Credo Bank attracted GEL 63 million loan from the BlueOrchard Microfinance Fund for a three-year local currency facility, which is aimed at micro and small businesses engaged in the agriculture sector. Amid challenges faced by economy due to the COVID-19 pandemic, this transaction will significantly support agriculture entrepreneurs in this spring agriculture season.
“I would like to thank BlueOrchard for years of successful partnership and over GEL 180 million active investment in the Bank. This particular transaction will highly contribute to positive economic impact. It is dedicated to assist our core segment of agriculture borrowers during high season and ease pressure created by the global challenges today.” – said Zaal Pirtskhelava, Chief Executive Officer of Credo Bank.
Normunds Mizis, Chief Credit Officer at BlueOrchard added: “We have worked with Credo Bank for more than a decade and have built a strong partnership with them during this time. This funding is testament to our conviction in their mission to support agricultural entrepreneurs in developing their businesses, particularly during these challenging times.”
About Credo Bank
Credo Bank is the leading bank on Georgian microfinance market in terms of countrywide presence and the number of clients. It operates 72 service centers and supports more than 300 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 BlueOrchard Finance Ltd
BlueOrchard is a leading global impact investment manager and a member of the Schroders group. The firm is dedicated to fostering inclusive and climate-smart growth in emerging and frontier markets, while providing attractive returns for investors. BlueOrchard was founded in 2001, by initiative of the UN, as the world’s first commercial manager of microfinance debt investments. The firm has built a distinct track record in offering premium impact investment solutions, including credit, private equity, and sustainable infrastructure. Being an expert in innovative blended finance mandates, the firm is a trusted partner of leading global development finance institutions. BlueOrchard has invested to date more than USD 6bn for sophisticated global private and public clients, enabling tangible social and environmental impact. For additional information, please visit: www.blueorchard.com
