BAKU, Azerbaijan, June 23
By Tamilla Mammadova – Trend:
Georgian Credo Bank attracted $10 million loan from Microfinance Enhancement Facility (MEF) to support micro and small farmers in Georgia, Trend reports referring to the bank.
As reported, the transaction was led by Belgian Incofin Investment Management as an immediate response to COVID-19 pandemic impact. The proceeds will be on lent to the farmers in local currency.
“I would like to thank Microfinance Enhancement Facility and Incofin Investment Management for years of fruitful partnership, swift and decisive work on this particular transaction dedicated to supporting micro and small farmers in Georgia through stable funding, even during uncertain times,” said CEO of Credo Bank Zaza Pirtskhelava.
“MEF is pleased to support the growth of Credo Bank through our investment advisor Incofin. Credo continues to provide tailored financial products to micro and small businesses, including up to 70 percent of clients in the agriculture sector. This rural focus is an example of the MEF approach to building a diversified global portfolio that fosters productive enterprises in local markets,” said Chairperson of the MEF Board of Directors Ihno Baumfalk.
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. 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.
Microfinance Enhancement Facility was initiated in 2009 by the German Development Bank and IFC (the private-sector arm of the World Bank Group) as a joint initiative with the Development Bank of Austria. MEF’s mission is to provide a stable and reliable source of funding to financial institutions thereby contributing to the improvement of the livelihood of micro-entrepreneurs and households in developing countries around the globe.
Incofin Investment Management is a global independent impact investment firm, focused on rural and agricultural finance. Incofin IM strives to provide the support entrepreneurs in order to build sustainable businesses and to improve the lives of the more vulnerable or less privileged people.
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