FIF - Credo Bank MSME loan



Project number:


Business sector:

Financial institutions

Notice type:


Environmental category:


Approval date:

29 Nov 2022



PSD disclosed:

06 Dec 2022

As per section 1.4.2 (iii) of the Directive on Access to Information: "For Projects approved by Bank management where the Board of Directors has delegated the approval authority, the PSD shall be disclosed at the start of the relevant no-objection notification period to a member country of the Bank in accordance with Article 13 (iii) of the Agreement Establishing the EBRD."

Project Description

Up to USD 10 million local currency denominated, three year MSME credit line to Credo Bank, an MSME dedicated lender in Georgia. 

Project Objectives

The proposed loan will address some of the market gaps from both supply (local currency funding) as well as demand (MSME knowledge and expertise) side. The MSME Loan will enable Credo to continue supporting investments of local MSMEs, by providing adequately priced, medium-term local currency financing, which still remains limited on the market. Credo will continue to support regional and peri-urban customers through its branch and counsel network as well as further reinforced online lending channels.


Transition Impact

ETI score: 60

The project contributes to the objectives of the Financial Intermediaries Framework (FIF), supporting Competitive and Resilient transition qualities. FIF seeks to (i) foster MSME competitiveness by increasing availability of financing in LCY and (ii) contribute to the competitiveness of financial institutions by enabling innovation in strategy, products, processes and marketing related to MSME lending. By ensuring that banks have adequate underwriting and risk management practices in place, the FIF also seeks to encourage sustainable lending practices, supporting the resilience of the financial system.


Client Information


Credo Bank ("Credo", "the bank") is a commercial bank operating in Georgia catering financial needs of micro and small entities, and slowly penetrating into medium enterprises segment. Ranked the 5th largest in the Georgian banking sector and accounting for 3% of the banking assets, Credo is owned by social impact investors, Access Holding (51.2%), Proparco (15%), ResponsAbility (17%) and Triodos Doen (16.8%).

EBRD Finance Summary

USD 10,000,000.00

Total Project Cost

USD 10,000,000.00


Financing Structure: EBRD offers local currency financing on terms not readily available in the market.

Standard setting: helping projects and clients achieve higher standards. Client seeks/makes use of EBRD expertise on higher financial standards, including through financial covenants.


Environmental and Social Summary

Categorised FI (ESP 2019). Credo Bank is a current client of EBRD and E&S performance to date in the context of existing projects has been good. Credo Bank has developed, and put into operation, a suite of policy and procedural documents including an Environmental and Social Performance Policy (including an E&S Exclusion List), a Code of Ethics and Business Conduct and two processes for receipt of grievances. Together, these and other internal systems, cover the requirements of EBRD Performance Requirements forLabour and Working Conditions, Health, Safety and Security as well as for Financial Intermediaries. Credo Bank should continue to provide annual E&S reporting to the Bank on the implementation of systems for E&S management and on compliance with the Bank's E&S requirements.

Technical Cooperation and Grant Financing


Company Contact Information

Nana Tughushi
R. Tabukashvili street 27, Tbilisi, Georgia

Implementation summary

PSD last updated

06 Dec 2022

Understanding Transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and Compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all activities of the Bank in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment.

OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD Enquiries form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM  via email to get guidance and more information on IPAM and how to submit a request.


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