Tbilisi / Luxembourg: Financial Inclusion Organization Crystal has confirmed that it has entered into a GEL 20 million senior loan transaction with its long-standing partner, DWM (Developing World Markets). This new credit facility supports Crystal’s mission in supporting micro, small and medium-size enterprises throughout Georgia.
Crystal and DWM have built a fruitful partnership in support of Georgia’s financial inclusion sector since DWM first became a shareholder in Crystal in 2011. Building on the equity relationship, Crystal has secured debt financing in cooperation with DWM’s lending team realizing social and economic goals, this new deal will also enhance Crystal’s liquidity position at a time of regional uncertainty.
Ilia Revia, Chief Executive Officer of Crystal commented: “Reinforcement of the partnership with our long-standing partner DWM, is a great opportunity to continue improving our products and services aimed towards local entrepreneurs. This investment will play important role in further strengthening Crystal’s liquidity position and will be directed to support MSMEs and micro enterprises.”
Naimjon Maisadov, Director – Debt Investments – Eastern Europe, Central Asia & the Caucasus: “Crystal has been a valued partner of DWM for over a decade, playing a vital role in the build-out of the financial inclusion sector in Georgia. We are pleased to extend our relationship with Crystal through this new credit facility at a time when access to local currency financing from abroad has been curtailed.”
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 368 million, employing more than 1,000 members of staff, operating through 50 branches and serving more than 120,000 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. In December 2018, Crystal received nation’s responsible business award “Meliora“.
Founded in 1994, Developing World Markets (DWM) seeks investible solutions that sustainably address the social, environmental, and economic needs of the developing world. DWM began impact investing in 1999 and shifted exclusively to impact in 2007. DWM has over two decades of experience in emerging and frontier markets. Through DWM Asset Management, LLC, the firm’s SEC-registered investment adviser, DWM has originated and managed over $2.2 billion of private debt and private equity in impact-oriented enterprises, including over 900 loan disbursements and 25 private equity stakes in more than 70 emerging and frontier countries.