TBLISI, GEORGIA, 19 February 2024— Credo Bank and the Asian Development Bank (ADB) have signed a facility agreement of 65 million lari (equivalent to ~$25). The loan will support on-lending activities to micro, small, and medium-sized enterprises (MSMEs) in agricultural production, processing, and trade, with a specific focus on women owned businesses.

The transaction will provide long-term local currency funding to support Credo, which will help avoid foreign currency exposure and risks. To support the local capital market, ADB will issue local currency bonds to fund the loan.

An accompanying technical assistance grant of up to $700,000 will also be provided to facilitate Credo’s rural outreach by expanding its digital infrastructure and promoting climate-resilient farming practices to its borrowers. The grant will support initiatives to improve women’s financial access and literacy in remote villages and improve rural women’s competencies in financial and digital literacy.


“We deeply appreciate the long-term strategic partnership with the Asian Development Bank. Over the years, their unwavering support through over GEL 185 million total investments has been instrumental in our bank’s growth and development. This particular transaction is a significant milestone, as it will empower agriculture businesses, with a specific focus on women entrepreneurs. The sizeable technical assistance will further enhance the bank’s digitization efforts as well as promote climate-resilient farming,” said Zaza Pirtskhelava CEO of Credo Bank.

The Acting Governor of the National Bank of Georgia Mrs. Natia Turnava has congratulated Credo Bank and the Asian Development Bank on conclusion of the GEL 65 million facility agreement: “It will play an important role in improving access to finance across Georgia and extend credit to underserved population in rural areas. The role of the financial sector in supporting long-term and sustainable economic growth is paramount and Credo Bank has been an important player in this process of supporting micro, small and medium enterprises. The fact that the ADB will issue local currency denominated bonds to fund the above-mentioned loan, is a reaffirmation of the ADB to be at the forefront of supporting the development of the Georgian capital markets.“

“Women account for over a third of the country’s agricultural employment and agricultural holdings ownership but remain underserved in terms of accessing financial assistance. Credo is uniquely focused on closing this financing gap,” said ADB Director General for Private Sector Operations Suzanne Gaboury. “Additionally, this project will promote domestic food production and import substitution to enhance the food security of Georgia.”

Credo is the fifth commercial bank in Georgia and has a robust rural presence with 88 branches and digital infrastructure serving more than 486 thousand active customers, of which more than half are women. It is owned by international social impact and development finance institutions such as German - Access Microfinance Holding AG, Swiss - responsAbility Investment Management AG, the Dutch – Triodos Investment Management BV and French – Proparco. Since 2015, ADB has worked with Credo on projects covering MSME financing, affordable housing finance, and COVID-19 response.

ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members—49 from the region.

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