EIB allocates a GEL36 million loan within the framework of Georgia Outreach Initiative

By Khatia Bzhalava

Tuesday, August 4

The loan is provided under the EIB’s Georgia Outreach Initiative.

“I would like to sincerely thank the European Investment Banks for Years of successful cooperation to improve financial inclusion in Georgia,” said Zaza Pirtskhelava, Chief Executive Officer of Credo Bank.

Credo Bank and the European Investment Bank (EIB) signed GEL36 million Financial agreement. This is a two-year project which aims to facilitate micro, small and medium enterprises working in the agriculture field. The information is published on the official website of Credo Bank.

The statement reads that the financial assistance, which is a part of Team Europe’s immediate response to the COVID-19 challenges and is facilitated with an EU grant, was allocated within the framework of EIB’s project- Georgia outreach initiative. "Being financed under flexible and accessible conditions will enable Georgian farmers to proceed with operations and maintain working places."

“With this loan, the European Investment Bank and Team Europe are delivering on their pledge to support Georgia overcome the challenges brought by COVID-19 pandemic,” Said Lilyana Pavlova, the Vice-President of the EIB. She noted that through the partnership with Credo Bank, EIB will provide liquidity in the local currency, to help businesses keep running during the crisis period and to support their swift recovery, therefore, the resilience of the economy will be facilitated and the financial sector will be strengthened.

According to the EU Ambassador to Georgia, Carl Hartzell, supporting regional development and improving living conditions present very important priorities for the Georgia-EU partnership.

“Improving living conditions in rural areas is an important priority of EU-Georgia cooperation. This loan will have a strong focus on the local agricultural sector, which is key from local food production and employment perspective,” Hartzell stated.

Zaza Pirtskhelava, who is a Chief Executive Officer of Credo Bank thanked EIB for the successful cooperation of many years to improve financial inclusion in Georgia and for supporting during the most unsteady times. He also thanked the European Union for the complementary grant to the transaction.

“This long-term currency finance will be directed to assist farmers to survive current constraints induced by the Covid-19 pandemic and will highly contribute to uninterrupted agriculture production and food security in the country,” Pirtskhelava said.