The Asian Development Bank (ADB) has signed a Georgian lari (GEL) 12.3mn ($3.7mn) loan agreement with Credo Bank. Under the agreement, three-year financing denominated in local currency will be used to extend loans to low-income farms and women entrepreneurs of micro, small and medium sized enterprises (MSMEs).
The financing is aimed at helping recipients successfully manage challenges posed by the COVID-19 pandemic.
Including previous deals, the ADB has so far provided a total of GEL74mn in financial and technical assistance to Credo Bank and its customers.
"I am pleased that another strategically important transaction has taken place with a long-time partner, the Asian Development Bank. The resource is intended for farmers to facilitate the production of the upcoming spring works,'' said Credo Bank general director Zaza Pirtskhelava.
"Credo Bank will significantly mitigate the negative economic impact of the COVID-19 pandemic in the regions of Georgia by supporting the activities of micro and small agricultural enterprises and women entrepreneurs. This resource will significantly contribute to the smooth running of farms and enable them to continue to contribute to the country's food supply," said Christine Engstrom, ADB's private sector director.
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