Georgia : Credo Bank Supporting Food Security through Inclusive Access to Finance Project

Nonsovereign Project | 57137-001

Project Details

  • Project Officer
    Onturk, Ozden
    Private Sector Operations Department
    Request for information
  • Country/Economy
    Georgia
  • Sector
    • Finance
Project Name Credo Bank Supporting Food Security through Inclusive Access to Finance Project
Project Number 57137-001
Borrower / Company Credo Bank JSC
Country / Economy Georgia
Location Nation-wide
Type or Modality of Assistance
4408 Loan Ordinary capital resources GEL 65.00 million Committed
Operational Priorities OP2: Accelerating progress in gender equality
OP3: Tackling climate change, building climate and disaster resilience, and enhancing environmental sustainability
OP5: Promoting rural development and food security
Sector / Subsector

Finance / Inclusive finance

Gender Gender equity theme
Responsible ADB Department Private Sector Operations Department
Responsible ADB Division Portfolio Management Division, PSOD
Responsible ADB Officer Onturk, Ozden
Project Sponsor(s)
Description
Objectives and Scope The ADB assistance to Credo comprises a senior loan of up to GEL65 million. Credo will use the proceeds of the ADB loan to fund borrowers, including women, operating in agricultural production, processing, and trade.
Linkage to Country/Regional Strategy The transaction supports the following key priorities of ADB's Strategy 2030: (i) accelerating progress in gender equality; (ii) tackling climate change, building climate and disaster resilience, and enhancing environmental sustainability; and (iii) promoting rural development and food security. The project appears to be an inclusive business as it supports Credo in expanding access to financing for small farmers and agricultural MSMEs, especially in the underserved rural and microenterprise segments, and women borrowers. The transaction is consistent with ADB's country partnership strategy, 2019-2023 for Georgia, which promotes (i) gender equality supporting women-owned or led MSMEs, creating jobs and educational opportunities for women's full participation in the economy; (ii) strengthening the resilience of agriculture to climate change impacts; and (iii) widening access to finance as well as development of rural regions.
Safeguard Categories
Environment FI
Involuntary Resettlement FI-C
Indigenous Peoples FI-C
Summary of Environmental and Social Aspects
Environmental Aspects ADB has categorized the investment in compliance with ADB's Safeguard Policy Statement (2009). This transaction is classified category FI for impacts on the environment.
Involuntary Resettlement The project has no impact on involuntary resettlement.
Indigenous Peoples The project has no impact on indigenous peoples.
Stakeholder Communication, Participation, and Consultation

Monitoring of the project will be carried out by ADB. Credo will provide ADB with required reporting at agreed reporting periods which include but are not limited to

(i) financial statements on a quarterly basis; (ii) audited financial statements on an annual basis; (iii) compliance certificates for financial covenants; (iv) annual reporting on selected development indicators agreed between ADB and Credo; and (v) annual implementation status of its environmental and social management system (ESMS) reports, (vi) annual progress reports on the GAP; and (vii) semiannual progress reports on the use of loan proceeds by sector, client segment, and region.

Timetable for assistance design, processing and implementation
Concept Clearance -
Credit Committee Meeting -
Approval 05 Dec 2023
Last PDS Update 14 Feb 2024

Project Data Sheets (PDS) contain summary information on the project or program. Because the PDS is a work in progress, some information may not be included in its initial version but will be added as it becomes available. Information about proposed projects is tentative and indicative.

The Access to Information Policy (AIP) recognizes that transparency and accountability are essential to development effectiveness. It establishes the disclosure requirements for documents and information ADB produces or requires to be produced.

The Accountability Mechanism provides a forum where people adversely affected by ADB-assisted projects can voice and seek solutions to their problems and report alleged noncompliance of ADB's operational policies and procedures.

In preparing any country program or strategy, financing any project, or by making any designation of, or reference to, a particular territory or geographic area in this document, the Asian Development Bank does not intend to make any judgments as to the legal or other status of any territory or area.

Title Document Type Document Date
Credo Bank Supporting Food Security through Inclusive Access to Finance Project: Report and Recommendation of the President Reports and Recommendations of the President Nov 2023

Safeguard Documents See also: Safeguards
Safeguard documents provided at the time of project/facility approval may also be found in the list of linked documents provided with the Report and Recommendation of the President.

None currently available.


Evaluation Documents See also: Independent Evaluation

None currently available.


Related Publications

None currently available.


The Access to Information Policy (AIP) establishes the disclosure requirements for documents and information ADB produces or requires to be produced in its operations to facilitate stakeholder participation in ADB's decision-making. For more information, refer to the Safeguard Policy Statement, Operations Manual F1, and Operations Manual L3.

Requests for information may also be directed to the InfoUnit.