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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

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.

20/07/2020
Date of signature of the project
Georgia
Location
Financing tool
4 240 522 Euros
Amount of funding
USD 5m loan
Financing details
JSC CREDO BANK
Client
CES