The financial inclusion organization Crystal has earned the spotlight for the project, which the company rolled out specifically in support of Ukrainian refugees. At the IFC-hosted event in Geneva, Crystal’s CEO, Ilia Revia introduced the project targeting Ukrainian refugees to the audience of large donors and international organizations.
The meeting was aimed at attracting new international funding for forcibly displaced persons.
Starting from 2022, Crystal is offering Ukraininans, willing to start or develop their businesses in Georgia, more access to finances and products tailored to their needs. Remarkably, with such a unique and unparalleled offer, Crystal is a pioneer in the Georgian financial market. The products are available to any citizen of Ukraine, arriving in Georgia after the war to stay temporarily or permanently and having the right of residence.
“The history of Crystal’s is closely intertwined with displacement, and we deeply understand the needs of forcibly displaced persons, since after the war in Abkhazia, this is precisely the way most of the founders and management of Crystal had to go through. We understand how difficult it is for refugees to access finance and what role it plays in their social and economic integration. This fact was the main driver, prompting us to support and offer services to entrepreneurs coming to Georgia from Ukraine. Participation in an IFC-hosted meeting is yet another encouragement for us to reach out to a greater number of organizations and donors on the importance of similar projects”, stated Ilia Revia, Chief Executive Officer of Crystal.
Notably, several products are available to Ukrainians at Crystal: a start-up loan for those willing to start a new business in Georgia, and a business loan for customers needing money to expand their existing activities.
Furthermore, Crystal is offering leasing – an alternative financial product to Ukrainians who need machinery or equipment for business development, enhancing their access to finance through simplified procedures.
About IFC
IFC is a member of the World Bank Group, and the largest global financial institution focused on the development of the private sector in more than 100 countries.
Additional information on IFC is available on the website: www.ifc.org
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 497 million, employing more than 1,000 members of staff, operating through 48 branches and serving 100,000 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.