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Crystal re-affirmed its position as an honorary award winner at the Best Annual Report and Transparency Competition (BARTA) for the third year in a row. This time, the company earned the recognition for the content, quality, and openness of its annual reporting. The award underscores the stable growth of the company and demonstrates that strong...
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Financial Inclusion Organization “Crystal” has moved to a new stage of digital transformation. As part of the digitization strategy, the company has successfully implemented ALTA software – a core banking system for business process management (BPM). New software package, which replaced Crystal’s legacy MFI core software (LoanKeeper), is thoroughly compatible with local business and banking...
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On October 21, the official signing of the Cooperation Agreement between Financial Inclusion Organization Crystal and GIZ took place in Stamba Hotel Tbilisi, dedicated to enabling the implementation of Georgia’s forest sector reform – ECO.Georgia. The project consists of three components – (1) Sustainable forest management, (2) Market development for energy efficiency and alternative fuel...
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Tbilisi/Luxembourg: Financial Inclusion Organization Crystal has signed agreement for a $3 million Subordinated Loan with the BlueOrchard Covid-19 Emerging & Frontier Markets MSME Support Fund, strengthening capital position and supporting Crystal’s sustainable development in the upcoming years. The Subordinated Loan facility will be directed to support and provide access to liquidity for its micro, small...
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Tbilisi / Essen: MFO Crystal and BANK IM BISTUM ESSEN eG (BIB) have strengthened their partnership through a new USD 6 million loan agreement. New loan facility will increase Crystal’s capacity to provide innovative financial services to micro, small and medium-size enterprises, and low-income clients in Georgia’s regions. Since 2014, BIB has been actively engaged...
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Tbilisi, Georgia & The Hague, the Netherlands: Financial Inclusion Organization Crystal has reinforced a well-established partnership with FMO, the Dutch entrepreneurial development bank through a USD 10 million credit facility to support Crystal’s innovative financial services for small and medium companies, micro entrepreneurs, women, youth and farmers throughout Georgia. Crystal and FMO have enjoyed fruitful cooperation since...
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Tbilisi – 22 July 2021: Fitch Ratings published a revised Rating, removing Rating ‘Watch Negative’ (RWN) and affirming Long-Term IDR ‘Stable’ for Crystal. Fitch outlines that rating affirmation reflects Crystal’s continued access to borrowings from foreign lenders in 2Q21, thereby successfully reducing refinancing risk. The ratings of Crystal reflect its leading position in the Georgian...
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Symbiotics, the leading market access platform for impact investing, has arranged the first Sustainability Bond ever issued in Georgia by raising USD 5 million in Georgian Lari equivalent for JSC MFO Crystal (“Crystal”). The proceeds of the Sustainability Bond will be granted towards the promotion of sustainable development, SME funding, energy efficiency and renewable energy. ...
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Tbilisi/Zurich: Financial Inclusion Organisation Crystal has strengthened longstanding partnership with Swiss Impact Investment Manager responsAbility Investments AG with a new $5 million senior facility to support Crystal’s clients to tackle post-pandemic challenges. Loan is intended to support development of innovative financial services to micro entrepreneurs and farmers across Georgia. Crystal and responsAbility Investments AG have...
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On March 25, Crystal was announced the winner of “Business for Gender Equality 2020” competition, hosted by the Millennium Foundation in partnership with the UN Women and the Business Leaders Federation Women for the Future. The event served to honor Georgia-based companies, doing exceptional job to promote gender equality and empower female employees and clients.For...
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