Chief Executive Officer of Credo Bank, Zaza Pirtskhelava noted: “I am happy to see that our shareholders Triodos Fair Share Fund and Triodos Microfinance Fund demonstrate strong commitment to support Credo Bank through this capital instrument. This very important transaction underlines our shareholders’ trust in the bank’s feasibility to successfully overcome global challenge created by COVID-19. With a very resilient business model, Credo Bank is well positioned to continue operations and provide financing to our clients, even in times of crisis.” Credo Bank provides financing to small and micro companies, with a special focus on the agricultural sector.
Tim Crijns, Fund Manager at Triodos Investment Management: “Credo Bank plays a pivotal role in addressing the current and future needs of tens of thousands of micro, small and medium-sized enterprises in Georgia. The provision of a subordinated debt facility underlines our trust in Credo Bank and shows our shared commitment to maintain a robust financial infrastructure in Georgia to address the impact of COVID-19.“
Coordination principles to support the financial inclusion sector
Measures taken locally to reduce the spread and impact of COVID-19 can affect clients, operations and liquidity of microfinance and SME finance institutions. Triodos Investment Management is among the initiators of a Memorandum of Understandingthat aims to coordinate efforts in the provision of ongoing (re)financing in a responsible manner, thereby enabling these institutions to adequately respond to temporary changes in business conditions. Fund Manager Tim Crijns: “Our subordinated debt facility to Credo Bank is an example of how we fulfill this role.”