Tbilisi, 21.12.2015- Credo and the Asian Development Bank (ADB) signed USD 23 million loan agreement on 21st of December, 2015.
A four year tenor facility is aimed to finance micro, small and medium sized enterprises in rural areas of Georgia.
“We are proud to establish our relationship with Credo in support of Georgia’s farmers, micro and small businesses in Georgia’s regions; and, to broaden our collaboration with the Access Microfinance Holding network in Asia,” said Rainer Hartel, Principal Investment Specialist in ADB’s Private Sector Operations Department.
“Partnership with such a highly respectable International Financial Institution as Asian Development Bank (ADB) is an important step to achieve our goal of strengthening the agricultural sector in Georgia. We are looking forward to provide additional financing to the micro, small and medium sized businesses in rural Georgia,” said Credo’s Chief Executive Officer Zaza Pirtskhelava.
About Asian Development Bank
ADB, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic, environmentally sustainable growth, and regional integration. With $22.93 billion in approved financing in 2014, ADB is focused on delivering projects that create economic and development impact. Established in 1966, it is owned by 67 members – of which 48 are from within Asia and the Pacific and 19 outside, including Georgia being a member country since 2007.
Credo is the leading micro finance organization in terms of number of clients with countrywide presence. It operates 59 branches and serves more than 190 thousand customers across Georgia. It offers innovative products, quality services and expertise in agriculture financing. Credo is owned by international shareholders, the social impact investors – Access Microfinance Holding AG (Germany) and funds managed by responsAbility Investment Management AG (Switzerland) and Triodos Investment Management BV (Netherlands).
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