Proparco is reaffirming its support to Credo Bank, a major player in the operation of Georgia’s SME and microenterprise ecosystem

Credo is the leader on the microfinance market in Georgia. It obtained a banking licence in 2017 which has allowed it to extend its range of financial products for its clients. While microcredit for rural communities in Georgia remains Credo’s core business, it has managed to develop a relevant range of services for SMEs, especially for the high-potential tourism sector. 

With financing in GEL equivalent to USD 15m, Proparco is reaffirming its longstanding partnership with Credo, as it is the 3rd financing project for this institution since 2015. Proparco is continuing its support with a technical assistance project in 2019. It aims to set up internal tools to provide products tailored to the needs of its clients and gain their loyalty, while improving its consumer protection practices.

This project is providing liquidity in local currency (Georgian lari – GEL) to a leading player in its sector. Through these operations, PROPARCO is also increasing its support to Georgia’s SME and microenterprise ecosystem, which is a real driver of the country’s economy and the core target of the clients served by Credo. It should also maintain 2,200 direct jobs and create 500 additional jobs over the next five years, including 1,358 for women. The project could also potentially support indirect jobs with 57,000 clients.