.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	4.0
Equity

IFC's loan to the financial institution described in this SII is targeted for on-lending to the following sector(s):

Product Type	Use of Proceeds
Straight Senior Loan	Loans to Microfinance Borrowers

IFC's Definitions of Targeted Sectors can be found here.

Development Impact

The Project''s development impact is expected to be strong, as the Project would increase access to funding for the underserved micro and small businesses, especially in poor and rural areas. The Project is expected to contribute to economic growth and poverty reduction by helping to create jobs. IFC funding is expected to create demonstration effect by supporting an organization with a dedicated focus of serving the lower end of the market.

E&S Category Rationale / Risks and Mitigation

This project consists of an up to US$ 4 million senior loan to a new IFC client, Credo Georgia to expand the financing of the Bank''s microfinance clients in Georgia. The project has been classified as a Category FI-3 project according to IFC’s Sustainability Framework as the project involves a loan to support lending which have low E&S risks. Currently, Credo screens its projects against the Exclusion List. The client will be required to (i) confirm and maintain an E&S Officer; (ii) upgrade its existing procedures to ensure screening of its lending activities with the Exclusion List and the applicable national laws and regulations is documented; (iii) comply with requirements of PS2 on labor and working conditions; and (iv) submit an annual report to IFC on environmental performance.

Contacts

For Inquiries About the Project, Contact

Microfinance Organization Credo LLC
Asatiani str. No.9, Tbilisi 0186, GeorgiaOffice Phone:+995 32 2470087Mail:mailto:ljiljana_spasojevic@wvi.orghttp://www.credo.ge

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Local Access of Project Documentation

Microfinance Organization Credo LLC
Asatiani str. No.9, Tbilisi 0186, GeorgiaOffice Phone:+995 32 2470087Mail:mailto:ljiljana_spasojevic@wvi.orghttp://www.credo.ge

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