Credo Bank and ADB sign GEL 60 million loan agreement. The facility provides long-term financing in local currency to support low-income customers for home purchase, renovation and construction in rural and peri-urban areas. Associated technical assistance supports Credo Bank’s efforts to extend the reach of its branchless banking services to rural clients, with a specific focus on improving financial and business literacy as well as access to finance for women.

“Credo Bank and Asian Development Bank now count four years of successful partnership. With this loan ADB provides total of GEL 110 million loans and technical assistance to Credo, thus, highly contributing to our transformation from a microfinance lender into a commercial bank. With this new facility, our strategy is to reach out low-income housing finance segment in rural areas of Georgia and cater to their growing housing finance needs. Most importantly, provision of housing loans in local currency is essential to reduce currency-induced credit risk for the target beneficiaries.“ - said Zaal Pirtskhelava, General Director of Credo Bank.

“This is ADB’s second project with Credo, which now as a bank has enhanced capabilities of deepening its services to its small business and rural household clientele, mostly women. The ADB assistance will help improve delivery of financial services to underserved regions, boosting economic activities and affordable housing that are critical to Georgia’s sustainable and inclusive growth,” said Rainer Hartel, Lead Investment Specialist in ADB’s Private Sector Operations Department. “We are proud to work with Credo Bank in expanding its academy services to women led households and businesses as well as going the extra mile to serve remote villages.”

About Credo

Credo Bank is the leading bank on Georgian microfinance market in terms of countrywide presence and the number of clients. It operates 68 service centers and supports up to 291 thousand 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 consortium of international shareholders, the social impact investors - Access Microfinance Holding AG, ResponsAbility Investment Management AG and Triodos Investment Management BV.

About ADB

ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. In 2018, it made commitments of new loans and grants amounting to $21.6 billion. Established in 1966, it is owned by 68 members—49 from the region.

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