Credo Bank and the Asian Development Bank sign GEL 12.3 million loan agreement to support agricultural micro, small and medium-sized enterprises in Georgia. The local currency denominated three-year facility primarily focuses on finance of low-income farm households and women-MSMEs in response to the COVID-19 pandemic impact. With this loan ADB provides total of up to GEL 74 million debt and technical assistance funding to the bank and its customers.
“We are proud to sign yet another strategically important transaction with our long-term partner - the Asian Development Bank. The loan will be directed to finance activities of farmers during upcoming high season, to ease the negative impact of the COVID-19 and to facilitate uninterrupted agricultural production in the country. Since already eleven months operating in volatile environment due to the pandemic, Credo Bank and its customers have proved to be resilient to the challenges brought by the pandemic and this local currency denominated facility will highly back their early and speedy recovery thus, contributing towards strengthening national agriculture sector.” -said, Zaza Pirtskhelava, General Director of Credo Bank.
“Credo’s services in remote rural areas and support for the micro-agriculture sector are integral in safeguarding rural livelihoods and supporting women barrowers, and will help to mitigate the economic impacts of the coronavirus (COVID-19) pandemic,” said Director of ADB’s Private Sector Financial Institutions Division Christine Engstrom. “This funding will provide crucial support for agriculture enterprises, enabling them to continue making important contributions to the country’s food security.”
Credo Bank is the leading bank on Georgian microfinance market in terms of countrywide presence and the number of clients. It operates 75 service centers and supports more than 336,000 customers across Georgia. The bank’s mission is to provide sustainable financial services to micro, small and medium businesses, with a preference for rural activities and those businesses that create income and employment opportunities. Credo Bank is owned by a consortium of international shareholders, the social impact investors - Access Microfinance Holding AG, ResponsAbility Investment Management AG and Triodos Investment Management BV.
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. It assists its members and partners by providing loans, technical assistance, grants, and equity investments to promote social and economic development. Established in 1966, it is owned by 68 members—49 from the region.