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 been cooperating since of 2014 and have successfully completed multiple senior loan transactions. Through this new loan injection parties have demonstrated continued solid and impactful partnership at a time of increased market uncertainty. The facility will support Crystal’s provision of financial services to micro and small entrepreneurs during the crisis, including increased access to credit products, liquidity to finance working capital, and targeted business consultancy.
Transaction is additionally noteworthy, as international partners are willing continue and in fact grow their cooperation levels in 2021 despite of challenging 2020 for Georgia. In the upcoming months Crystal is planning additional transactions with various IFIs & DFIs, showcasing international partners’ increased confidence in the Georgian microfinance market.
Benoit Bouet, Regional Team Head at ResponsAbility AG comment: “We are very happy to continue our partnership with Crystal especially in these very challenging times for Georgia, and to support financial inclusion in the country.”
Ilia Revia, Chief Executive Officer of Crystal comment: “We are pleased that responsAbility Investments AG has developed partnership with Crystal. We are grateful to responsAbility Investments AG for this valuable show of faith in our efforts to combat the unprecedented economic conditions created for Georgia. This new investment will support our work to promote economic stability, recovery and growth of our clients.”
About responsAbility Investments AG
A leading impact asset manager with an 18-year track record, responsAbility manages USD 3.5 bn of assets invested in over 300 ESG-managed high-impact companies across 76 emerging economies. Since the company’s inception in 2003, responsAbility-managed funds have invested over USD 10 bn in private debt and private equity with companies in the sectors of sustainable food, financial inclusion and climate finance whose business models directly support the United Nation’s Sustainable Development Goals (SDGs).
responsAbility is headquartered in Zurich, Switzerland, and has local offices in Bangkok, Lima, Mumbai, Nairobi, Oslo, Paris and Tbilisi. Owned by various reputable Swiss and international financial institutions, private investors and its own employees, responsAbility is registered with the Swiss Financial Market Supervisory Authority FINMA.
JSC MFO Crystal (‘Crystal’) is Georgia’s leading financial inclusion organization and its largest by assets non-banking financial institution. It manages a loan portfolio of GEL 345 million, employing more than 1,000 members of staff, operating through 50 branches and serving more than 115,000 unique customers across Georgia. Crystal acts as a development platform for its customers, 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 Georgia’s national responsible business award, “Meliora“.