MFO Credo LLC (Credo) is Georgia’s leading microfinance institution (MFI) by the number of clients (some 200,000) and the 2nd largest by the size of its portfolio. It is one of the most advanced MFIs in terms of financial inclusion and support for the agriculture sector in Georgia. At the end of December 2015, it had a network of 59 branches covering virtually all of the country. Credo was set up by the NGO World Vision International in 1997 and is today majority owned by Access Holding Microfinance AG.
PROPARCO’s credit line will support the development of Credo’s loan portfolio.
This operation will contribute to increasing financial inclusion in the agricultural regions of Georgia, which have traditionally been neglected by the local banking system. It will thereby help create jobs and increase incomes for clients and their families. It will also promote the development of responsible microfinance in the country, as Credo has adhered to the principles of client protection (Smart Campaign). PROPARCO’s financing in local currency will also reduce the foreign exchange risk, both for the institution and its clients.
A second loan to strengthen the microfinance institution’s action in the agricultural sector
Proparco’s credit line supports the development of Credo’s loan portfolio.