Financial inclusion organization Crystal has signed a USD 10 million senior loan agreement with several funds managed by its longstanding partner, the leading Swiss impact asset manager, responsAbility Investment AG (responsAbility). This facility aims to support the company’s portfolio growth in the agriculture and MSME sectors amid banking transformation, underscoring the fund’s support to achieve this goal.
The funding is allocated in multiple tranches to match Crystal’s liquidity needs. The final tranche, amounting to USD 4 million from the GGSF fund, will be utilized for MSMEs or eligible consumer loans, with a specific focus on education, housing, water and sanitation, and health. Additionally, at least eighty percent (80%) of the principal amount will be allocated to target beneficiaries of the fund, i.e. women in low-income households and microentrepreneurs.
“We are pleased to have once again strengthened our relationship with responsAbility through this partnership. This particular transaction is noteworthy as part of it is dedicated to women’s empowerment in business. With our experience from issuing gender bonds, Crystal sees a clear path to achieving this goal,” said Ilia Revia, Chief Executive Officer of Crystal.
About responAbility
responsAbility Investments AG is a leading impact asset manager specializing in private market investments across three investment themes. These themes directly contribute to the United Nations Sustainable Development Goals (SDGs): Financial Inclusion, to finance the growth of Micro & SMEs; Climate Finance, to contribute to a net zero pathway; and Sustainable Food, to sustainably feed an ever-growing population. All responsAbility investment solutions target specific measurable impact alongside market returns. Since 2003, responsAbility has deployed over USD 15.3 billion in impact investments. With over 270 employees across 8 offices the company manages USD 5.0 billion in assets across approximately 280 portfolio companies in around 70 countries as of 30 June 2024.
About Crystal
JSC MFO Crystal is the leading financial inclusion organization and the largest by assets non-banking financial institution in Georgia. It manages the loan portfolio of GEL 483 million, employing more than 1,000 members of staff, operating through 48 branches and serving more than 104,000 unique customers across Georgia. Crystal acts as a platform for economic development providing micro and small entrepreneurs and farmers with innovative financial products and services. Crystal is the first Fitch-rated non-banking financial institution in the region.
For more information, please visit: https://ir.crystal.ge