JSC CREDO BANK (Credo) is the leader on the microfinance market in Georgia. It obtained its banking license in 2017 which has allowed it to expand the range of financial products offered to its clients. While its core business remains microcredit for rural people in Georgia, three years after becoming a bank, Credo has managed to develop a relevant range of financing for SMEs. With support from its majority shareholder Access Holding, Credo has also developed its procedures, systems and teams to launch its retail banking (current accounts, deposits, transfers) and online banking activity.
The project involves the allocation of a EUR 16.5m senior debt to Credo to support the development of its loan portfolio. Since 2015, Proparco has allocated four senior loans to Credo totaling EUR 36m. It became a shareholder of the bank in July 2021 with a capital injection of GEL 36m (EUR 10.2m).
The project will:
- Provide 14,800 Georgian microentrepreneurs with access to a micro-credit, 52% are women;
- Support 4,800 jobs at Credo and its clients.
The project will thereby contribute to the achievement of SDG 1 (No poverty) and SDG 8 (Decent work and economic growth).
This project is carried out with the support of the European Union
The content of this project information sheet falls under the sole responsibility of the Proparco and does not necessarily reflect the opinions of the European Union.
This information is given at the time of signature, without prejudice to any developments in the operation/project