ADB providing loans to rural households in Georgia

The Asian Development Bank (ADB) is providing a 60 million Georgian lari ($22.3 million) loan and a $500,000 technical assistance grant to Georgia's Credo Bank to launch new products including home improvement and mortgage loans to lower income households in rural areas and on the outskirts of Tbilisi. 

"This is ADB’s second project with Credo and it allows the bank to expand its services to small business and rural household customers, most of whom are women. We are proud to work with Credo Bank to reach underserved regions, boosting economic activity and affordable housing to enhance Georgia’s sustainable and inclusive growth," ADB Lead Investment Specialist for Private Sector Operations Rainer Hartel said.

The loan is provided in Georgian lari supporting Georgia’s strategy to increase the use of local currency and reduce foreign currency-induced credit risks of the beneficiaries and banks, the bank added.