Quick Facts

Countries:
Where the impacts of the investment may be experienced.
  • Georgia
Banks:
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
  • Netherlands Development Finance Company (FMO)
Status: Approved
Bank Risk Rating: C
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Board Decision Date: 2016-09-26
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower or Client: Microfinance Organization Credo (Credo)
The holder of the loan, grant, or other investment.
Sectors:
The service or industry focus of the investment. A project can have several sectors.
  • Finance
Investment Type(s): Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD): $ 10.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Loan Amount (USD): $ 10.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.

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Primary Source

Original disclosure @ FMO website
Updated in EWS: 2018-01-23
JSC MICROFINANCE ORGANIZATION CREDO
FMO-49498

Project Description
According to FMO website, FMO offers a USD 10 million, senior unsecured loan to Credo with a tenor of 5 years with 1 year grace. Due to pricing and structuring issues, it is not commercially viable to offer GEL-funding at this moment. However, Credo will have the option to swap the USD for GEL once. FMO contributes to improving access to finance for Georgian micro businesses and SMEs, especially in rural areas. FMO is able to provide Capacity Development support contributing to institution building from a MFI to a full-licensed bank and for extending financing to the SME-segment.
Investment Description
Contact Information
No contact information provided at the time of disclosure.