Credo Bank attracted EUR 16.5 million from the French Development Finance Institution Proparco (Groupe Agence Française de Développement). A five-year investment facility aims to provide post pandemic support to micro, small and medium sized enterprises in Georgia, as well as building further resilience to cope with regional uncertainties. This facility will be guaranteed by the European Union's EFSD COVID program, launched to support businesses impacted by the pandemic crisis.
“I am glad to see that both in role of a shareholder and a lender, Proparco continues uninterrupted contribution towards development of Credo Bank and its customers. Through this particular transaction we join forces with Proparco to provide sustainable financial services to micro, small and medium entrepreneurs with special focus on digitalization and delivery of innovative products which is so important to empower them during such turbulent times.” Said Zaza Pirtskhelava, Chief Executive Officer of Credo Bank.
“After becoming a shareholder in Credo Bank last year, Proparco continues to show its support to the leading responsible and sustainable bank in Georgia, by a new €16.5 million credit line. This facility will enable Credo to boost its operations, notably by providing support to the entrepreneurs, farmers and MSMEs hardly affected by the COVID crisis in the past years. With this transaction, Proparco strengthens its position in Georgian financial market and demonstrates its commitment to stand by Georgia in achieving its sustainability and social development goals.” said Stéphane Froissardey, Regional Director of Proparco for Turkey, Caucasus, Balkans, and Central Asia.
About Credo Bank
Credo Bank is the leading commercial bank in the Georgia in terms of countrywide presence and the number of clients. It operates across the 81 service centers in Georgia and supports more than 400 thousand customers across the country. 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 international social impact and development finance institutions: German - Access Microfinance Holding AG, Swiss - responsAbility Investment Management AG, the Dutch – Triodos Investment Management BV and French – Proparco. credobank.ge
About PROPARCO
PROPARCO, AFD’s private sector financing arm, has been working for 40 years to promote sustainable economic, social, and environmental development. PROPARCO participates in financing and supporting companies and financial institutions in Africa, Asia, Latin America, and the Middle East. Its action focuses on the key development sectors: infrastructure, mainly for renewable energies, agribusiness, financial institutions, health, and education. Its operations aim to strengthen the contribution that private actors make to the achievement of the Sustainable Development Goals (SDGs) adopted by the international community in 2015. To this end, PROPARCO finances companies whose activities contribute to creating jobs and decent incomes, the provision of essential goods and services, and the fight against climate proparco.fr