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 2017. Through this new senior loan injection both companies have demonstrated longstanding reliable and effective partnership at a time of increased market uncertainty caused by COVID-19 pandemic, which severely disrupted financial markets and worldwide economy. This facility will contribute Crystal’s provision of financial services and will support development of the green projects and recovery process for the people impacted by COVID-19 across the country.
Since the microfinance institutions play crucial role during fluctuating economic environment, this financial commitment is timely acknowledgement of Crystal’s work as a leading microfinance organization in Georgia, dedicated towards promotion sustainable development of Micro and SME financing. Transaction additionally outlines strong willingness of the international partners to support and participate in the development of the sector despite of turbulent economic period.
Marnix Monsfort, Director Financial Institutions at FMO, said: “We are pleased to have again strengthened our relationship through our partnership in the Georgian Financial Institutions sector together with Crystal. With a strong presence in the more rural parts of Georgia, servicing SMBs and micro-entrepreneurs, Crystal can strongly support financial inclusion and reducing inequalities, two important points in FMO’s strategy.”
Ilia Revia, Chief Executive Officer of Crystal, said: “Reinforcement of partnership with a highly-esteemed DFI, such as FMO is a great opportunity to continue enhancement of our products and to contribute towards development of local entrepreneurship. This investment will play a key role in providing working capital and asset finance for agricultural, micro enterprises and farmers which are recovering from crisis related impact.”
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JSC MFO Crystal (‘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 362 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“.
FMO is the Dutch entrepreneurial development bank. As a leading impact investor, FMO supports sustainable private sector growth in developing countries and emerging markets by investing in ambitious projects and entrepreneurs. FMO believes that a strong private sector leads to economic and social development and has a 50+ year proven track-record in empowering people to employ their skills and improve their quality of life. FMO focuses on three sectors that have high development impact: financial institutions, energy, and agribusiness, food & water. With a committed portfolio of EUR 9.3 billion spanning over 85 countries, FMO is one of the larger bilateral private sector developments banks globally. For more information: please visit www.fmo.nl.