Embed Size (px)
Citation preview
FOREWORD
Dear Reader,
It is my great pleasure to present you the Annual Report for year 2009.Year 2009 will be remembered in entire financial and micro financial world as a year of
global crisis. Moreover, Georgian financial sector suffered from effects of recent war and political instability in the country. The year behind us was the year of ups and downs. During 2009, worsening of portfolio reached its peak in February with PAR over 7%, followed by monthly decrease in portfolio of $900,000. Majority of problems appeared in urban areas particularly in capital Tbilisi and in trading business. Credo's traditional target market in remote rural areas remained unchanged, with stable growth and good portfolio quality.
It was a crisis year but also a test year for Credo, which we believe to have completed with success. Credo ended year with PAR 0.92%, reached 22 892 clients from which 40% are women, stabilized portfolio which started to grow in last quarter, maintained profitability and ROA of 3.3%, expanded in new region of Kakheti. Also, Credo highlighted its focus on rural lending. Number of rural clients exceeded 57% of the total number of clients.
Besides improvements in financial performance Credo is very proud on two things: during the crisis we did not limit or cancel service delivery to our clients, and secondly we kept all of our staff.
Credo was dealing with effects of financial crisis and invested a lot of efforts in recovery but stronger focus was on investments for future: strengthening organizational system, introducing new technologies, product development, and staff training.
The most important project for Credo in 2009 was stepping in the electronic payments by implementing Instant Payment System. The instant repayment machines enables our clients to make loan repayments in a more convenient way, it decreases our and the clients dependency on banks, their network, working hours and quality of service.
Credo will continue to improve its financial and social performance, to keep focus on rural areas using existing delivery model supported by new technologies (electronic payments and mobile banking). The biggest change planned for the future, is to move from only loan provider to organization which will provide variety of financial service to clients in order to increase their economical wellbeing.
Sincerely,Ljiljana SpasojevicChief Executive Officer
2
winasityvaoba
Zvirfaso mkiTxvelo,
pativi maqvs warmogidginoT 2009 wlis angariSi.2009 weli safinanso da mikrosafinanso samyaros globaluri
krizisis wlad daamaxsovrdeba. garda amisa, safinanso seqtori saqarTveloSi omisa da politikuri arastabilurobis Sedegebs ganicdida. gasuli weli dadebiTi da uaryofiTi movlenebis weli iyo. 2009 wlis ganmavlobaSi porTfelis gauaresebam piks TebervalSi miaRwia, maSin, rodesac riskis porTfeli 7 procents aRemateboda, xolo sasesxo porTfeli yovelTviurad 900 000 a.S.S. dolariT mcirdeboda. problemaTa umravlesoba urbanul teritoriebze, gansakuTrebiT ki dedaqalaqSi da vaWrobis sferoSi aRiniSneboda. kredos tradiciuli bazari, romelsac agraruli teritoriebi warmoadgens ucvleli darCa, ganagrZo stabiluri zrda da porTfelis kargi xarisxi SeinarCuna.
gasuli weli krizisTan erTad kredos gamocdis weli iyo, romelic vTvliT, rom warmatebiT CavabareT. kredom wlis bolos riskis porTfeli 0.92% - mde Seamcira; msesxebelTa raodenoba 22 892- mde gazarda, romelTa 40% qalia; daaregulira porTfeli, romelmac wlis bolo meoTxedSi zrda daiwyo; SeinarCuna mogebisunarianoba da amonagebi aqtivebze 3.3%; gafarTovda axal regionSi-kaxeTSi. kredom wina planze wamowia sasoflo-sameurneo teritoriebze pozicionireba. sasoflo-sameurneo sasesxo produqtebis msesxebelTa raodenobam msesxebelTa jamuri raodenobis 57% Seadgina.
finansuri maCveneblebis gaumjobesebasTan erTad kredo ori sakiTxiT amayobs: krizisis periodSi Cven ar Segviwyvetia sesxebis gacema da ar Segvimcirebia TanamSromelTa ricxvi.
kredo bevrs muSaobda finansuri krizisis Sedegebis aRmosafxvrelad, Tumca amavdroulad aZlierebda fokusirebas samomavlo investiciebze, kerZod: organizaciuli sistemis gaZlierebaze, axali teqnologiebis SemoRebaze, produqtebis Camoyalibebasa da TanamSromelTa gadamzadebaze.
2009 wlis yvelaze mniSvnelovani proeqti ki eleqtronuli gadaxdis anu swrafi Caricxvis aparatebis sistemaSi CarTva iyo. swrafi Caricxvis aparatebi msesxeblebisaTvis sesxis gadaxdebs ufro mosaxerxebels xdis. amcirebs sesxis gadaxdis dros, amcirebs Cvens da msesxeblis damokidebulebas bankebze, maT samuSao saaTebsa da momsaxurebis xarisxze.
kredo gaagrZelebs finansuri da socialuri misiis Sesrulebis gaumjobesebas, fokusirebas agrarul teritoriebze, arsebuli da axali teqnologiebis gamoyenebiT (eleqtronuli gadaxdebi da satelefono bankingi). samomavlod igegmeba yvelaze didi cvlileba, rac gulisxmobs, kredos rogorc mxolod sesxis mimwodebeli organizaciidan, mravalferovani momsaxurebis momwodebel organizaciad Camoyalibebas, rac Tavis mxriv mogvcems saSualebas mniSvnelovnad gavaumjobesoT msesxebelTa ekonomikuri mdgomareoba.
pativiscemiT,liliana spasoeviCiaRmasrulebeli direqtori
3
Credo's mission is providing sustainable financial services to the entrepreneurial poor and Georgian micro and small businesses, with a preference for rural activities and those businesses that create income and employment opportunities for the poor.
Credo’s vision is to enable the poor to increase household incomes and reduce their vulnerability, enabling them to build a meaningful, sustainable and self-determined livelihood.
TelaviSavi zRva
TurqeTi somxeTi azerbaijani
ruseTis federacia
G E O R G I As a q a r T v e l o
quTaisi
qobuleTi
samtredia
baTumi
borjomi
xaSuri
axalcixe
axalqalaqi
Tbilisi
Telavi
kredos misiaa mewarmeobrivad umweoTaTvis da mcire biznesmenebisaTvis mdgradi finansuri momsaxurebiT uzrunvelyofa saqarTveloSi, sasoflo sameurneo saqmianobisa da RaribTaTvis dasaqmebis SesaZleblobebis uzrunvelmyofi biznesebis upiratesobiT.
kredos xedvaa umweoTaTvis xelis Sewyoba ojaxis Semosavlebis gazrdasa da siRaribis daZlevaSi, myari da stabiluri saarsebo saSualebebis SeqmnaSi.
Cveni misia da xedva
Our Mission and Vision
Cvens SesaxebABOUT US
4
We are Outstanding by Cven gamovirCeviT
Innovation/novatorobiTnovatorobiT
Consideration/sazrianobiT
Team Playing/gundurobiT
Cvens SesaxebABOUT US
5
The break-up of the Soviet Union and Georgia's declaration of independence in April 1991 was followed by civil wars in 1992-1995. These conflicts resulted in the collapse of the economy and the scattering of approximately 300,000 IDP's from the conflict affected regions throughout the country. As a result, together with the changes brought about by the collapse of the Soviet Union, Georgia's fledgling market economy has been seriously impacted.
In 1997, WV started the “Georgia's Entrepreneurs' Fund” (GEF). WV/GEF's mission is providing sustainable financial services to the entrepreneurial poor and Georgian micro- and small businesses, with a preference for rural activities and those businesses that create income and employment opportunities for the poor. Its vision is to enable the poor to increase household incomes and reduce their vulnerability, enabling them to build a meaningful, sustainable and self-determined livelihood.
The year 2002 was a milestone for WV/GEF and could be considered as a new start of the program; support from CIDA enabled growth from a one-branch operation with a small portfolio to start branches in Kutaisi and Batumi, double the portfolio and triple the number of clients. Strong growth continued since then with new branches in Akhaltsikhe and Borjomi.
In 2005 WV/GEF obtained local registration in Georgia, thus transforming into an indigenous legal entity. Vision fund International, a California based microfinance corporation managing 381 MLN USD portfolio invested in 43 MFIs, has become the Founder of this entity. WV/GEF upon registration continued operations under the name VisionFund CREDO Foundation, shortened as CREDO. Vision Fund is wholly owned by World Vision International.
Because of a new law on microfinance VisionFund Credo non-commercial non-entrepreneurial entity has established a new company in December 2007, MicroFinance Organization Credo LLC. The new Credo has been licensed by the National Bank of Georgia as an MFO and VisonFund Credo transferred all the rights and obligations of outstanding loan agreements to LLC MFO Credo.
2008 has been successful year for MFO Credo. Motivation to effectively combat the economic stagnation; and desire to grow and adjust to the changing times, has been positively reflected on our growth rate-100% in both number of clients and portfolio.
2009 year has been a remarkable year for innovative projects and organizational steadiness. The projects include formation of Credo's strategic plan, the New Repayment System for improved quality service and Credit Life Insurance. Another, major milestone for the year is the expansion of operations in the new region of Kakheti. Despite of the economic recession, Credo managed to maintain PAR 0,92 % for 19 990 519 US Dollar portfolio and continued the rapid growth in number of clients reaching 22 892 by December 31, 2009.
In Brief
6
ABOUT US
mokle mimoxilvasabWoTa kavSiris ngrevas da saqarTvelos damoukideblobis
gamocxadebas 1991 wels samoqalaqo omi moyva. konfliqtma ekonomikis totaluri kolafsi da eskalaciis regionebSi 300000-ze met ltolvilTa gadaadgileba gamoiwvia.
1997 wels saerTaSorio organizacia `uorld viJenma~ mcire biznesis ganviTarebisa da daxmarebis proeqti wamoiwyo, romlis misia gaxldaT mewarmeobrivad umweoTa da mcire biznesebisTvis mdgradi finansuri momsaxurebiT uzrunvelyofa, sasoflo- sameurneo saqmianobisa da RaribTaTvis dasaqmebis SesaZleblo-bebis uzrunvelmyofi biznesebis upiratesobiT.
2002 weli organizaciisTvis gadamwyveti aRmoCnda, radganac kanadis ganviTarebisa da daxmarebis saagentos wyalobiT SesaZlebeli gaxda programis gafarToveba regionebis masStabiT. Sesabamisad filialebi gaixsna quTaisSi, baTumSi, borjomsa da axalcixeSi.
2005 wels organizacia daregistrirda rogorc adgilobrivi damoukidebeli samarTlebrivi erTeuli, viJenfand kredo fondis saxiT. kanonSi cvlilebam SesaZlebeli gaxada organizaciisaTvis mikro safinanso organizaciis kvalifikaciis miniWeba. kredos erTpirovnuli damfuZnebeli gaxlavT viJenfand inTerneiSenali, romelic TavisTavad warmoadgens kalifor-niaSi dafuZnebul mikrosafinanso korporacias, romlis daaxloebiT 381 milioni aSS dolaris portfeli 43 mikrosafinanso organizaciaSia investirebuli. anu sawyisi daido fondma "kredom" mikrosafinanso organizaciam, rogorc "uorld viJen inTerneiSenalis" mikrosafinanso programis samarTlebrivma gagrZelebam.
kanonSi mikrosafinanso organizaciaTa Sesaxeb cvlilebasTan dakavSirebiT arasamewarmo, arakomerciulma organizacia `viJenfand kredo”-m 2007 wlis dekemberSi daafuZna axali kompania, romlis saxelwodebaa S.p.s "mikrosafinanso organizacia kredo". axali kompania licenzirebul iqna saqarTvelos erovnuli bankis mier rogorc mikrosafinanso organizacia. Sesabamisad, "viJenfand kredo"-m S.p.s "mikrosafinanso organizacia kredo"-s gadasca yvela valdebuleba, maT Soris gacemuli sesxebis moTxovnis ufleba.
2008 weli mso kredosaTvis warmatebuli gamodga. ekonomikuri stagnaciis winaaRmdeg efeqturad brZolis motivaciam, zrdis survilma da cvalebad droze morgebam dadebiTad imoqmeda organizaciis zrdis maCvenebelze. 100 procentiT gaizarda rogorc klientebis raodenoba, aseve sakredito porTfeli.
2009 weli aRsaniSnavia rogorc inovaciuri proeqtebis da organizaciis stabilurobis SenarCunebis weli. inovaciur proeqtebSi Sedis kredos strategiuli gegmis SemuSaveba, gadaxdebis axali sistema momsaxurebis xarisxis gasaumjobeseblad da sicocxlis sakredito dazRveva. udidesi miRwevaa gafarToveba axali ofisis gaxsniT kaxeTis regionSi. miuxedavad ekonomikuri recesiisa, kredom moaxerxa 2009 wlis 31 dekembrisTvis 19 990 519 a.S.S. dolari porTfelis riskis 0,92%-ze SenarCuneba da momxmarebelTa raodenobis swrafi zrda, romelTa ricxvmac 22 892 adamians miaRwia.
7
Cvens Sesaxeb
Vision Fund International
Ljiljana Spasojevic
Mr. Geert Roelof De Korte, Chair of Supervisory Council - Regional Director for Vision Fund International , Middle East and Eastern EuropeMr. De Korte is a Chairman of Credo Supervisory Council and
founder's representative. Mr. De Korte has been a CEO of Credo, AzerCredit and Sef International and responsible for all 3 VisionFund Caucasus MFI's. He's an Executive MBA from Webster University and Herriot-Watt University. Mr. De Korte has been appointed as a Regional Director of VisionFund International for Middle East and Eastern Europe.
Mrs. Nana Mikashavidze-Chief Executive Officer, TBC LeasingNana Mikashavidze is an Executive Officer with more than 10 years
experience in the financial industry. She has a strong knowledge of the Georgian Financial sector and experience in international program management. She is an MBA from the European School of Management and currently CEO of TBC Leasing, a leading Leasing Company in Georgia.
Mr. Daniel Baertschi, International Programs Director WV Switzerland
Daniel Baertschi is responsible for support and oversight of WV Switzerland partners. He worked for a private consulting company in Switzerland, and as a consultant for development programs in Romania, Russia and North Korea. He specialized in regional development, agriculture in mountainous areas and investments in technical equipment and is board chair of the Swiss Association of Agricultural Engineers as well as a Member of the board of the Swiss College of Agriculture.
Mr. Lukas Wellen, CEO of Musoni mobile microfinance Lukas Wellen is responsible for setting-up MFIs in East Africa that use
mobile payment technologies and outsource their IT, control and funding to the in house service company. Previously he worked for Triple Jump Advisory Services, SNV Vietnam and ProCredit Bank for which he set-up, advised and developed MFIs in several countries.
Founder
CEO
Members of Supervisory Council
8
ABOUT US
damfuZnebeli
aRmasrulebeli direqtori
sameTvalyureo sabWos wevrebi
liliana spasoeviCi
batoni xirT rulof de korte, sameTvalyureo sabWos Tavmjdomare - viJen fand inTerneiSenalis regionaluri direqtori, aRmosavleT evropasa da axlo aRmosavleTSi
batoni de korte kredos sameTvalyureo sabWos Tavmj-domare da damfuZnebelis warmomadgenelia. batoni de korte viJenfand kavkasiis sami mikrosafinanso organizaciis: kredos, azerkreditis da sef inTerneiSenalis aRmasrulebel direq-torad muSaobda. is aris vebsterisa da heriot vatis univer-sitetis magistri. batoni de korte dainiSna viJen fand inTerneiSenalis regionalur direqtorad aRmosavleT evropasa da axlo aRmosavleTSi.
qalbatoni nana mikaSaviZe - Ti-bi-si lizingis aRmasrulebeli oficeri
nana mikaSaviZes safinanso industriaSi aRmasrulebel oficrad muSaobis 10 wliani gamocdileba aqvs. is kargad icnobs safinanso seqtors saqarTveloSi da aqvs saerTaSoriso programebis marTvis gamocdileba. is evropis menejmentis skolis magistrantia da amJamad saqarTveloSi wamyvani salizingo kompania Ti-bi-si lizingis aRmasrulebeli direqtoria.
batoni daniel baetriCi - uorld viJen Sveicariis saerTaSoriso programebis direqtori
daniel baetriCi uorld viJen Sveicariis partniorebTan urTierTobas kurirebs. is muSaobda kerZo sakonsultacio firmaSi SveicariaSi da developerul kompaniaSi rumineTSi, ruseTsa da CrdiloeT koreaSi konsultantis Tanamdebobaze. igi specializirebulia regionalur ganviTarebaze, mTiani teritoriebis soflis meurneobaze da investiciebze teqnikur mowyobilobebSi. amJamad, is aris Sveicariis soflis meurneobis asociaciis direqtorTa sabWos Tavmjdomare. agreTve Sveicariis soflis meurneobis kolejis direqtorTa sabWos wevri.
batoni lukas veleni - musonis mobiluri mikrofinansebis aRmasrulebeli direqtori.
lukas veleni aRmosavleT afrikaSi ayalibebs mikrosa-finanso organizaciebs, romlebic mobiluri gadaxdebis teqnologiebs iyeneben. is exmareba adgilze momsaxurebis kompaniebs internet teqnologiebis, marTvisa da dafinansebis mopovebaSi. is muSaobda "Trifl jamfis sakonsultacio servisSi", "sienvi" vietnamSi da "prokredit bankSi", sadac man konsultacia gauwia, Camoayaliba da ganaviTara mikrosafinanso organizaciebi ramodenime qveyanaSi.
viJen fand inTerneiSenali
9
Cvens Sesaxeb
2 172 589
26 040 499
(547 145)
25 493 353
1 152 699
1 075 982
29 894 623
6 874 970
19 380 915
3 638 739
29 894 623
USD/a.S.S. dolari 200820072006 2009
Balance Sheet
Cash & Bank AccountnaRdi fuli da sabanko angariSebi
Gross PortfoliomTliani porTfeli
Loan Loss AllowanceporTfelis SesaZlo danakargebis rezervi
Net Loan Portfoliowminda sesxis porTfeli
Other Current Assetssxva mimdinare aqtivebi
Fixed AssetsZiriTadi saSualebebi
Total Assetssul aqtivebi
Short Term Liabilitiesmoklevadiani valdebulebebi
Equitykapitali
Total Liabilities & Equitysul valdebulebebi da kapitali
sabalanso uwyisi
Long Term LiabilitiesgrZelvadiani valdebulebebi
182 062
4 671 788
(12 386)
4 659 402
229 510
136 294
5 207 268
2 110 448
1 373 300
1 723 520
5 207 268
67 282
14 112 505
(18 379)
14 094 126
426 930
479 189
15 067 527
3 075 437
9 884 430
2 107 660
15 067 527
3 424 065
20 584 673
(266 223)
20 318 450
578 037
1 203 473
25 524 024
12 375 552
8 704 487
4 443 986
25 524 024
10
OUR PERFORMANCE Sedegebi
USD/a.S.S. dolari 200820072006 2009
Income Statement
Interest & Fee Income from LoansSemosavlebi sesxis procentidan da momsaxurebis sakomisiodan
Interest Expense on Borrowingssaprocento xarji sesxebze
Net Interest & Fee Incomewminda procenti da momsaxurebis sakomisio
Provisions for Loans ImpairmentsporTfelis SesaZlo danakargebis darezervebis xarji
Funds Recoveres from Written-off Loansdabrunebuli Tanxebi Camoweril sesxebze
Administrative & Operating Expensesadministraciuli da saoperacio xarjebi
Other Incomesxva Semosavali
Foreign Exchange Losssavaluto gadafasebis danakargi
Net Income before Taxesdaubegravi Semosavali
Profit Taxmogebis gadasaxadi
Net Income before Donationswminda Semosavali Semowirulobamde
DonationsSemowirulobebi
Net Incomewminda mogeba
mogeba-zaralis uwyisi
1 109 658
(149 507)
960 151
(9 384)
10 354
(823 141)
3 571
(3 623)
137 928
(31 876)
106 052
83 156
189 208
2 826 147
(703 234)
2 122 913
(19 660)
11 479
(1 785 176)
5 050
(61 873)
272 733
(70 792)
201 941
116 390
318 331
7 842 269
(2 125 326)
5 716 943
(591 906)
11 002
(3 743 177)
9 331
(418 139)
984 054
(140 402)
843 652
0
843 652
8 546 523
(2 254 789)
6 291 734
(804 682)
273 503
(4 679 424)
94 261
(11 895)
974 975
(141 371)
833 604
0
833 604
11
OUR PERFORMANCE Sedegebi
URBAN BUSINESS LOANSurbanuli biznesis ganviTarebis sesxebi
AGRICULTURE LOANSsasoflo sameurneo sesxebi
TOURISM BUSINESS LOANSturizmis ganviTarebis sesxebi
HOUSEHOLD LOANSsamomxmareblo sesxebi
2006 2007 2008
$ 26 040 499
2009
$ 19 990 519
Outstanding Portfolio
porTfeli
2006 2007 2008
$ 26 040 499
2009
$ 19 990 519
Portfolio by Product
porTfeli produqtebis mixedviT
12
$ 28 000 000
$ 26 000 000
$ 24 000 000
$ 22 000 000
$ 20 000 000
$ 18 000 000
$ 16 000 000
$ 14 000 000
$ 12 000 000
$ 10 000 000
$ 8 000 000
$ 6 000 000
$ 4 000 000
$ 2 000 000
$ 0
OUR PERFORMANCE Sedegebi
$ 28 000 000
$ 26 000 000
$ 24 000 000
$ 22 000 000
$ 20 000 000
$ 18 000 000
$ 16 000 000
$ 14 000 000
$ 12 000 000
$ 10 000 000
$ 8 000 000
$ 6 000 000
$ 4 000 000
$ 2 000 000
$ 0
2.50%
2.00%
1.50%
1.00%
0.50%
0.00%
Portfolio at Risk (Over 30 Days)
sarisko porTfeli (30 dReze meti)
112%
110%
108%
106%
104%
102%
100%
98%
96%
94%
92%
90% 2006 2008 2009
Operational Self Sustainability
saoperacio TviTSenaxvadoba
13
OUR PERFORMANCE Sedegebi
2006 2007 2008 2009
0.15%
2.28%
0.92%
2006 2007 2008 2009
105%
108%107%
111%
$ 28 000 000
$ 26 000 000
$ 24 000 000
$ 22 000 000
$ 20 000 000
$ 18 000 000
$ 16 000 000
$ 14 000 000
$ 12 000 000
$ 10 000 000
$ 8 000 000
$ 6 000 000
$ 4 000 000
$ 2 000 000
$ 0
Number of Active Clients
aqtiuri msesxeblebis raodenoba
14
OUR PERFORMANCE Sedegebi
40 000
35 000
30 000
25 000
20 000
15 000
10 000
5 000
0
Number of Children Impacted
zegavlena moxdenil bavSvTa ricxvi
2006 2007 2008
21 271
2009
22 892
4 378
12 177
2006 2007
35 081
2009
33 809
11 841
25 500
2008
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0% 2006 2007 2008
48.4%
2009
29.9%
Depth of Outreach
miznobriv bazarze SeRwevadobissiRrme
20 000
15 000
10 000
5 000
0 2006 2007 2008910
Number of New Jobs Created
axladSeqmnili samuSao adgilebi
15
OUR PERFORMANCE Sedegebi
70%67%
1 000
16 425
2006 2007 2008 2009
16 662
2009
Funding Sources
OUR PERFORMANCE
16
Sedegebi
dafinansebis wyaro
Developing World Markets
Deutsche Bank
Triodos Doen Bank
Vision Fund
Oikocredit
Triple Jump
Symbiotics
World Bank
IncoFin
European Bank for Reconstruction and Development
Global Commercial MFIC-DB
BlueOrchard
Rural Impulse Fund
Calvert Social Investment Foundation
$1,125,000.00
$1,379,800.00
$500,000.00
$1,000,000.00
$1,000,000.00
$1,000,000.00
$2,178,571.00$1,881,830.00
$2,000,000.00
$1,000,000.00
$1,000,000.00
$300,000.00
$4,000,000.00
$1,000,000.00
PRODUCTS
AGRICULTURE LOANS
sasoflo sameurneo sesxebi
TOURISM BUSINESS LOANS
turizmis ganviTarebis sesxebi
URBAN BUSINESS LOANS
urbanuli biznesis ganviTarebis sesxebi
HOUSEHOLD LOANS
samomxmareblo sesxebi
17
roduqtebip
Starting Up a New Business
Name of loan recipient: Marina AkhaladzeType of Business: Seasonal GuesthouseType of Loan: TourismMarina Akhaladze is a seasonal loan receiver, living in a seaside village of Gonio. Similar
to most residents of such places, she operates a business linked to summer tourism. Before applying for a Credo loan 3 years ago, she operated a guesthouse. She received
loan to expand her business by renovating her house and host more tourists during summer. With the loan she has added more rooms, has improved infrastructure, has built bathrooms, and has bought furniture for her guesthouse.
This renovation has significantly impacted her financial condition. Comfortable atmosphere attracted more clients and enabled more income. Her business currently supports 6 people.
axali biznesis Seqmna
msesxebeli: marina axalaZebiznesis saxe: sezonuri saojaxo tipis sastumrosesxis tipi: turistuli sesximarina axalaZe sezonuri sesxis momxmarebelia. is zRvispira
sofel gonioSi cxovrobs. rogorc aseT adgilebSi mcxovrebTa umravlesoba, misi biznesic zafxulis turizmTan aris dakav-Sirebuli.
3 wlis win kredoSi ganacxadis Sevsebisas is saojaxo tipis sastumros amuSavebda. sesxi biznesis gasafarToveblad miiRo. sesxiT oTaxebi daamata, infrastruqtura gaaumjobesa, sapirfa-reSoebi aaSena da aveji SeiZina.
sastumros rekonstruqciam arsebiiTi gavlena moaxdina mis finansur mdgomareobaze. komfortulma garemom meti klienti moizida da Semosavlebis zrdac ganapiroba. amJamad qalbatoni marinas biznesze 6 adamiania damokidebuli.
CLIENTS momxmareblebi
18
A Hand Given in NeedName of Loan Recipient: Levan Abuselidze Type of Business: Bee FarmingType of Loan: RuralLevan Abuselidze has a honey beekeeping business in village Bobokvati, West Georgia.
The business specializes in honey and bee wax production, distribution and selling of the products in the markets of nearby towns and cities.
His business went through a major downturn when many of his honeybee families died as a result of an infection. In addition, due to his rural residency there was no financial assistance available to recover the lost honeybee families and associated business losses. When Credo started its operations in the village Bobokvati in 2006, Mr. Abuselidze applied for his first loan of 2000GEL which he used to purchase honeybee families and beehives. Since then his business has grown from 20 to 60 honeybee families.
Mr. Abuselidze's business employs 5 people. The significant growth of business has positively impacted his financial condition and has allowed him to explore further expansion opportunities.
saWiroebisas gawvdili xelimsesxebeli: levan abuseliZebiznesis saxe: mefutkreobasesxis tipi: soflis meurneobis sesxilevan abuseliZe mefutkreobas dasavleT saqarTveloSi, sofel
boboyvaTSi eweva. misi biznesi Taflisa da sanTlis warmoebaSi, distribuciaSi da gayidvaSi specializirdeba. is aRniSnul produqcias axlomdebare qalaqebSi abarebs.
batoni levanis biznesisaTvis warumatebeli periodi futkrebis infeqciiT amowyvetisas daiwyo. soflad cxovrebis gamo misTvis rTuli iyo sesxis aRebac, raTa futkarTa amowyvetiT gamowveuli zarali aenazRaurebina. 2006 wels kredom daiwyo sasoflo-sameurneo sesxebis gacema sofel boboyvaTSi. swored maSin gaakeTa ganacxadi 2000 laris odenobis sesxze batonma levanma. miRebuli sesxiT man futkarTa ojaxebi da skebi SeiZina. mas Semdeg biznesi 20 futkris ojaxidan 60 ojaxamde gaizarda.
Tavisi biznesiT 5 adamians asaqmebs. biznesis mniSvnelovanma zrdam dadebiTad imoqmeda finansur mdgomareobaze da saSualeba misca biznesis samomavlo gafarTovebas.
19
CLIENTS momxmareblebi
Young Entrepreneur Success Story
Name of Loan Recipient: Giorgi GagnidzeType of Business: VariousType of Loan: UrbanBorn in 1984, Giorgi Gagnidze is one of Credo's youngest clients with a particular
entrepreneurial talent. His exceptional passion for hard work and the motivation to be an independent income earner, have led him to start his own business.
Giorgi received his first loan in the amount of 150 USD for purchase of a desktop computer in 2002. At that time he trained other young people assembling and repairing various computer parts. His hard work paid off and soon he was able to open an officially certified training center. Today Giorgi Gagnidze operates a wide variety of businesses including an internet café, a computer training center, translation services, and a tourism agency. His business employs 20 people.
Giorgi is married and has one child. He further works to expand his business and aims at employing more people in the future.
axalgazrda mewarmis warmatebis istoriamsesxebeli: giorgi gagniZebiznesis saxe: sxvadasxvasesxis tipi: biznes sesxi25 wlis giorgi gagniZe kredos erT-erTi axalgazrda
msesxebelia, romelsac mewarmis gansakuTrebuli niWi aRmoaCnda. Sromismoyvareoba da finansuri damoukideblobis motivacia biznesis wamowyebis mTavari xelSemwyobi faqtori gaxldaT.
giorgim pirveli sesxi 150 a.S.S. dolaris odenobiT personaluri kompiuteris SesaZenad miiRo. im dros is axalgazrdebs kompiuteris SekeTebas, sxvadasxva kompiuteruli nawilebis awyoba-daSlas aswavlida. enTuziazmma Sedegi gamoiRo da male man oficialuri saswavlo centri gaxsna. dRes giorgi gagniZe sxvadasxva bizness marTavs, maT Soris: internet-kafes, kompiuteris Semswavlel kursebs, TarjimanTa biuros da turistul saagentos. misi biznesi 20 adamians asaqmebs.
giorgi daqorwinebulia da hyavs 1 Svili. is agrZelebs biznesis gafarToebas da momavalSi ufro meti adamianis dasaqmebas isaxavs miznad.
20
CLIENTS momxmareblebi
ANNUAL HIGHLIGHTSSustainable Progress Year After Year
Credo received a BBB+ rating for operation and performance in the year 2009 by qualified microfinance rating agency Micro Finanza Rating. This is 3rd rating for Credo, whose results enhanced from BB to BBB+ with outlook stable. Micro Finanza Rating affirms that Credo holds a leading positioning in rural areas, possesses skills for agriculture portfolio management, and maintains good reputation. Credo's proactive management and skilled human resources adds important credits towards the rating.
Positive rating in external environment, governance, management and operations; financial products, asset quality, structure, ALM; Financial and operational results; strategic objectives and future evolution are important stimuli and challenge for the organization with its number one priority of organizational development. It is to be noted with great pride that Credo managed to maintain a sound profile despite combined affects of events developing in August, 2008 in Georgia and the world economic crisis. The results of Micro Finanza Rating are essential motivators for the organization to continue the development trend and achieve more in the future.
yovelwliuri stabiluri zrda2009 wlis warmatebuli muSaobisTvis mikrosafinanso
reitingis saagento ~mikro finanza reitingisgan~ kredom BBB+ kategoriis reitingi daimsaxura. es kredos mesame reitingia, romelic man BB-dan BBB+ stabiluri poziciiT kategoriamde miiRo. mikro finanzas reitingi adasturebs kredos wamyvan pozicias sasoflo-sameurneo sferoSi, mis sasoflo-sameurneo porTfelis marTvis unars da dawesebulebis karg reputacias. reitingTan mimarTebaSi kredos aqtiuri da kvalificirebuli adamianuri resursebi mniSvnelovan reputacias matebs mas.
organizaciisTvis mniSvnelovan stimuls da amocanas warmoadgens garemos, marTvis da operaciebis; safinanso produqciis, aqtivebis xarisxis, struqturis, aqtivebisa da pasivebis marTvis; finansuri da operaciuli Sedegebis; strategiuli miznebis da samomavlo Sefasebis pozitiuri reitingi, rac gaxlavT organizaciis ganviTarebis nomer pirveli prioriteti. amayad unda avRniSnoT, rom 2008 wlis agvistoSi saqarTveloSi ganviTarebuli movlenebis da msoflio ekonomikuri krizisis erToblivi zemoqmedebis miuxedavad kredom moaxerxa da SeinarCuna myari porTfeli. Semdgomi ganviTarebis tendenciasa da samomavlo miRwe-vebisTvis organizaciis arsebiT motivacias warmoadgens mikrosafinanso reitingis saagento "mikro finanza reitingis" Sedegebi.
21
wlis siaxleebi
ANNUAL HIGHLIGHTSCredit Life Insurance
Since December 2009, MFO Credo has started implementation of Credit life insurance for its existing clients. The service is provided by International Insurance Company Imedi L, which has successfully operated in the Georgian insurance market since 1995.
Credit life insurance, additional feature to existing loan products, creates additional value for our customers by guaranteeing sub concious feeling of clients self security.
Credo is the first microfinance organization in the Vision Fund network providing Credit life insurance. By adding the feature to the products, Credo has sustained an image of an innovator organization on the Georgian microfinance market.
sicocxlis sakredito dazRveva
2009 wlis dekemberSi kredom daiwyo arsebul msesxebelTa sicocxlis sakredito dazRvevis danergva. dazRvevas uzrunvelyofs saerTaSoriso sadazRvevo kompania imedi L International, romelic 1995 wlidan wamratebiT funqcionirebs Cveni qveynis sadazRvevo bazarze.
sicocxlis sakredito dazRveva, rogorc arsebuli sasesxo produqtebis atributi, damatebiT faseulobas qmnis msesxeble-bisTvis - uzrunvelyofs ra maTi usafrTxoebis qvecnobier SegrZnebas.
kredo gaxlavT Vis ion Fund - is qselis pirveli mikrosafinanso organizacia, romelmac msesxeblebis sicocxlis sakredito dazRveva uzrunvelyo, riTac kidev erTxel gaimyara inovatoris imiji saqarTvelos mikrosafinanso bazarze.
22
wlis siaxleebi
ANNUAL HIGHLIGHTS
Credo Offers New Repayment System to CustomersCredo has implemented new repayment system for ensuring improved and quality
customer service. Technology advanced infrastructure for reliable and convenient repayment services is provided by Nova Technology, LTD System of Instant Repayments and TBC Pay. Instant Repayment Machines enable our customers to repay loans in streets, subways, shops and drugstores.
Thousands of these machines are located in all regions of Georgia consequently, easing repayment process at any geographical location. It is particularly convenient for village residents who will no longer have to travel to the cities for the purposes. Instant Repayment Machines operate 24/7 saving time and comforting MFO Credo LLC customers to pay desired amount.
kredo momxmareblebs gadaxdis axal sistemas sTavazobs servisis srulyofisa da momxmareblis xarisxiani
momsaxurebis mizniT kredom gadaxdis axali sistema danerga. swrafi gadaxdebis Tanamedrove, maRalteqnologiur infrastruqturas, momxmareblis saimedo momsaxurebas da mosaxerxebel sagadasaxado sistemas "nova teqnoloji", Sps "momentaluri gadaxdebis gaerTianebuli sistema" da "Tibisi fei" uzrunvelyofs. zemoT aRniSnuli kredos msesxeblebs saSualebas aZlevs sesxis gadaxdebi ganaxorcielon quCebSi, metros sadgurebSi, maRaziebsa Tu saafTiaqo qselebSi arsebuli Caricxvis aparatebiT.
aTasobiT aparati gadanawilebulia saqarTvelos TiTqmis yvela regionSi, rac saSualebas iZleva gadaxda ganxorcieldes sasurvel teritoriul monakveTSi. gansakuTrebiT es xelsayrelia soflad mcxovrebi msesxeblebisTvis, romlebsac aRar mouwevT qalaqebSi Casvla da saxlTan axlos SeZleben gadaxdas. aparatebis funqcionirebis 24 saaTiani reJimi ki saSualebas iZleva dReRamis nebismier dros ganxorcieldes nebismieri odenobis Tanxis gadaxda.
23
wlis siaxleebi
The Expansion of Operations in Regions
MFO Credo has celebrated the opening of second branch in Batumi, the opening of renovated branch in Akhalkalaki, and the expansion of operations in the new region of Kakheti by opening Telavi branch, in 2009. New branches help continue rapid and steady growth in urban and rural locations of Georgia.
These offices offer Agro, Urban, Household, and Tourism development loans with primary interest to create sustainable financial and livelihood conditions for the population. Branch openings are a major milestone to provide great convenience and accessibility of our services to tens of villages. Moreover, new offices created working places and future employment opportunities for local residents.
gafarToveba regionebSi
2009 wels kredom sami filialis gaxsna aRniSna: meore filiali q. baTumSi, ganaxlebuli filiali q. axalqalaqSi da pirvelad kaxeTis regionSi, filiali q. TelavSi. axali filialebi saSualebas gvaZlevs ganvagrZoT swrafi da mtkice zrda saqarTvelos urbanuli da sasoflo sameurneo regionebis gasaZliereblad.
aRniSnuli filialebi mosaxleobas sTavazobs agro, urbanul da sayofacxovrebo sesxebs stabiluri finansuri da sayofacxovrebo pirobebis Sesaqmnelad. filialis gaxsna mniSvnelovnad mosaxerxebels da xelmisawvdoms gaxdis Cvens produqtebs aTobiT soflisTvis. garda amisa axalma filialebma Seqmna da momavalSic Seqmnis samuSao adgilebs adgilobrivi mosaxleobis dasasaqmeblad.
24
wlis siaxleebiANNUAL HIGHLIGHTS
ANNUAL HIGHLIGHTSMicrofinance for Conflict Affected Regions
In 2009 MFO Credo has received the grant to provide financial assistance to people living in conflict affected regions. The project Microfinance for Conflict Affected Regions is financed by European Union and administered by United Nations Development Program (UNDP). In the framework of the project 140 vulnerable families from Shida Kartli and Mtskheta-Mtianeti region working in agriculture, trade, and service field have received assistance loans.
Samegrelo - Zemo Svaneti, Shida Kartli, and Mtskheta - Mtianeti are regions selected by UNDP and European Union as the mission group of this project. These regions were very much affected by August events developing in Georgia, resulting in increased number of refuges, recess in economy and unfavorable business environment resulting in high unemployment rate.
The goal of the project is to make micro credits available for the micro entrepreneurs, women and refugees living in the three regions of Georgia. As well provide them with business trainings and consulting which will enable them better manage their existing businesses, receive loans or start up the new businesses.
mikrodafinanseba konfliqtiT dazaralebuli regionebisaTvis2009 wels kredom moipova granti, romliTac konfliqtis
regionebSi mcxovreb mosaxleobas finansurad daexmareba. proeqts "mikrodafinanseba konfliqtiT dazaralebuli regionebisTvis" afinansebs evrokavSiri da axorcielebs gaeros ganviTarebis programa (UNDP). proeqtis farglebSi Sida qarTlis da mcxeTa - mTianeTis regionebSi soflis meurneobis, vaWrobis da momsaxurebis sferoSi moRvawe 140 umweo ojaxi dafinansda SeRavaTiani sesxebiT.
samegrelo - zemo svaneTi, Sida qarTli da mcxeTa-mTianeTi, es is sami regionia, romelic gaeros ganviTarebis programisa da evrokavSiris mier iqna SerCeuli am proeqtis samizne regionebad, sadac yvelaze metad aisaxa saqarTveloSi 2008 wlis agvistos movlenebi da gaizarda iZulebiT gadaadgilebul pirTa ricxvi. amasTan, am regionebSi Senelda ekonomikuri zrdis tempi, rasac daemata globaluri ekonomikuri krizisi, ramac mTlianobaSi gamoiwvia samive regionSi biznes garemos gauareseba da umuSevrobis maCveneblis zrda.
proeqtis mizania mikrodafinanseba xelmisawvdomi gaxados saqarTvelos sam regionSi mcxovrebi mcire mewarmeebisTvis, qalebisTvis da iZulebiT gadaaadgilebuli pirebisTvis da uzrunvelyos isini biznes treiningebiTa da konsultaciebiT, raTa maT SeZlon arsebuli biznesis ukeT marTva, sesxis aReba an axali saqmianobis wamowyeba.
wlis siaxleebi
25
Social AuditCredo as a microfinance organization recognizes that performance should be
managed on achievement of both financial and social goals. For that reason Credo cooperated with Microfinance Centre to perform Social Audit with Quality Audit Tool. A practical diagnostic tool designed to review and improve the effectiveness of management processes for achieving social goals.
The audit has been carried out in November 2009. It indentified gaps in the system and lead action plan development aimed at improving managerial systems for achieving social goals. This is a huge step towards implementation of Social Performance Management system. This will help to more effectively collect and use client information in order to adapt and improve products and systems so that every day operations contribute directly to the long term goals of both social and financial mission fulfillment.
Credo received Social Performance Reporting Award 2009-Silver Category from MIX Market, the leading business information provider. The report covered 22 Social Performance Indicators covering subjects from poverty measurement to impact on clients' well-being, social responsibility to staff and community, cost of services and institutional internal processes and how those align with mission. More than 200 MFIs reported on Social Performance in the world. Among those, 22 were awarded Silver Category.
socialuri auditi
kredo rogorc mikrosafinanso organizacia aRiarebs, rom samuSaos Sesruleba fasdeba rogorc finansuri, aseve socialuri miznebis miRwevis maCveneblebiT. Sesabamisad, kredom mikrosafinanso centrTan iTanamSromla `xarisxobrivi auditis instrumentis~ gamoyenebiT socialuri auditis Casatareblad. programa specialurad Seqmnilia organizaciis marTvis sistemis socialuri misiis miRwevis efeqturobis gadaxedvisa da gaumjobesebisaTvis.
kredoSi auditi 2009 wlis noemberSi Catarda. auditma moaxdina sistemaSi sisusteebis identificireba da xeli Seuwyo samoqmedo gegmis Seqmnas. es gegma ki Tavis mxriv gaaumjobesebs marTvis sistemas socialuri misiis miRwevaSi. es didi wingadadgmuli nabijia socialuri Sesrulebis marTvis sistemaSi. es dagvexmareba ufro efeqturad SevagrovoT informacia msesxeblebze, raTa CamovayaliboT produqtebi da sistema, romelic pirdapir mimarTuli iqneba socialuri da finansuri misiis miRwevis grZelvadian miznebze.
2009 wlis socialuri Sesrulebis reportirebisTvis kredom wamyvani biznes informaciis momwodebeli organizacia `miqs marketisagan~ vercxlis kategoriis jildo miiRo. reporti Seicavda 22 socialuri Sesrulebis maCvenebels, maT Soris siRaribis donis gansazRvra, gavlena klientebis keTildReobaze, socialuri pasuxismgebloba TanamSrom-lebisa da sazogadoebis mimarT, momsaxurebis Rirebuleba da Sida institucionaluri procesebi. msoflios 200-ze metma mikrosafinanso organizaciam Caabara angariSi, romelTagan 22 vercxlis kategoriiT dajildovda.
26
wlis siaxleebiANNUAL HIGHLIGHTS
ANNUAL HIGHLIGHTS
Partnering Community Development Project
With its vision to reduce vulnerability and empower poor to build sustainable livelihoods, Credo partnered Introductory Letter Writing project. The event was arranged by World Vision Georgia Child Sponsorship and Area Development Program in May 2009.
Aim of the project is to target communities of Imereti, Samtskhe Javakheti and Kakheti region and to establish long term relationships between local children, their parents, and sponsors from the Support Offices (Canada, Switzerland and Hong Kong).
Within the framework of those events participating children write letters to potential sponsors, where they introducing themselves, their friends, families, communities, write about future plans and other stories and attach drawings. At the end of each Introductory Letter Writing event the children from target communities are shown their favorite cartoons.
sazogadoebrivi ganviTarebis proeqtis mxardaWera
2009 wlis maisSi kredom partnioroba gauwia gacnobiTi werilebis weris RonisZiebas, romelsac organizeba `uorld viJen saqarTvelos~ bavSvTa keTildReobis da samxareo ganviTarebis programam gauwia.
RonisZiebis mizania imereTis, samcxe-javaxeTis da kaxeTis Temebis gaZliereba bavSvebs, mSoblebsa da sponsorebs Soris xangrZlivi urTierTobis damyarebiT. sponsorebs warmoadgenen damxmare ofisebi kanadidan, Sveicariidan da honkongidan.
RonisZiebis farglebSi aRniSnuli raionis soflebSi mcxovrebi bavSvebi sponsorebs weren gacnobiT werilebs, sadac warmoadgenen istoriebs maTi ojaxebis, megobrebis da momavali miznebis Sesaxeb. werilebs Tan erTvis bavSvebis mier Seqmnili naxatebi. RonisZiebis bolos bavSvebi multiplikaciur filmebs uyureben.
27
wlis siaxleebi
Deutsche Bank
"Deutsche Bank has maintained an active relationship with Credo since 2007 when Credo received debt funding from DB-structured Global Commercial Microfinance Consortium Fund and from v.g. Microfinance Invest Nr. 1. Credo focuses on rural agricultural microloan markets in Georgia and targets the unbanked population. The MFI has initiated implementation of Poverty Management Tool and underwent a Social Audit in 2009. Credo has reduced the average loan size offered to its clients over the last few quarters as it focused more on the rural markets. Relative to some other banks and financial institutions in the region, Credo has been less affected by the Georgia-Russia War and crisis of the last two years and has reported profitable (unaudited) results for 2009."
Ajit JainAssistant Vice President Global Social Investment Funds
BlueOrchard
“BlueOrchard started financing MFO Credo (at that time VF Credo) in 2007 from the Dexia Micro Credit Fund. We have been pleased to build a strong and fruitful cooperation with MFO Credo over the last years and were honored to disburse our first GEL-indexed loan to the institution in April 2010. We appreciate that MFO Credo makes every effort to contribute to the financial inclusion of the rural population of Georgia. BlueOrchard wishes a long-standing success to the Credo team.”
Julie Hubert-MoulinSenior Investment Analys
28
PARTNERS
Triple Jump
“Our partnership with Credo started in early 2006 when Triple Jump was one of the first investors to support the organization's early growth. Since that time, we have watched Credo achieve higher stages of institutional development, and we have been able to support Credo along the way with additional investments. We appreciate Credo's social mission, which is shown through its effort to reach micro-entrepreneurs in remote rural areas. This mission fits well with our profile as a socially-conscious investment fund manager. Credo's ability to weather the 2008 conflict and 2009 global downturn testify to the strengths of its staff and senior management.”
Anthony Randazzo, CFATriple Jump Fund Management - Amsterdam, Netherlands
Incofin“Incofin Investment Management started its cooperation with Credo in June 2008
and extended a first senior loan to finance Credo's strong portfolio growth. Credo as an innovative microfinance institution with strong focus on rural microfinance and committed management team is a perfect match with Incofin Investment Management. Hence, when Credo was in need of additional funding shortly after the armed conflict between Georgia and Russia in August 2008, Incofin Investment Management provided a second loan of USD 1M to help the institution in such a difficult situation.
Incofin Investment Management highly welcomes Credo's recent plans to increase its rural outreach and strengthen its social mission through a recently conducted social audit. We are glad to accompany Credo as a financial partner in its successful development. ”
Peter BereschkaInvestment Manager
Developing World Markets
“DWM is committed to fostering financial services to the poor in all developing countries through strengthening and growing high-quality MFIs using the international capital markets. Our first loan of USD 1 million to Credo through the SNS Institutional Microfinance Fund I in 2007 was one of the first loans the Fund made. Since then, we have enjoyed working with the hardworking and socially oriented professionals at Credo and seeing the institution grow sustainably even through the 2009 financial crisis. We are excited about our partnership with Credo and look forward to continuing our support for an institution that is well positioned to continue its growth and strong social mission in 2010 and beyond.”
Bogdan Tatarchevskiy Relationship Manager - Russia, Caucasus & Central Asia
29
PARTNERS
30
artniorebip
BlueOrchard
"bluorCardma mikrosafinanso organizacia kredos (imdroindel viJenfand kredo) dafinanseba `mikro kredit fondis" saSualebiT daiwyo. CvenTvis sasiamovnoa mso kredosTan Zlieri da nayofieri TanamSromloba gasuli wlebis ganmavlobaSi. 2010 wlis aprilSi larSi indeqsirebuli pirveli sesxis gacema ki gansakuTrebuli pativia CvenTvis. didad vafasebT kredos yvela Zalisxmevas Tavisi wvlili Seitanos saqarTvelos soflis mosaxleobis finansur inkluziaSi. bluorCardi kredos gunds xangrZliv warmatebas usurvebs.~
juli hubert-muliniufrosi investiciebis eqsperti
Triple Jump
`Cven kredosTan TanamSromloba 2006 wlis dasawyisSi daviwyeT. maSin, rodesac Trifl jamfi organizaciis sawyisi ganviTarebis mxardamWeri erT-erTi pirveli investori iyo. mas Semdeg vxedavT, rogor aRwevs kredo institucionaluri ganviTarebis maRal safexurebs da ganviTarebis am gzaze saSualeba gvqonda davxmarebodiT damatebiTi investiciebiT. vafasebT kredos socialur misias, romelic gamoixateba miswrafebiT daexmaros sasoflo-sameurneo teritoriebze mcxovreb mcire mewarmeebs. kredos misia kargad Seesabameba Cvens rogorc socialuri Segnebis mqone sainvesticio fondis menejmentis profils. 2008 wlis konfliqtisa da 2009 wlis globaluri recesiis gadalaxva ki adasturebs kredos TanamSromelTa da mmarTvelobiTi gundis siZlieres.~
antoni randazoTrifl jamf fond menejmenti - amsterdami, niderlandebi
Deutsche Bank`doiCe bankma aqtiuri TanamSromloba kredosTan 2007 wlidan
SeinarCuna. maSin, rodesac kredo pirvelad sesxiT ̀ doiCe bankis- globaluri komerciuli mikrosafinanso konsortium fondis~ da `viji mikrofinans invest #1~-is meSveobiT daafinansa. kredo fokusirebulia sasoflo-sameurneo mikro dakreditebis bazarze. mis samizne jgufs warmoadgens mosaxleoba, romelic s a b a n k o m o m s a x u r e b i T v e r s a r g e b l o b s . 2 0 0 9 w e l s mikrosafinanso organizaciam daiwyo `siRaribis marTvis sqemis~ danergva da Caatara socialuri auditi. kredom msesxeblebisTvis SeTavazebuli saSualo sesxis zoma Seamcira bolo periodSi, radgan fokusireba sasoflo-sameurneo bazarze moaxdina. regionis sxva bankebis da mikrosafinanso organizaciebis msgavsad, kredo naklebad dazaralda saqarTvelo ruseTis omiT da bolo ori wlis krizisiT da warmoadgina 2009 wlis momgebiani (araauditirebuli) Sedegebi.~
ajit jainiasistent vice prezidentiglobaluri socialuri investiciis fondi
Incofin`sainvesticio kompania inkofini kredosTan 2008 wlis
ivnisidan TanamSromlobs. pirveli sesxiT kredo porTfelis mtkice zrdisTvis daafinansa. kredo, rogorc inovaciuri, sasoflo sameurneo mikrodafinansebaze orientirebuli da Tavdadebuli mmarTvelobiTi gundis mqone mikrosafinanso organizacia, absoluturad Seefereba sainvesticio kompania inkofins. amitomac 2008 wlis agvistos ruseT saqarTvelos SeiaraRebuli konfliqtis Semdeg, rodesac kredos damatebiTi dafinanseba esaWiroeboda, sainvesticio kompania inkofinma rTul viTarebaSi myof organizacias gamouyo meore sesxi 1 milioni dolaris odenobiT.
sainvesticio kompania inkofini miesalmeba kredos gegmebs, gazardos sasoflo-sameurneo pozicionireba da gaaZlieros socialuri misia axlad Catarebuli socialuri auditis meSveobiT. moxarulni varT viyoT kredos Tanmxlebi finansuri partniorebi warmatebuli ganviTarebis gzaze.~
piter bereSkainvesticiebis menejeri
31
artniorebip
Developing World Markets "diviemi" orientirebulia ganviTarebad qveynebSi
RaribTaTvis finansuri momsaxurebis xelSewyobaze. zemoaRniSnuls, saerTaSoriso sabazro kapitalis meSveobiT, maRali donis mikrosafinanso organizaciebis gaZlierebiT da gazrdiT axerxebs. "SNS institucionaluri mikrosafinanso fondi I-is" erT-erTi pirveli sesxi 1 milioni dolaris odenobiT kredos 2007 wels gamoeyo. mas Semdeg siamovnebiT vTanamSromlobT kredos Sromismoyvare da socialuri orientaciis mqone profesionalebTan, vxedavT organizaciis myar ganviTarebas 2009 wlis finansuri krizisis pirobebSic ki. moxarulebi varT kredosTan TanamSromlobiT da vimedovnebT momavalSic davuWiroT mxari organizacias, romelic agrZelebs zrdas da inarCunebs Zlier socialur misias 2010 wels da SeinarCunebs momavalSic".
bogdan tatarCevski
urTierTobebis menejeri – ruseTi, kavkasia, centraluri azia
Head Office #4 Pekini str, Tbilisi.
Tel.: (+995 32) 21 39 37
Tbilisi Saburtalo Office#4 Pekini str.
Tel.: (+995 32) 21 24 92/93
Tbilisi Didube Office #200 Tsinamdzgvrishvili str.
Tel.: (+995 32) 24 35 29
Tbilisi Varketili Office #4 Javakheti str.
Tel.: (+995 32) 45 72 40
Kutaisi Office #1#7 Gogebashvili str.
Tel.: (+995 331) 4 20 50
Kutaisi Office #2#38 Chavchavadze str.
Tel.: (+995 331) 7 12 86
Samtredia office#10 Rustaveli str.
Tel.: (+995 311) 2 44 40
Khashuri office#33 Rustaveli str.
Tel.: (+995 368) 4 60 66
Borjomi Office#147 Rustaveli str.
Tel.: (+995 367) 2 05 40
Batumi Office #1#13 Gamsakhurdia str.
Tel.: (+995 88 222) 2 14 14
Batumi Office #2#105 Gorgiladze str.
Tel.: (+995 88 222) 7 86 86
Kobuleti Office#2 Agmashenebeli ave.
Tel.: (+995 336) 6 66 81
Akhaltsikhe Office#5a Tamarashvili str.
Tel.: (+995 365) 2 04 06
Akhalkalaki Office#38 Nalbandiani str.
Tel.: (+995 362) 2 32 09
Telavi Office#73a Alazani ave.
Tel.: (+995 350) 7 66 27
saTao ofisimis: Tbilisi, pekinis #4
tel: (8 22) 21 39 37
Tbilisi saburTalos ofisimis: pekinis #4
tel: (8 22) 21 24 92/93
Tbilisi didubis ofisimis: winamZRvriSvilis #200
tel: (8 22) 24 35 29
Tbilisi varkeTilis ofisimis: javaxeTis #4
tel: (8 22) 45 72 40
quTaisis ofisi #1mis: gogebaSvilis #7
tel: (8 231) 4 20 50
quTaisis ofisi #2mis: WavWavaZis #38
tel: (8 231) 7 12 86
samtrediis ofisimis: rusTavelis #10tel: (8 211) 2 44 40
xaSuris ofisimis: rusTavelis #33tel: (8 268) 4 60 66
borjomis ofisimis: rusTavelis #147tel: (8 267) 2 05 40
baTumis ofisi #1mis: k. gamsaxurdias #13tel: (8 88 222) 2 14 14
baTumis ofisi #2mis: gorgilaZis #105tel: (8 88 222) 7 86 86
qobuleTis ofisimis: aRmaSeneblis #2tel: (8 236) 6 66 81
axalcixis ofisimis: TamaraSvilis #5atel: (8 265) 2 04 06
axalqalaqis ofisimis: nalbandianis #38tel: (8 262) 2 32 09
Telavis ofisimis: alaznis #73atel: (8 250) 7 66 27
