BSTDB Supports Women Entrepreneurs in Georgia

Press Release | 19-Jun-2015

The Black Sea Trade and Development Bank (BSTDB) provided a USD 6 million loan facility to Microfinance Institution Credo LLC.  The financing will be on-lent to Georgian micro-, small- and medium-sized enterprises and 50% of the facility is ear-marked for loans to businesses owned or managed by women.  The maturity of the facility is three years.

The operation reflects the Bank’s commitment to foster entrepreneurship and economic growth in Georgia and contributes to job creation.

“Small and medium-sized businesses represent a key source of growth and employment in any market economy, including Georgia. We are particularly pleased that this loan agreement will help enhance access to capital for Georgian women entrepreneurs, who are increasingly recognized as important contributors to economic development and innovative business and management solutions”, commented Ihsan Ugur Delikanli, BSTDB President at the signing ceremony held in the framework of the BSTDB Business Forum in Tbilisi.  

“The aim of Credo is to support the development of micro and small, urban, rural or agro businesses in entire Georgia. A strategic partnership with such a highly reputed international investor, such as the Black Sea Trade and Development Bank (BSTDB) will contribute to the fulfilment of Credo’s ambitious future goals” – observed Credo’s CEO Zaza Pirtskhelava.

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Credo LLC is the leading microfinance organization in Georgia. As of end of 2014, Credo had 50 branches across Georgia, a net loan portfolio of USD 168 million and 178 thousand clients.

The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Türkiye, and Ukraine. The BSTDB headquarters are in Thessaloniki, Greece. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. The authorized capital of the Bank is EUR 3.45 billion. BSTDB is rated long-term “A-” by Standard and Poor’s and “A2” by Moody’s. For information on BSTDB, visit www.bstdb.org.

Press contact:

Haroula Christodoulou

Phone: +30 2310 290533

E-mail: cchristodoulou@bstdb.org