CONTENT 1 2

FOREWORD

4

ABOUT US

6 6 6 7 8 10

Mission Vision We are outstanding by History Supervisory Council

3

4 5

OUR PERFORMANCE Balance Sheet Income Statement Outstanding Portfolio Portfolio by Product Portfolio at Risk (Over 30 Days) Operational Self Sustainability Number of Active Clients Number of Children Impacted Funding Sources

12 12 13 14 14 15 15 16 16 17

OUR PRODUCTS

18

CUSTOMERS

19 19 20 21

Nunu Gogolauri Amiran Verulidze Natela Odikadze

6

7

ANNUAL HIGHLIGHTS Credo Joined Kiwa Network Since November 2010 Two New Branches Opened in 2010 Microfinance in the regions affected by the conflict Poverty Scorecard Credo Offered New Service to Customers Credo Academy Crop Insurance Loan

22 22 23 24 25 26 27 28

TESTIMONIALS

29

sarCevi 1

winasityvaoba

5

2

Cvens Sesaxeb

6

misia xedva Cven gamovirCeviT istoria sameTvalyureo sabWo

6 6 7 9 11

Sedegebi

12

sabalanso uwyisi mogeba-zaralis uwyisi porTfeli porTfeli produqtebis mixedviT sarisko porTfeli (30 dReze meti) saoperacio TviTSenaxvadoba aqtiur msesxebelTa raodenoba gavlena moxdenil bavSvTa ricxvi dafinansebis wyaroebi

12 13 14 14 15 15 16 16 17

4

produqtebi

18

5

momxmareblebi

19

nunu gogolauri amiran veruliZe naTela odikaZe

19 20 21

wlis siaxleebi 2010 wlis noembridan kredo `kivas~ qselSi gawevrianda 2010 wels ori axali filiali gaixsna mikrofinansireba konfliqtiT dazaralebul regionebSi socialuri mdgomareobis Sefasebis baraTi kredom msesxeblebs axali momsaxureba SesTavaza kredo akademia mosavlis dazRvevis sesxi

22 23 24 25 26 27 28

sarekomendacio werilebi

31

3

6

7

22

Dear Reader, Past year was the year of growth and innovations. In 2010 Credo experienced significant growth in the number of customers increasing from 22 892 in 2009 to 43 172 at the end of December 2010. Majority of growth comes from deepening penetration in existing rural branches. It is Important to highlight the fact that in addition to managing customer growth we kept focus on improving portfolio quality. As a result Credo finish the year with 0,02% PAR over 30 days combined with 0,7% written off ratio. To maintain high quality of our portfolio, Credo has been constantly analyzing, monitoring and adjusting its loan requirements, evaluation tools, procedures and policies. Moreover, Credo has increased market and customer satisfaction research and has gained a better understanding of its customers. In line with managing high growth and quality of portfolio one of the biggest challenges for Credo was to keep high quality of customer service in period of intensive staff growth. Many investments took place in customer service improvement. Staff inflow was more than 140 new employees in 2010. Big increase in number of total employees was followed with intensive training. Credo Academy developed five training modules this year. Other important projects realized in 2010 are: pilot of new insurance product, introduction of SMS 6020 service, development of new loan products, opening of two new branch offices in Zestaphoni and Bolnisi, introduction of Credo Village day, and switching to KIVA network. Social performance of Credo improved too. In 2010 Credo created 10 305 new jobs, provided 18 025 loans to woman, and impacted 47 781 children. Credo designed Poverty Score Card system which is planned to be piloted at the end of 2011. I would like to use this opportunity to thank all Credo's staff for their hard work and commitment, to the supervisory council for their effective leadership, to all our partners and investors for their support, but most of all to Credo's customers for their loyalty and joint efforts in building better life in rural areas. Sincerely, Ljiljiana Spasojevic Chief Executive Officer

Zvirfaso mkiTxvelo, gasuli weli zrdisa da inovaciebis weli iyo. 2010 wels kredom msesxebelTa raodenobis mniSvnelovani zrda ganicada (2009 wlis dekemberSi 22 892, xolo 2010 wlis dekemberSi 43 172 msesxebeli). zrda sasoflo sameurneo teritoriebze SeRwevadobiT aris gamowveuli. mniSvnelovania avRniSnoT is faqti, rom msesxebelTa raodenobis zrdis marTvasTan erTad, Cven ganvagrZeT fokusireba sakredito porTvelis xarisxis gaumjobesebaze. Sedegad wlis bolos kredom SeZlo >30 dRiani riskis porTveli 0,02%-ze SeenarCunebina, xolo Camowerili sesxebis Tanafardoba 0,7%-ze. porTvelis maRali xarisxis SesanarCuneblad kredo mudmivad aanalizebda, amowmebda da aumjobesebda sasesxo moTxovnebs, Sefasebis instrumentebs, procedurebs da politikas. garda amisa, kredom momxmarebelebis ukeT Sesaswavlad gaaZliera bazrisa da momxmarebelTa kmayofilebis kvlevebi. porTvelis zrdisa da xarisxis gaumjobesebis marTvis miRma, kredosTvis yvelaze rTuli gamowveva TanamSromelTa raodenobis intensiuri zrdis fonze, momsaxurebis maRali xarisxis SenarCuneba iyo. gansakuTrebuli investicia momxmarebelTa momsaxurebis xarisxis gaumjobesebisaTvs gamoiyo. 2010 wels axladmiRebul TanamSromelTa nakadma 140-s gadaaWarba. TanamSromelTa jamuri raodenobis swraf zrdas intensiuri treiningebi mohyva. kredos akademiam wels xuTi Treining moduli Seqmna. 2010 wlis sxva mniSvnelovan proeqtebs Sorisa aRsaniSnavia: axali sadazRvevo produqtis pilotireba, mokle teqsturi Setyobinebebis (6020) SemoReba, axali sasesxo produqtebis Seqmna, ori axali filialis gaxsna zestafonsa da bolnisSi, kredos soflis dRis dawyeba da KIVA-s qselSi CarTva. gaumjobesebulia socialuri misiis Sesrulebac. 2010 wels kredom 10 305 axali samuSao adgili Seqmna, 18 025 sesxi qal msesxeblebze gasca, da gavlena 47 781 bavSvze moaxdina. kredom Seqmna msesxebelTa socialuri mdgomareobis Sefasebis sistema, romlis prototipis pilotireba 2011 wlis bolosTvis aris dagegmili. minda gamoviyeno SesaZlebloba da madloba gadavuxado kredos TanamSromlebs dauRalavi Sromisa da TavdadebisaTvis, direqtorTa sabWos efeqturi xelmZRvanelobisaTvis, Cvens partniorebs da investorebs mxardaWerisaTvis da upirvelesad kredos msesxeblebs erTgulebisa da ZalisxmevisaTvis raTa erTad gavaumjobesoT soflad mcxovrebi adamianebis cxovrebis pirobebi. pativiscemiT, liliana spasoeviCi aRmasrulebeli direqtori

Zestafoni zestafoni

Bolnisi bolnisi

Mission 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.

Vision 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.

misia kredos misiaa mikro, mcire da saSualo mewarmeebis mdgradi finansuri momsaxurebiT uzrunvelyofa, sasoflo sameurneo saqmianobisa da RaribTaTvis dasaqmebis SesaZleblobebis uzrunvelmyofa biznesebis upiratesobiT.

xedva kredos xedvaa umweoTaTvis xelis Sewyoba ojaxis Semosavlebis gazrdasa da siRaribis daZlevaSi, myari da stabiluri saarsebo saSualebebis SeqmnaSi.

History 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 was 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 a USD 70,000,000 portfolio invested in 45 MFIs, will be 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, LLC MicroFinance Organisation Credo. 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, Social Audit and Credit Life Insurance. Another, major milestone for the year is the expansion of operations in the new region of Kakheti. Despite worsening of the economic recession, Credo managed to maintain PAR 0,92 % for 20 584 673 US Dollar portfolio and continued the rapid growth in number of clients reaching 22 892 by December 31, 2009. Credo received Silver Category Award from MIX market for achievements in Social Performance. In 2010, Credo became leader between microfinance organizations serving 43 172 customers and PAR of 0.02% for 33 960 677 US Dollar portfolio. Credo expanded geographically by opening two new branches mainly with rural positioning. Major improvement in the sphere of social performance has been research and formation of poverty assessment tool so called, Poverty Scorecard to better focus on target market, to measure the impact of products offered, and most importantly to offer more flexible, convenient, responsible products and services to our customers.

istoria sabWoTa kavSiris ngrevas da saqarTvelos damoukideblobis gamocxadebas 1991 wels samoqalaqo omi moyva. konfliqtma ekonomikis totaluri kolafsi da eskalaciis regionebSi 300 000-ze meti ltolvilis gadaadgileba gamoiwvia. 1997 wels saerTaSorio organizacia "vold 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 SesaZleblobebis uzrunvelmyofi biznesebis upiratesobiT. 2002 weli organizaciisTvis gadamwyveti aRmoCnda, radganac kanadis ganviTarebisa da daxmarebis saagentos wyalobiT programis regionebis masStabiT gafarToeba gaxda SesaZlebeli. 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 organizaciiTvis, mikro safinanso organizaciis kvalifikaciis miniWeba. kredos erTpirovnuli damfuZnebeli gaxlavT viJenfand inTerneiSenali, romelic TavisTavad warmoadgens kaliforniaSi dafuZnebul mikrosafinanso korporacias, romlis daaxloebiT 381 milioni aSS dolariani portfeli 40 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, arakomerciuli organizacia `viJenfand kredom~ 2007 wlis dekemberSi daafuZna axali organizacia, romlis saxelwodebaa S.p.s `mikrosafinanso organizacia kredo~. igi licenzirebul iqna saqarTvelos erovnuli bankis mier rogorc mikrosafinanso organizacia. Sesabamisad `viJenfand kredom~- 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 motivacia, zrdis survili da cvalebad droze morgeba dadebiTad aisaza 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, socialuri auditi da sicocxlis sakredito dazRveva. udidesi miRwevaa gafarToveba axali ofisis gaxsniT kaxeTis regionSi. miuxedavad ekonomikuri recesiis gauaresebisa, kredom moaxerxa 2009 wlis 31 dekembrisTvis 20 584 673 a.S.S. dolari porTfelis riskis 0,92%-ze SenarCuneba da momxmarebelTa raodenobis swrafi zrda, romelTa ricxvmac 22 892 adamians miaRwia. socialuri miznebis SesrulebisTvis kredom vercxlis kategoriis jildo miqs marketisgan miiRo. 2010 wels kredom saqarTvelos mikrosafinanso organizaciebs Soris lideris pozicia moipova 43 172 msesxeblis momsaxurebiT da 0.02% riskiT 33 960 677 a.S.S. dolaris porTfelze. kredo gafarTovda geografiulad da gaxsna ori axali filiali agraruli pozicionirebiT. socialuri misiis SesrulebaSi mniSvnelovan miRwevas kvlevis safuZvelze msesxebelTa socialuri mdgomareobis Sefasebis instrumentis Seqmna warmoadgens. socialuri mdgomareobis Sefasebis baraTebi dagvexmareba ukeT movaxdinoT fokusireba samizne segmentze, SevafasoT Cveni gavlena msesxeblebze da SevTavazoT moqnili, moxerxebuli da gonivruli produqtebi.

Founder Vision Fund International Chief Executive Officer Ljiljana Spasojevic

Members of Supervisory Council Nana Mikashavidze, Chief Executive Officer, TBC Leasing- Chair of Supervisory Council Nana Mikashavidze has more than 10 years of experience in the financial industry in Georgia. She has strong knowledge of the Georgian Financial sector as well as the experience in international program management. She holds an MBA from the European School of Management and currently serves as the CEO of TBC Leasing. Lukas Wellen, CEO of Musoni mobile microfinance Lukas Wellen is responsible for setting up microfinance institutions in Eastern Africa that use mobile payment technologies. He supports companies in outsource of Internet Technology, control and funding. Previously he worked for Triple Jump Advisory Services, SNV Vietnam and ProCredit Bank for which advised and developed MFIs in several countries. Paolo Ferarris, National Director of World Vision International in Georgia Paolo Ferraris joined World Vision Georgia in September 2009. For over twenty years, he has worked in relief and development projects in numerous countries of Europe, Africa, Asia and the Pacific. He has studied Development Management at Oxford University. The World Vision National Director position is the third Georgiabased position for Paolo Ferraris. Seth Cechetto - VisionFund Regional Director for the Middle East and Eastern Europe. Seth Cechetto has extensive experience in retail banking at the senior level. He spent 30 years with Scotiabank, Canada including secondments to affiliate banks in the Caribbean and Thailand. Currently, Seth Cechetto is a Vice President of Scotiabank and Senior Vice President of Thanachart Bank in Thailand. He has an M.A. in International Affairs from the Norman Patterson School of International Affairs, Carleton University, Ottawa where he completed a thesis on International Banking. Nino Gonjilashvili- Senior Financial Specialist, VisionFund International Nino Gonjilashvili has over six years of working experience in the financial management of microfinance organizations and four years in project design, implementation and management. She has worked as a Finance Officer for World Vision International in Georgia, as the Finance Director at Vision Fund Credo Foundation and IQPC Spain. Currently, she works as a Senior Financial Specialist at Vision Fund International. Nino Gonjilashvili holds International MBA from Instituto de Epresa Business School and Finance Degree from Association of Chartered and Certified Accountants (ACCA.) Marinus Maaskant-Independent Consultant, Founder of Maaskant Consulting Marinus Maaskant has vast expertise in senior management of consultancy projects for international financial institutions implementing strategic decisions, coaching assignments and project development. His work experiences includes: Board Member at Musoni Mobile Microfinance, CEO, ABN AMRO Mellon Global Securities Services, Senior Vice President for Manager Global Security Services, Senior Vise President for Training and Development, Senior Vise President for Audit Department of Dutch and international financial market, Operational Manager for Dutch Bank District. He has years of experience as chairman and treasurer in the board of different institutions. Lika Gelashvili-Director of HR and Quality Management Department, Insurance Company IC Group Lika Gelashvili holds a Masters Degree in Social Psychology from Tbilisi State University. She has over seven years of experience in HR consulting, service standard formation, recruitment, researching. Also in design, implementation, management and monitoring of trainings. She has worked as a Director for a leading Georgian HR company Human Capital, as an Internal Auditor of Quality Management System for Institute for Polling and Marketing. She has consulted and worked on special HR projects with numerous Georgian companies .

damfuZnebeli: viJenfand inTerneiSenali aRmasrulebeli direqtori: liliana spasoeviCi

sameTvalyureo sabWos wevrebi nana miqaSaviZe - sameTvalyureo sabWos Tavmjdomare Ti-bi-si lizingis aRmasrulebeli direqtori nana miqaSaviZes saqarTveloSi safinanso industriaSi muSaobis 10 wliani gamocdileba aqvs. is kargad icnobs safinanso seqtors saqarTveloSi da aqvs saerTaSoriso programebis marTvis gamocdileba. is evropis menejmentis skolis magistria. amJamad ki Ti-bi-si lizingis aRmasrulebeli direqtoria. lukas veleni-musoni mobiluri mikrofinansebis aRmasrulebeli direqtori lukas veleni aRmosavleT afrikaSi iseT mikrosafinanso organizaciebs ayalibebs, romlebic mobiluri gadaxdebis teqnologiebs iyeneben. is aRniSnul kompaniebs exmareba internet teqnilogiebis, marTvisa da dafinansebis mopovebaSi. lukas veleni muSaobda `Trifl jamp sakonsultacio servisSi~, `sienvi~ vietnamSi da `prokredit bankSi~, sadac man konsultacia gauwia, Camoayaliba da ganaviTara mikrosafinanso organizaciebi ramodenime qveyanaSi. paolo ferarisi -`vorld viJen saqarTvelos~ direqtori paolo ferarisma `vorld viJen saqarTveloSi~ muSaoba 2009 wlis seqtemberSi daiwyo. oc wlianis samuSao karieris manZilze is evropis, afrikis, aziisa da wynari okeanis qveynebSi SemweobiT da ganviTarebis programebSi muSaobda. man oqsfordis universitetis ganviTarebis marTvis fakulteti daamTavra. `vorld viJen saqarTvelos~ garda is saqarTveloSi sam sxvadasxva kompaniaSi muSaobda. seT Ceketo-viJen fandis regionaluri direqtori Sua aRmosavleTsa da aRmosavleT evropaSi seT Ceketos sacalo sabanko momsaxurebaSi xelmZRvanel poziciaze muSaobis didi gamocdileba aqvs. man `skotia banksa~ (kanada) da partnior bankebSi tailandsa da karibis zRvis qvenynebSi 30 weli imuSava. amJamad is `skotia bankis~ vice prezidenti da amavdroulad tailanduri `tanaCart bankis~ prezidentia. is Carltonis universitetis, norman pitersenis saerTaSoriso urTierTobebis skolis magistria. man samagistro naSromi saerTaSoriso sabanko sistemaze daicva. nino gonjilaSvili - viJenfand interneiSenalis ufrosi finansuri specialusti nino gonjilaSvils mikrosafinanso organizaciebis finanur menejmentSi muSaobis eqvs wliani gamocdileba aqvs. xolo, proeqtebis dizainis SeqmnaSi, danergvasa da marTvaSi oTx wliani gamocdileba. is vorld viJen saqarTvelos warmomadgenlobis finansuri oficerad, viJen fand kredo fondsa da kompania IQPC-Si ki finansuri direqtorad muSaobda. nino gonjilaSvili amJamad viJen fand interneiSenalis ufrosi finansuri specialistia. is `instituto de esprezas~ biznes skolis magistria da agreTve buRalterTa asociaciis (ACCA) finansistis diplobs flobs. marinus maaskant- maaskant konsaltingis damfuZnebeli da damoukidebeli konsultanti marinus maaskants sakonsultacio proeqtebis marTvaSi muSaobis didi gamocdileba aqvs. is saerTaSoriso safinanso organizaciebs konsultacias strategiuli gadawyvetilebebis danergvasa da proeqtebis ganviTarebaSi uwevs. misi samuSao gamocdileba moicavs: `musoni mobail maiqrofainansis~ sabWos wevri, ABN AMRO Global Securities aRmasrulebeli direqtori, Manager Global Security Services, Training and Development-is vice prezidenti, daniis sabanko olqis auditoruli ganyofilebis prezidenti da saoperacio menejeri. mas sxvadasxva organizaciebis direqtorTa sabWos Tavjdomared da xazinadarad muSaobis mravalwliani gamocdileba aqvs. lika gelaSvili-sadazRvevo kompania „ai si jgufis“ adamianuri resursebisa da xarisxis marTvis departamentis direqtori lika gelaSvili Tbilisis saxelmwifo universitetis socialuri fsiqologiis magistris xarisxis mflobelia. mas adamianuri resursebTan dakavSrebul konsultaciebSi, kvlevaSi, TanamSromelTa daqiravebasa da treiningebis CamoyalibebaSi muSaobis Svid wliani gamocdileba aqvs. is muSaobda kompania Human Capital-is direqtorad, kvlevisa da marketingis institutis xarisxis marTvis sistemis Sida auditad. man mraval qarTul kompanias gauwia konsultacia da imuSava specialur sakadro proeqtebze.

8 330 981

33 960 677

(266 233)

(207 041)

33 753 636

762 517

1 141 371

43 988 504

11 626 517

25 694 884

6 667 103

43 988 504

saprocento da sakomisio Semosavali sesxebidan

10 203 697

(2 621 843)

wminda saprocento da sakomisio Semosavali

7 581 854

(125 208) Funds Recovered from Written-off Loans

593 058

(5 466 283)

0

(76 039)

974 957

2 507 382

(191 237)

(271 657)

792 818

2 235 725

286 397

792 818

2 522 122

36 000 000

33 960 677

32 000 000

20 584 673

2010

urbanuli biznes sesxebi 36 000 000 32 000 000

33 960 677 TOURISM DEVELOPMENT LOANS

CREDIT PURCHASES ganvadeba

20 584 673

2010

0.02%

2010

134% 130% 126%

126%

122% 118% 114%

2010

48 000 000 44 000 000

43 172

40 000 000 36 000 000 32 000 000

2010

gavlena moxdenil bavSvTa raodenoba 50 000

47 781

45 000

2010

$ 379,242

$ 1,408,612

$ 5,815,042

$ 3,418,031 $1,011,312

$ 2,022,623

$ 2,012,355

$ 3,576,026 $ 1,997,415

$ 3,420,084

$ 2,528,279 $ 7,332,009

Symbiotics Triple Jump TBC Bank Vision Fund Deutsche Bank Triodos Doen IncoFin BlueOrchard MOF Georgia (International Development Association; International Fund for Agriculture Development) OikoKredit Developing World Markets European Bank for Reconstruction and Development

TOURISM DEVELOPMENT LOANS

urbanuli biznes sesxebi CREDIT PURCHASES ganvadeba

Nunu Gogolauri Loan Type: Agriculture Loan Business: Cattle breeding Agricultural loans, geared toward supporting rural residents of Georgia represent one of the most vital Credo products. Rural residents of Georgia rarely have access to financial services rather than Credo's to improve their business and household conditions. Ms. Nunu Gogolauri received an Agriculture Loan for developing her cattle breeding and dairy product business. Since applying for her first loan at Credo, her business grew from 1 cow to a mini farm of sixteen cows, ten pigs, and ten family chickens. Motivation to improve the living condition of her family was main force to achieve success. Together with purchasing cattle, she used loans for constructing two cattle dwellings and purchase of cattle feed. Credo also financed her purchase of a second hand car which she uses to distribute dairy products to the markets of nearby villages and towns. In addition, She supplies meat to restaurants and diners. Ms. Gogolauri is a great example of many Credo customers who have built meaningful livelihood though hard work and Credo's financial support. Currently, she plans to diversify her business and start cultivating wheat. In total, business of Ms. Gogolauri supports 4 people. As Ms. Gogolauri notes, Credo empowered her feeling of self security. 'I am sure that I always have a friend like Credo to support me and my family business initiatives.

nunu gogolauri sesxis saxeoba: sasoflo sameurneo sesxi biznesis tipi: mesaqonleoba sasoflo sameurneo sesxi erT-erTi umniSvnelovanesi produqtia kredos sasesxo produqtebs Soris. is mimarTulia saqarTvelos sasoflo sameruneo arealebSi mcxovrebi mosaxleobis dasaxmareblad. soflad mcxovreb mosaxleobas iSviaTad miuwvdeba xeli kredos garda sxva finansur momsaxurebaze sakuTari biznes da sayofacxovrebo pirobebis gasaubjobeseblad. qalbatonma nunu gogolaurma sasoflo sameurneo sesxi mesaqonleobisa da rZis produqtebis warmoebis gasaviTareblad miiRo. kredodan pirveli sesxis aRebis Semdeg misi meurneoba, romelic erTi Zroxisgan Sedgeboda gaizarda da dRes warmoadgens Teqvsmet msxvilfexa soqonlis, aTi Rorisa, da aTi frTa frinvelisgan Semdgar fermas. warmatebis miRwevis mTavari mamoZravebeli Zala gaxldaT motivacia gaeumjobesebina ojaxis sacxovrebeli pirobebi. kredodan gatanili sesxebi, saqonlis SesaZenad, ori sadgomis asagebad da saqonlis sakvebis SesaZenad gamoiyena. kredos dafinansebiT man agreTve SeiZina meoradi avtomobili, romeliTac is axlomdebare soflebsa da qalaqebs rZis produqtebiT amaragebs. damatebiT is restornebsa da sasadiloebs xorciT amaragebs. qalbatoni nunu kredos msesxebelTa naTeli magaliTia, romelmac SromismoyvareobiT da kredos finansuri daxmarebiT SeZlo sayofacxovrebo pirobebis gaumjobeseba. amJamad is gegmavs moaxdinos biznesis diversificireba da daiwyos simindis moyvana. qalbatoni nunus biznesi 4 adamians inaxavs. rogorc is aRniSnavs, kredom mas usafrTxoebis SegrZneba daubruna. `darwmunebuli var, rom kredo, rogorc Cemi megobari yovelTvis damiWers mxars me da da Cems ojaxs biznes iniciativebis ganxorcielebaSi.~

Amiran Verulidze Loan Type: Tourism Development Loan Business: Guesthouse Tourism is a significant contributor to the economic development of Georgia and has a great potential of growth. To contribute to this growth, Credo disburses loans to micro and small entrepreneurs of tourism resort areas. Amiran Verulidze is a Tourism Development Loan receiver operating a family guesthouse in a seaside town Kobuleti. He and his family are all involved in this business. Credo first approved Mr. Verulidze's loan for replacement of outdated wooden windows of his house in 2007. At that time he offered little comfort for attracting tourists. Later, he applied for a second loan to renovate the family's existing rooms and promoted his business to attract new clients. Gradually, his business grew requiring additional investments. That is when he received his recent loan which he used to add third floor to his house and constructed eight brand new rooms. Together with Tourism Development Loan, Credo provided Mr. Verulidze a loan for university education of his son. Profits earned from the guesthouse supports eight people including two children and three women through the year.

amiran veruliZe sesxis saxeoba: turizmis ganviTarebis sesxi biznesis tipi: saojaxo tipis sastumro turizmis ganviTarebas didi potenciali aqvs da mniSvnelovani gavlena SeuZlia moaxdinos saqarTveloSi ekonomikis ganviTarebaze. turizmis ganviTarebis mxardasaWerad kredo turistul kurortebze moRvawe mikro da mcire mewarmeeze sesxebs gascems. amiran veruliZe turstuli sesxis momxmarebelia. is saojaxo tipis sastumros zRvispira qalaq qobuleTSi amuSavebs. misi ojaxis Semosavlebi swored am bizneszea damokidebuli. kredom baton amirans pirveli sesxi moZvelebuli xis kar-fanjrebis gamosacvlelad daumtkicda. im drosisaTvis misi saxli turistebis misazidad naklebad komfortuli iyo. meore sesxiT man ganaaxla arsebuli oTaxebi da gaaumjobesa Tavisi biznesi meti axali turistis misazidad. etapobrivad misi biznesi kidev gaizarda da damatebiTi investicia moiTxova. swored amitom, man mimdinare sesxiT arsebul saxls mesame sarTuli daadga da rva axali oTaxi aaSena. turistul sesxTan erTad baton amirans kredom sesxi Svilis umaRlesi ganaTlebis dasafinansebladac gamouyo. saojaxo tipis sastumrodan miRebuli mogeba rva adamians arCens, romelTagan ori mcirewlovani bavSvi da sami qalia.

Natela Odikadze Loan Type: Urban Business Loan Business: Clothes Trading/ Taxi Service Hardworking, energetic, and caring are words that describe Credo's customer Natela Odikadze. Unemployment and difficult living conditions led her to begin trading business. She sells clothes on local market in Kutaisi city. She applied for her first loan in 2002 when her business was short on working capital. Her business then encompassed two small counters. Gradually, with small loans borrowed from Credo, her business expanded and today she operates four counters and sells variety of clothes and linen. She later used one of Credo loans to diversify her family income and started yet another new business. She purchased a car which she operates as a customer Taxi service. New business has employed her son in law. Natela Odikadze's businesses employ three people and support her family of five.

naTela odikaZe sesxis saxeoba: urbanuli biznes sesxi biznesis tipi: tansacmliT vaWroba/taqsis momsaxureba Sromismoyvare, energiuli da mzunveli swored is sityvebia, romelis kredos msesxebel naTela odikaZes axasiaTebs. umuSevrobam da mZime pirobebma gadaawyvetina biznesis wamowyeba. is q. quTaisis erT erT bazrobaze vaWrobs tansacmliT. qalbatonma naTelam ganacxadi sesxze pirvelad 2002 wels gaakeTa, maSin rodesac mas samuSao maragebi sWirdeboda. im droisaTvis is or patara daxlze vaWrobda. TandaTanobiT, kredodan aRebuli mcire sesxebis daxmarebiT, misi biznesi ganviTarda da is dRes oTx daxlze tansacmeliTa da TeTreuliT vaWrobs. erT-erTi sesxiT qalbatonma naTelam damatebiTi biznesis wamowyeba da Sedegad Semosavlis diversificireba gadawyvita. man manqana SeiZina da mgzavrTa taqsiT momsaxureba daiwyo. axladwamowyebulma biznesma qalbatoni naTelas siZe daasaqma. qalbatoni naTelas biznesi dRes sam adamians asaqmebs da xuTi wevrisagan Semdgar ojaxs arCens.

Credo Joined Kiva Network Since November 2010 Kiva is a non profit organization providing microlending services to people without access to traditional banking system. Money is fundrised through particular website which enables individuals from around the world to lend as low as 25$ to entrepreneurial poor. Kiva administers loans through microfinance organizations. Since the start of Kiva initiative in 2004, over 600,000 people have borrowed through Kiva. After joining Kiva network Credo will place the stories and photos of its customers on Kiva web-site. Individual lenders will finance their loans. Credo plans to pilot project early January, 2011 and implement in all branches starting from February.

2010 wlis noembridan kredo `kivas~ qselSi gawevrianda `kiva~ arakomerciuli organizaciaa, romelic mikro sasesxo momsaxurebas iseT adamianebs uwevs, romlebsac tradiciul sabanko sistemaze xeli ar miuwvdebaT. `kiva~ Tanxebs specialurad Seqmnili veb gverdis meSveobiT izidavs. aRniSnul veb gverdze msoflios nebismier wertilSi mcxovreb adamians SeuZlia asesxos Tanxa mewarmeobrivad Raribebs. sasesxo Tanxa 25$ dan iwyeba. kiva sesxebis administrirebas mikrosafinanso organizaciebis meSveobiT axerxebs. daarsebidan (2004 weli), 600 000 metma adamianma isargebla `kivas~ sesxiT. gawevrianebis Semdeg kredo Tavis msesxebelTa suraTebs da fotoebs `kivas~ veb gverdze ganaTavsebs. kerZo pirebs ki SesaZlebloba eqnebaT isini daafinanson. proeqtis pilotirebas kredo 2011 wlis ianvarSi gegmavs, xolo yvela filialSi 2011 wlis Tebervlidan danergavs.

Two New Branches Opened in 2010 Credo opened two new branches in year 2010. The branches are part of the institution's strategy to develop rural regions of Georgia. One new branch is located in Zestaphoni and it is the fourth office in Imereti region, West Georgia. The second branch is in Bolnisi which represents the first Credo branch in the Kvemo Kartli region of Central Georgia. With six years of experience in financing agriculture loans, Credo will become a significant foothold for population living in nearby regional centers and villages of Zestaphoni and Bolnisi. Here Credo will offer Urban, Agro, and Credit Purchase to local farmers and entrepreneurs. The office will employ professional and motivated young staff and ensure high quality customer service.

2010 wels ori axali filiali gaixsna 2010 wels kredom ori axali filiali gaxsna. axali filialebi kredos organizaciuli strategiis nawilia, romelic gulisxmobs saqarTvelos sasoflo sameurneo regionebis ganviTarebas. erTi axali filiali dasavleT saqarTveloSi, qalaq zestafonSi mdebareobs. is imereTis regionSi meoTxe filialia. meore filiali ki bolnisSi mdebareobs da warmoadgens pirvel kredos filials qvemo qarTlis regionSi. soflis meurneobis dafinansebaSi muSaobis 6 wliani gamocdilebiT kredo mniSvnelovani dasayrdeni gaxdeba bolnisisa da zestafonis mimdebare raionuli centrebisa da soflis mosaxleobisaTvis. kredo adgilobriv fermerebsa da mewarmeebs SesTavazebs ganvadebas, urbanul da agro sesxebs. axali ofisebi daasaqmeben profesional da motivirebul axalgazrdebs da uzrunvelyofen momxmarebelTa momsaxurebis maRal xarisxs.

Microfinance in the regions affected by the conflict In 2009 and 2010 Credo was honored to participate in United Nations Development Programme (UNDP) microfinance program to provide micro loans to residents of the regions affected by the August 2008 conflict. The primary objective of the project is to support income generating activities of Shida Kartli, Samegrelo-Zemo Svaneti, and Mtskheta-Tianeti residents. The initiative was implemented by the UNDP with funds from European Union. According to the program, priority has been given to small-scale farmers, women entrepreneurs, internally displaced persons (IDPs) and start-up businesses with less than 3 months of business experience. Microfinance has been provided in the sectors of agriculture, trade and service.

mikrofinansireba konfliqtiT dazaralebul regionebSi 2009 da 2010 wlebSi kredos wilad xvda pativi monawileoba mieRo `gaeros ganviTarebis programis~ mikrosafinanso proeqtSi, romelic gulisxmobs 2008 wlis agvistos konfliqtis Sedegad dazaralebul regionebSi - Sida qarTlSi, mcxeTa-TianeTSi da samegrelo-zemo svaneTSi mcxovrebi mosaxleobaze sesxis gacemas. iniciativa ganaxorciela gaeros ganviTarebis programam (UNDP) evrokavSiris finansuri xelSewyobiT. mikro kreditebis gacemisas upiratesoba mcire fermerebs, mewarme qalebs, damwyeb biznesebsa (sam Tveze naklebi gamocdilebis mqone) da iZulebiT gadaadgilebul pirebs eniWeba. dafinansebis prioritetuli sferoebia sameurneo produqciis warmoeba, realizacia, vaWroba da momsaxureba.

Poverty Scorecard Based on the recommendations of Social Audit performed by Microfinance Center, Credo realized the need to improve Social Performance Management. It was decided to create an effective poverty measurement tool to facilitate the organization's concentration on target market. In summer 2010, through customer and staff research Credo developed poverty scoring indicators so called Poverty Scorecard. The Poverty Scorecard is a simple list of questionnaires/criterias to assess our customers' standard of living. For effective operation of the system, Credo currently works on software development and staff training. The prototype of the project will be piloted at the end of 2011.

socialuri mdgomareobis Sefasebis baraTi 2009 wels `mikrosafinanso centris~ mier Catarebuli socialuri auditis rekomendaciebis safuZvelze kredom socialuri Sesrulebis marTvis gaumjobesebis aucilebloba dainaxa. gadawyda msesxebelTa socialuri mdgomareobis Sefasebis efeqturi instrumentis Seqmna, rac organizacias daexmareba samizne segmentze koncentraciaSi. 2010 wlis zafxuls, msesxebelTa da TanamSromelTa kvlevis safuZvelze kredom Camoayaliba socialuri mdgomareobis Sefasebis baraTEbi. zemoT aRniSnuli warmoadgens msesxebelTa sacxovrebeli standartebis Sefasebis kriteriumebis martiv kiTxvars. amJamad kredo am sistemis gamarTulad funqcionirebisaTvis saWiro eleqtronuli programis Seqmnisa da TanamSromelTa daTreiningebis procesSia. proeqtis prototipis pilotireba 2011 wlis bolosTvis aris dagegmili.

Credo Offered New Service to Customers Credo continues offering technology advanced services to its customers. To simplify loan account management process, Credo launched a new project of Short Message Service. The system enables our customers to instantly receive information about their loan accounts twenty four hours a day, seven days a week. Besides reminding our customers about repayment date and current repayment amount, the system allows notification of information about upcoming repayment dates and amounts, principal loan balances for active loans, and exchange rate information for Georgian Lari, United States Dollar, Euro, and Great Britain Pound.

kredom msesxeblebs axali momsaxureba SesTavaza kredo ganagrZobs msesxeblebisaTvis Tanamedrove teqnologiebis SeTavazebas da am mizniT mokle teqsturi Setyobinebebis proeqti wamoiwyo. es proeqti SesaZleblobas aZlevs Cvens msesxeblebs gaimartivon sasesxo angariSebis marTvis procesi da miiRon maTTvis sasurveli informacia sesxis angariSis Sesaxeb 24 saaTis ganmavlobaSi, kviraSi Svidi dRe. garda gadaxdis dRis da mimdinare gadasaxdeli Tanxis Sexsenebisa, aRniSnuli sistema saSualebas aZlevs Cvens msesxeblebs miiRon informacia momdevno gadaxdis TariRis da Tanxis Sesaxeb, sesxis ZiriTadi Tanxis balansi mimdinare sesxebze da valutis gacvlis kursi qarTuli laris, a.S.S dolaris, evrosa da britanuli funtis Sesaxeb.

Credo Academy Credo Academy is an inter organizational education center created to improve field staff qualifications and more effectively achieve our institutional goals. It identifies field personnel training needs, develops training modules, and delivers trainings to both existing and new employees. Since its establishment, Credo Academy has developed multiple training modules. These are curriculums in customer service standards, loan analysis, and sales. Within the scope of the Academy more than 400 Credo employees are regularly trained in respective sectors. Credo Academy is currently working on developing new training modules in the area of agricultural lending. In 2011 the Agro training will be delivered to Credo Loan Officers specializing in agricultural lending.

kredo akademia kredo akademia organizaciis Sida saganmanaTleblo centria. misi amocanaa TanamSromelTa kvalafikaciis amaRlebiT xeli Seuwyos organizaciis misiis efeqtur miRwevas. is axdens TanamSromelTa gadamzadebis saWiroebis identificirebas, ayalibebs sanagmanaTleblo programebs da aTreiningebs, rogorc arsebul aseve, axal TanamSromlebs. kredo akademiam Camoyalibebidan mravali saganmanaTleblo programa Seqmna. esenia saswavlo programebi momxmarebelTa momsaxurebis standartebSi, sesxis analizsa da gayidvebSi. akademiis misiis farglebSi kredos 400-ze meti TanamSromeli regularulad imaRlebs kvalifikacias sxvadasxva sferoebSi. amJamad kredo akademia sasoflo sameorneo dakreditebisaTvis axali saganmanaTlebo modulebis Camoyalibebaze muSaobs. 2011 wels dagegmilia Sesabamisi Treiningebis Catareba sesxis oficrebisaTvis, romlebic agro sesxebs gascemen.

Crop Insurance Loan Each year, as a result of natural phenomena, thousands of farmers are left without harvest and income for living. To aid farmers in settling the problem, Credo together with insurance company Imedi L International elaborated interest free Crop Insurance Loan project. The product aims to pay any damages of harvest on farmer possessed or used lands influenced by natural phenomena. Through interest free Crop Insurance Loan Credo enables farmers to insure crops on planting season and pay insurance service fee on harvest season. In the framework of Crop Insurance Loan, farmers can insure plural cereals, vegetables, vine and multiple fruits. Loss caused by fire, hail, storm, flooding, vast sediment, freezing, drought, locut, and rodent is subject to compensation. In 2010, the project prototype was piloted in Kakheti region. In Spring 2011, it will be fully implemented in all regions where Credo operates.

mosavlis dazRvevis sesxi yovel wliurad bunebrivi movlenebis zemoqmedebis Sedegad aTasobiT glexi mosavlis da saarsebo wyaros gareSe rCeba. swored am problemis mosagvareblad 2010 wels kredom sadazRvevo `kompania imedi L inTerneiSenalTan~ erTad mosavlis dazRvevis uprocento sesxis SemuSavebis proeqti wamoiwyo. aRniSnuli produqtis SeTavazeba miznad isaxavs fermerTa sargeblobaSi an sakuTrebaSi arsebul sasoflo sameurneo savargulze mosawevi mosavlis bunebrivi movlenebis zemoqmedebiT gamowveuli zaralis anazRaurebas. mosavlis dazRvevis sesxiT sargeblobisas kredo saSualebas aZlevs qarTvel fermerebs daazRvion mosavali xvna-Tesvis periodSi da dazRvevis momsaxurebis safasuri mosavlis aRebis Semdgom gadaixadon. mosavlis dazRvevis sesxis saSualebiT fermerebs SeuZliaT daazRvion marcvleuli, bostneuli, vazisa da xilis kulturebi. anazRaurebas ki eqvemdebareba xanZriT, setyviT, qariSxliT, Warbi naleqiT, gayinviT, gvalviT, wyaldidobiT, datborviT, kaliiT da mRrRnelebiT gamowveyli zarali. proeqtis prototipis pilotireba 2010 wels, kaxeTis regionSi daiwyo xolo, 2011 wlis gazafxulze kredos samoqmedo yvela regionSi dainergeba.

TESTIMONIALS Developing World Markets (Investment Manager) “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. This was followed by an additional loan of $2 million from three other DWMmanaged funds in March 2011. Since then, we have enjoyed working with the industrious and socially oriented professionals at Credo and seeing the institution grow sustainably even through a challenging political and economic environment in 2008 & 2009. 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 2011 and beyond.” Bogdan Tatarchevskiy Relationship Manager - Russia, Caucasus & Central Asia

Blue Orchard Finances S.A. “Blue Orchard Finances S.A. is a social investor working with the leading microfinance institutions worldwide. We have started cooperating with MFO Credo in 2007 before its transformation into MFO Micro Finance Organization and continue to enjoy fruitful and mutually beneficial cooperation. Blue Orchard is proud to support MFO Credo in promoting sustainable economic development and improved quality of life of Georgia by ensuring reliable access to financial services for the economically active members of population. MFO Credo during the past years has demonstrated a strong social commitment to develop rural communities. Over the years, we have been able to watch MFO Credo to become of the one of the leading MFI in Georgia and we plan to support this institution in its further growth and see it become one of the leading MFI in Caucasus.” Gulnaz Abdrakhmanova Investment Analyst

Incofin Investment Management “Incofin Investment Management started working with CREDO on its sustainable growth plans in 2008. CREDO is an innovative microfinance institution with a strong rural outreach, and a management committed to achieving balanced social and financial returns. We especially appreciate the steps CREDO has taken to further improve its social performance management with the Poverty Scorecard system for measuring the impact of its loans. Even in troubling times of conflict and global crisis CREDO management was able to weather the situation well. This makes CREDO a perfect match with Incofin IM as a social investor. We are therefore looking forward to continuing our partnership with CREDO.” Marcel Gerrits Investment Manager

TESTIMONIALS Symbiotics “Symbiotics started working with Credo in June 2006 via the provision of an initial loan of USD 500,000 - the first international commercial debt secured by the institution. Over the years of our partnership we have highly appreciated the responsiveness of the institution's management and employees as well as their dedication, strong work ethic, and commitment to the MFI's mission. We are happy to support Credo in its development and expansion as we truly believe that this MFI contributes to improving the standard of living of its clients. Symbiotics has thus far provided Credo with USD 16.25 million to finance its operations and we are looking forward to continuing our cooperation over the coming years!” Anya Berezhna, Investment Analyst

Triodos Investment Managment “Credo has shown strong and sustainable growth during the last years and has a tremendous impact on low income entrepreneurs in Georgia. Its strong and qualified management has led the organization through challenging periods, and we're confident to see Credo develop further its innovative solutions and a broad range of financial products that meet the need of the target market. We are proud to work with a professional institution like Credo since we started our cooperation in 2007. From the three funds at Triodos Investment Management that provide funds to Credo (Triodos-Doen Fund, Triodos Fair Share Fund and Triodos Microfinance Fund), we express our sincere gratitude to Credo's hard work and its continuous efforts to improve the quality of life of rural and urban entrepreneurs in Georgia; this is what defines the match between Triodos' and Credo's missions.” Rien Hazeleger Investment Officer Eastern Europe, Caucasus and Central Asia

sarekomendacio werilebi Developing World Markets (Investment Manager) `diviemi~ mizanmimarTulia xeli Seuwyos ganviTarebad qveynebSi umweoTaTvis finansur momsaxurebas. 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 2008-2009 wlebis rTul politikur da finansur garemoSic 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 - ruseTSi, kavkasiasa da centralur aziaSi

Blue Orchard Finances S.A. `blu orCard finansis~ socialuri investoria, romelic msoflioSi wamyvan mikrosafinanso organizaciebTan TanamSromlobs. kredosTan muSaoba ki mis mikrosafinanso organizaciad Camoyalibebamde, 2007 wels daviwyeT. TanamSromloba nayofieri da ormxrivad sasargebloa. `blu orCardi~ amayad uWers mxars kredos, romelic sando finansuri momsaxurebiT uzrunvelyofs saqarTvelos ekonomiurad aqtiuri mosaxleobas. rac Tavis mxriv xels uwyobs mosaxleobis ekonomiuri mdgomareobis stabilur zrdasa da cxovrebis pirobebis gaumjobesebas. gasuli wlebis ganmavlobaSi kredom didi Tavdadeba gamoiCina sasoflo sameurneo arealebSi mcxovrebi mosaxleobis gasanviTareblad. wlebia vakvirdebiT saqarTveloSi kredos wamyvan mikrosafinanso organizaciad Camoyalibebas. vgegmavT momavalSic davexmaroT kredos zrdaSi da davakvirdeT Tu rogor gardaiqmneba is wamyvan mikrosafinanso organizaciad mTels kavkasiaSi.” gulnaz abdraxmanova investiciebis analitikosi

Incofin Investment Management “inkofinma kredosTan erTad mtkice zrdis gegmebze muSaoba 2008 wels daiwyo. kredo inovaciuri mikrosafinanso organizacia, romelsac sasoflo sameurneo teritoriebze Zlieri SeRwevadoba gaaCnia. misi mmarTveli gundi mimarTulia balansirebuli socialuri da finansuri misiis miRwevaze. gansakuTrebiT vafasebT kredos socialuri misiis Sesrulebisadmi gadadgmul nabijebs. kerZod ki aRsaniSnavia sesxebis gavlenis gasazomad msesxebelTa socialuri mdgomareobis Sefasebis baraTebis sistema. konfliqtebisa da krizisis rTul periodebSic ki kredos menejmentma SeZlo kargad Seefasebina situacia. swored es akavSirebs kredosa da inkofins, rogorc socialur investors. amitomac, veliT kredosTan TanamSromlobis gagrZelebas momavalSic.” marsel gerisi investiciis menejeri

sarekomendacio werilebi Symbiotics “simbiotiqsma” kredosTan TanamSromloba 2006 wlis ivnisSi daiwyo. maSin, rodesac pirveli organizaciis mier uzrunvelyofili saerTaSoriso komerciuli sesxi 500 000 a.S.S. dolaris odenobiT gamouyo. uaRresad vafasebT TanamSromlobis manZilze kredos mmarTveli gundis da TanamSromelTa pasuxismgeblobis grZnobas, Zlier samuSao eTikas da Tavdadebas organizaciis misiis Sesrulebisadmi. bednierebi varT mxari davuWiroT kredos zrdasa da ganviTarebas, radgan gvjera, rom organizacia xels uwyobs Tavisi msesxeblebis cxovrebis pirobebis gaumjobesebas. “simbiotiqsma” kredo jamurad 16.25 milioni a.S.S. dolariT daafinansa da vimedovnebT, rom TanamSromlobas ganvagrZobT momavalSic.” ania bereJna investiciebis analitikosi

Triodos Investment Managment “gasuli wlebis manZilze kredo mtkiced da stabilurad izrdeboda. man warmoudgenlad didi gavlena iqonia mcire Semosavlian mewarmeebze saqarTveloSi. Zlieri da kvalificiuri mmarTveli gundi kargad gauZRva organizacias rTuli periodebis ganmavlobaSi. darwmunebulebi varT kredo momavalSic ganagrZobs inovaciur ganviTardebas da samizne segmentis moTxovnis dasakmayofileblad Seqmnis finansuri produqtebis farTo arCevans. Cveni TanamSromloba 2007 wlidan daiwyo. Cven vamayobT iseT profesional organizaciasTan muSaobiT, rogoric kredoa. gamovxatavT gulwrfel madlobas Sromismoyvareobisa da mudmivi ZalisxmevisaTvis daexmaroT saqarTvelos agrarul da urbanul mewarmeebs cxovrebis pirobebis gaumjobesebaSi. swored zemoT aRniSnuli gansazRvravs saerTos kredosa da triodos misiebs Soris.” rein hazelegeri investiciebis oficeri aRmosavleT evropaSi, kavkasiasa da centralur aziaSi

Tbilisi, Saburtalo Office 4, Pekini Str.; Tel: +995 32 221 24 92; 221 24 93

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