Home music industry bne IntelliNews – AfDB lends $ 3.7 million to Georgian bank Credo...

bne IntelliNews – AfDB lends $ 3.7 million to Georgian bank Credo for on-lending in the form of agricultural loans


The Asian Development Bank (ADB) signed a $ 12.3 million ($ 3.7 million) Georgian Lari (GEL) loan agreement with Credo Bank. Under the agreement, three-year funding denominated in local currency will be used to provide loans to low-income farms and women entrepreneurs of micro, small and medium enterprises (MSMEs).

The funding is intended to help beneficiaries successfully manage the challenges posed by the COVID-19 pandemic.

Including previous transactions, the AfDB has so far provided a total of GEL 74 million in financial and technical assistance to Credo Bank and its clients.

“I am delighted that another strategically important transaction has taken place with a long-standing partner, the Asian Development Bank. The resource is intended for farmers to facilitate the production of the upcoming spring work, ”Credo Bank Managing Director Zaza Pirtskhelava said.

“Credo Bank will significantly mitigate the negative economic impact of the COVID-19 pandemic in regions of Georgia by supporting the activities of micro and small agricultural enterprises and women entrepreneurs. This resource will significantly contribute to the proper functioning of farms and allow them to continue to contribute to the country’s food supply, ”said Christine Engstrom, Director of the Private Sector of the AfDB.

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