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Georgia: Proparco is supporting Credo Bank during the Covid-19 crisis
Project
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Signature date
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Location
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Georgia
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Financing tool
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Financing amount (Euro)
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4240522
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Financing details
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USD 5m loan
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Customer
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JSC CREDO BANK
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Type of customer
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Microfinance
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Country of headquarters
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Georgia
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Project number
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PGE1031
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Environmental and social ranking
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IF-C
This information is given at the time of signature, without prejudice to any developments in the operation/project.
To support Credo Bank during the Covid-19 crisis, Proparco has allocated it a new loan to finance the growth of its portfolio
Client presentation
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. With support from its shareholder Access Holding, Credo has also developed its procedures, systems and teams in order to launch its retail banking (current accounts, deposits, transfers) and online banking activity.
Project description
EUR 5m senior loan to finance the growth of the loan portfolio during the Covid-19 crisis
This project is part of the 2X Challenge initiative. This multi-stakeholder initiative aims to support projects that empower women as entrepreneurs, business leaders, employees and consumers of products and services, and increase their participation in the economy.
This initiative thus contributes to Sustainable Development Goal #5 (Gender Equality).
Project impact
This loan is part of Proparco’s response to the Covid-19 crisis. It is intended to cover the short-term liquidity requirements of JSC CREDO BANK to allow it to continue its lending activity, in a context where certain borrowers are struggling to repay their loans.