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French PROPARCO taking steps to support Georgian micro, small and medium-sized enterprises

Finance Materials 26 November 2020 11:02 (UTC +04:00)
French PROPARCO taking steps to support Georgian micro, small and medium-sized enterprises

BAKU, Azerbaijan, Nov. 26

By Tamilla Mammadova – Trend:

Georgian Credo Bank attracted a $5 million loan from PROPARCO, the leading European Development Finance Institution (Groupe Agence Française de Développement), Trend reports via Georgian media.

PROPARCO has been working for 40 years to promote sustainable economic, social, and environmental development. PROPARCO participates in financing and supporting companies and financial institutions in Africa, Asia, Latin America, and the Middle East. Its action focuses on the key development sectors: infrastructure, mainly for renewable energies, agribusiness, financial institutions, health, education. It finances companies whose activities contribute to creating jobs and decent incomes, the provision of essential goods and services, and the fight against climate change.

As reported, the facility is aimed to support short term needs of the bank’s customers and to weather challenges caused by the COVID-19 pandemic to micro, small, and medium-sized enterprises in Georgia.

"Over the years, Credo Bank has proved to be a key and reliable partner to support Georgian MSMEs, in particular in the agricultural sector. Through this new credit line, PROPARCO is very happy to further strengthen its partnership with an institution whose vision, network, and expertise make it a key ally amid the current economic turmoil," said Guillaume Barberousse, Head of PROPARCO's Financial Institutions Division.

Credo Bank is the leading bank in the Georgian microfinance market in terms of countrywide presence and the number of clients. It operates across the 75 service centers and supports more than 330,000 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.

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