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 and medium size enterprise (MSMEs) clients in Georgia, which build the backbone of the country in terms of economic growth and employment. It is noteworthy, that new Subordinated Loan will also reinforce Crystal’s capital position, playing a key role during planned banking transformation process.
Crystal and leading impact investment manager BlueOrchard have cooperated since 2014 and have successfully completed numerous loan transactions. Strengthened collaboration is a clear expression of both organizations’ shared priorities of providing financial inclusion services and developing entrepreneurship across Georgia during the Covid pandemic recovery process.
Ilia Revia, Chief Executive Officer of JSC MFO Crystal, said: “Our renewed partnership with BlueOrchard came at a very important time. We know that solid financial position is pre-requisite for building a strong banking institution. Simultaneously, we continue working towards improving access to finance for our Micro and Small entrepreneurs.”
Normunds Mizis, Chief Credit Officer of BlueOrchard Finance Ltd., said: “We are pleased to strengthen our partnership with Crystal, a company that is serving a client segment that has been affected by the Covid-19 pandemic. We have been impressed by Crystal’s excellent management team and look forward to supporting the growth of the institution and MSMEs sector in Georgia”.
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 364 million, employing more than 1,000 members of staff, operating through 49 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 “.