Credo is the leader in the microfinance market in Georgia. It obtained a banking licence in 2017, which has allowed it to expand its range of financial products for its clients. While microcredit for rural people in Georgia remains its core business, two years after its conversion into a bank, Credo has managed to develop products suited to SMEs.
The $5m senior loan is intended to finance the growth of the bank's loan portfolio during the Covid-19 crisis.
“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 assist our micro, small and medium sized business customers to ease 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 SMEs, 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.