Tbilisi/Zurich: Financial Inclusion Organization Crystal confirmed USD 8 million loan transaction with Swiss Impact Investment Manager BlueOrchard to support Crystal’s innovative financial services for micro entrepreneurs and farmers throughout Georgia.
Crystal and BlueOrchard have been cooperating since of 2014 and have successfully completed multiple transactions. This new facility is demonstration of solid and impactful partnership at the tipping point of micro bank transformation of Crystal. New funding line aims to improve products and services for Georgia’s micro and small entrepreneurs, increase access to credit products, provide liquidity and targeted business consultancy.
Ilia Revia, Chief Executive Officer of Crystal comment: “We are pleased that BlueOrchard has boosted partnership with Crystal. This investment will play important role in further strengthening Crystal’s liquidity position and will be directed to support MSMEs and micro enterprises. New facility will promote economic stability and recovery for our clients.“
Normunds Mizis, Chief Credit Officer of BlueOrchard, commented: “MSMEs play an important role in the economic development of Georgia and make a decisive contribution to poverty reduction and job creation. Crystal is a strong partner for us in further promoting the Georgian MSME sector. We look forward to further strengthening our partnership to make a positive contribution for the people in Georgia.”
BlueOrchard is a leading global impact investment manager. As a pioneering impact investor, the firm is dedicated to generating lasting positive impact for communities and the environment. BlueOrchard was founded in 2001, by initiative of the UN, as the world’s first commercial manager of microfinance debt investments. Today, BlueOrchard offers impact investment solutions across asset classes, connecting millions of entrepreneurs in emerging and frontier markets with investors. BlueOrchard has invested to date over USD 10 billion across more than 105 countries. 255mn people with low income in emerging and frontier markets received access to financial and related services with the support of BlueOrchard as of June 2022. BlueOrchard is a member of the Schroders Group. For further information, please visit: www.blueorchard.com
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 400 million, employing more than 1,000 members of staff, operating through 50 branches and serving more than 125,000 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“.