Credo Bank and PROPARCO signed GEL 44 million Finance Agreement to support Micro, Small and Medium Sized Entrepreneurs in Georgia

published on 31 October 2019
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Photo Credo Bank
Credo Bank signed GEL 44 million Finance Agreement with one of the leading European Development Finance Institutions – PROPARCO (Groupe Agence Française de Développement).

Credo Bank signed GEL 44 million Finance Agreement with one of the leading European Development Finance Institutions – PROPARCO (Groupe Agence Française de Développement). This five-year credit facility targets the development of micro, small and medium-sized enterprises in Georgia. Associated technical assistance granted by Proparco will support Credo Bank’s efforts to further extend tailored offerings of full banking products to its customers.  

“PROPARCO and Credo Bank now count four years of outstanding cooperation. This long-term local currency denominated transaction is of utmost importance both to reduce currency induced credit risk to Micro, Small and Medium businesses and for de-dollarization of the economy. PROPARCO has provided total of GEL 100 million investment and technical assistance to Credo Bank since commencement of our partnership, thus, continues to highly contribute to strengthening of our positioning as a leading microfinance bank in Georgia.” - said Zaal Pirtskhelava, General Director of Credo Bank.

“We are pleased to work once again with a microfinance bank known for its responsible practices, acknowledged by the Smart Campaign certification. This operation between Proparco and Credo Bank, the third in just four years, testifies to the strength of our relationship as well as to Proparco’s strong commitment to entrepreneurs and small business owners in Georgia” - added Jean-Gabriel Dayre, Regional Director of PROPARCO.