26 Dec, 2023
Credo Bank Attracted EUR 16.5 Million Investment from BlueOrchard Microfinance Fund to Support Micro, Small, and Medium Entrepreneurs in Georgia
Credo Bank attracted EUR 16.5 million loan facility from BlueOrchard Microfinance Fund, managed by leading impact investor BlueOrchard Finance Ltd. A three-year agreement targets to support Micro, Small and Medium entrepreneurs in Georgia. With over GEL 265.0 million total current investment, BlueOrchard is the bankโs largest partner in terms of debt financing. It is notable that 80% of total investment currently outstanding with BlueOrchard is in Local Currency which highly contributes to de-dollarization efforts for the economy.
Credo Bank attracted EUR 16.5 million loan facility from BlueOrchard Microfinance Fund, managed by leading impact investor BlueOrchard Finance Ltd. A three-year agreement targets to support Micro, Small and Medium entrepreneurs in Georgia. With over GEL 265.0 million total current investment, BlueOrchard is the bankโs largest partner in terms of debt financing. It is notable that 80% of total investment currently outstanding with BlueOrchard is in Local Currency which highly contributes to de-dollarization efforts for the economy.
โI would like to express my sincere appreciation to BlueOrchard for successful partnership since 2007. Over these years, it has provided diverse products including subordinated debt to back capital positioning of bank, support to Micro, Small and Medium customers during the Pandemic and most importantly the Climate Insurance fund much necessary to our core customer segment of agriculture borrowers.โ โ said Zaza Pirtskhelava, Chief Executive Officer of Credo Bank.
โWe are pleased to further support our partner Credo Bank. Credo Bankโs overall strategy aligns strongly with our mission, and we are proud to see Credoโs strong commitment to financial inclusion and support of MSMEs. We look forward to jointly contributing to the further sustainable development of Georgia.โ โ said Normunds Mizis, Chief Credit Officer of BlueOrchard Finance Ltd.
About Credo
Credo Bank is the fifth commercial bank in Georgia. With its wide regional outreach through 80 service centers, it offers fully-fledged and innovative banking services to over 430,000 customers. The bankโs mission is to support Georgiaโs entrepreneurs and their employees to create a better future by offering affordable financial services. International social impact and development finance institutions such as German - Access Microfinance Holding AG, Swiss - responsAbility Investment Management AG, the Dutch โ Triodos Investment Management BV and French โ Proparco, own Credo Bank.
About BlueOrchard Finance Ltd
BlueOrchard is a leading global impact investment manager. As a pioneering impact investor, the firm is dedicated to generating lasting positive impact for communities and the environment. BlueOrchard was founded in 2001, by initiative of the UN, as the worldโs first commercial manager of microfinance debt investments. Today, BlueOrchard offers impact investment solutions across asset classes, connecting millions of entrepreneurs in emerging and frontier markets with investors. BlueOrchard has invested to date over USD 10 billion across more than 105 countries. 255mn people with low income in emerging and frontier markets received access to financial and related services with the support of BlueOrchard as of June 2022. BlueOrchard is a member of the Schroders Group. For further information, please visit: www.blueorchard.com
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