MFI Report

MFO Georgian Credit (www.geocredit.ge) was founded on April 13th 2006 and was the first Georgian microfinance organization with license from National Bank of Georgia. From September of 2006 GC started to operate as a full service microfinance organization. On December 5th 2006 GC have launched its first successful bond emission and thus became only the third organization in general to attract resource in such a way and the first microfinance organization on the market. Active promotion of products resulted good financial results during 2007. Because of high demand GC expanded its business on April 2008 and opened the first service center in the old town of Tbilisi city. During 2008 GC became member of the international microfinance network “Mixmarket”. On May 2008 the second successful bond emission started that helped to meet the demand of customers. In October of 2009 EMIC Invest GbR, a German GbR, became shareholder of MFO Georgian Credit by capital increase in amount of EUR 200k which was 102% of the current equity. December 2009 Georgian Credit received its first international loan from “IMOGRUND Beteiligungs- und Grundstuecksgeselschaft mbH & Co” (Germany) in amount of EUR 150k. The company is in negotiation with several IFIs and Private Funds regarding further fund raising. On January 2010 company has changed its headquarter, and now is operating in three service centers in Tbilisi. Year 2010 must be a vital for Georgian Credit - company is going to increase its market share from 1,5 % to 5 %. Since 01.01.10 Georgian Credit has new board of Supervisors. Head of the board is Prof. Dr. Johen Zimmermann, other members are Prof. Dr. Claus Hipp, Prof. Dr. Baadur Kipiani, Mr. Tim Meyer-Schell and Miss. Marika Khaliani. The operative management and the representative authorization of Georgian Credit are imposed on the Board of Directors consisting of three directors: Chief Executive Officer - Dr. Gocha Tutberidze, Chief Financial Officer - Dr. Giorgi Naskidashvili, Chief Operating Officer – Mr. Vakhtang Sheliava. Hide