Credo Bank and PROPARCO signed GEL 44 million Finance Agreement
Credo Bank signed GEL 44 million Finance Agreement with one of the leading European Development Finance Institutions – PROPARCO (Groupe Agence Française de Développement). This five-year credit facility targets the development of micro, small and medium-sized enterprises in Georgia. Associated technical assistance granted by Proparco will support Credo Bank’s efforts to further extend tailored offerings of full banking products to its customers.
“PROPARCO and Credo Bank now count four years of outstanding cooperation. This long-term local currency denominated transaction is of utmost importance both to reduce currency induced credit risk to Micro, Small and Medium businesses and for de-dollarization of the economy. PROPARCO has provided total of GEL 100 million investment and technical assistance to Credo Bank since commencement of our partnership, thus, continues to highly contribute to strengthening of our positioning as a leading microfinance bank in Georgia.” - said Zaal Pirtskhelava, General Director of Credo Bank.
“We are pleased to work once again with a microfinance bank known for its responsible practices, acknowledged by the Smart Campaign certification. This operation between Proparco and Credo Bank, the third in just four years, testifies to the strength of our relationship as well as to Proparco’s strong commitment to entrepreneurs and small business owners in Georgia” - added Jean-Gabriel Dayre, Regional Director of PROPARCO.
PROPARCO, AFD’s private 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.
About Credo Bank
Credo Bank is the leading bank in Georgian microfinance market in terms of countrywide presence and the number of clients. It operates 69 service centers and supports up to 285 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 consortium of international shareholders, the social impact investors - Access Microfinance Holding AG, ResponsAbility Investment Management AG and Triodos Investment Management BV.