Credo Bank attracted USD 5 million loans from the leading European Development Finance Institution – PROPARCO (Groupe Agence Française de Développement). The facility is aimed to support short term needs of the bank’s customers and to weather challenges caused by the COVID-19 pandemic to micro, small, and medium-sized enterprises in Georgia.
“I would like to thank PROPARCO for five years of successful partnership, over GEL 87 million active investment through debt and technical assistance programs, and especially for standing by the bank and its customers during these unprecedented times. This particular transaction is dedicated to assisting our micro, small, and medium-sized business customers to ease the pressure created by the pandemic.” – said Zaal Pirtskhelava, Chief Executive Officer of Credo Bank.
“Over the years, Credo Bank has proved to be a key and reliable partner to support Georgian MSMEs, in particular in the agricultural sector. Through this new credit line, Proparco is very happy to further strengthen its partnership with an institution whose vision, network, and expertise make it a key ally amid the current economic turmoil," said Guillaume Barberousse, Head of Proparco's Financial Institutions Division.
About Credo Bank
Credo Bank is the leading bank in the Georgian microfinance market in terms of countrywide presence and the number of clients. It operates across the 75 service centers and supports more than 330 thousand customers across Georgia. The bank’s mission is to provide sustainable financial services to micro, small and medium businesses, with a preference for rural activities and those businesses that create income and employment opportunities. Credo Bank is owned by a consortium of international shareholders, the social impact investors - Access Microfinance Holding AG, ResponsAbility Investment Management AG, and Triodos Investment Management BV.
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About PROPARCO
PROPARCO, AFD’sprivate sector financing arm, has been working for 40 years to promote sustainable economic, social, and environmental development. PROPARCO participates in financing and supporting companies and financial institutions in Africa, Asia, Latin America, and the Middle East. Its action focuses on the key development sectors: infrastructure, mainly for renewable energies, agribusiness, financial institutions, health, education. Its operations aim to strengthen the contribution that private actors make to the achievement of the Sustainable Development Goals (SDGs) adopted by the international community in 2015. To this end, PROPARCO finances companies whose activities contribute to creating jobs and decent incomes, the provision of essential goods and services, and the fight against climate change.
For further information, click here.
