Project Description
Up to USD 4 million, local currency denominated, three year Women in Business (WIB) credit line to Credo Bank.
Project Objectives
This will be the first WiB project between EBRD and Credo, therefore adding one more participant to WiB framework. Lending to women and women-led businesses has always been at the core of bank's business, more than a half (by number) and up to 45% (by volume) of Credo's loan book has a female gender tag. WiB will continue promoting women entrepreneurship and women participation in business by building or improving efficiency of respective entities through expertise and advisory services (ASB) provided under the framework. Credo will be the third bank and financial institution to join the programme in Georgia.
Transition Impact
ETI score: 80
The WiB loan to Credo under EaP WiB Programme will support the Inclusive and Competitive transition qualities by promoting women's entrepreneurship and more broadly women's participation in the economy, and by alleviating gender gaps in "access to finance" and "employment and business."
Client Information
CREDO BANK JSC
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 4,000,000.00
Total Project Cost
USD 4,000,000.00
Additionality
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 Equality of Opportunity/inclusive standards (e.g. adherence to labour standards which goes beyond the provisions set in EBRD Performance Requirements of Labour and Working Conditions of the environmental and social policy, development of comprehensive and institutional corporate social responsibility programmes).
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 EBRD Performance Requirements for Labour 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
TC: The EaP WiB TC Programme ("Programme") includes two-linked components: (i) capacity building to PFIs to implement the Programme and a range of crosscutting activities in support of the Programme promotion and management; (ii) women-led SMEs access to know-how (Advice for Small Businesses). The Programme is supported by Sida (Sweden) with EUR 9.5 million, European Union contributing up to EUR 3.5 million, and EBRD Early Transition Countries Fund (ETCF) with up to EUR 0.9 million.
Company Contact Information
Nana Tughushi
ntughushi@credo.ge
0322424242
https://credobank.ge/en/
R.Tabukashvili street 27, Tbilisi, Georgia
PSD last updated
04 Feb 2023
Understanding Transition
Further information regarding the EBRD’s approach to measuring transition impact is available here.
Business opportunities
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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 compliance@ebrd.com. 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 ipam@ebrd.com to get guidance and more information on IPAM and how to submit a request.
