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Credo : un prêt pour renforcer l'action de l'institution de microfinance dans le secteur agricole
Credo is the leader on the microfinance market in Georgia. PROPARCO is helping it strengthen its action, particularly in the agricultural sector.
Client presentation

Credo is the leader on the microfinance market in Georgia.

Project description

In November 2015, Proparco signed the allocation of a USD 10m credit line to the Georgian microfinance institution (MFI) MFO Credo LLC (Credo).
As the rapid growth of this MFI and its obtaining of a banking license in 2017 have made it the leader in Georgia’s microfinance market, the now called JSC Credo Bank has requested a 2nd credit line from PROPARCO for the same amount of USD 10m (equivalent in GEL local currency via TCX). 
This loan aims to finance projects in the agriculture sector, according to EU criteria. The Technical Assistance financing is intended to assist Credo in the implementation of a process to strengthen its customer relations and an appropriate CRM tool. 

Project impact

This operation will contribute to increasing financial inclusion in Georgia’s agricultural regions, which have traditionally been neglected by the local banking system. It will thereby help create jobs and increase incomes for clients and their families. In addition, it will promote the development of responsible microfinance in the country. Credo has indeed adhered to the Client Protection Principles (Smart Campaign). Proparco’s financing in local currency will also reduce the foreign exchange risk, both for the institution and its clients.

Date of signature of the project
Financing tool
8 621 468 Euros
Amount of funding
USD 10m loan and Technical Assistance for EUR 30,000
Financing details