EIB Lends $12M to Credo Bank for Microfinance in Rural Georgia to Offset Effects of COVID-19 on Food Production

Credo Bank, a microfinance institution in Georgia, recently accepted a local-currency loan in an amount approximately equivalent to $11.8 million from the EU’s European Investment Bank (EIB). Credo will use the funds to on-lend primarily as working capital for people living in rural areas, with the aim of lessening the impacts COVID-19 has had on food production in particular and the country’s agricultural sector in general.

Carl Hartzell, the EU Ambassador to Georgia, said that, “improving living conditions in rural areas is an important priority of EU-Georgia cooperation. This loan will have a strong focus on the local agricultural sector, which is key from a local food production and employment perspective.”

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