The Asian Development Bank (ADB) and Georgia's Credo Bank (Credo) signed a $4 million loan to support agricultural micro, small and medium-sized enterprises, low-income farm households, small businesses run by women, and agri-tourism in Georgia.
Around 40% of Georgia’s active working-age population are employed in agriculture. Most of them are self-employed and have limited access to social welfare support systems. ADB’s financing will help Credo to provide additional lending to its clients in the sector to mitigate the resurgence of poverty incidence caused by the pandemic", reads the press-release published by the ADB.
As of December 2020, Credo Bank has served 336,748 borrowers in Georgia.
More than half of its 2,486 workforce are women.
The bank has over 219,957 individual borrowers in the agricultural sector, 53% of whom are female borrowers.