BAKU, Azerbaijan, May 14
By Tamilla Mammadova – Trend:
Georgia's Credo Bank attracted 63 million lari ($19.6 million) loan from the BlueOrchard Microfinance Fund, which is for micro and small businesses engaged in the agriculture sector, Trend reports referring to the bank.
As reported, 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 180 million lari ($56.2 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 Chief Executive Officer of Credo Bank Zaal Pirtskhelava.
“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 a testament to our conviction in their mission to support agricultural entrepreneurs in developing their businesses, particularly during these challenging times,” said Chief Credit Officer at BlueOrchard Normunds Mizis.
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 300,000 customers across Georgia.
BlueOrchard is a leading global impact investment manager and a member of the Schroders group 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.
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