Crystal Financing EE stoves as part of the Georgia’s Forestry Reform

The financial inclusion organization Crystal steadily continues to promote the development of energy efficient and alternative fuel market, offering customers special installments to purchase EE stoves. The special product allows interested persons to acquire energy-efficient stoves through a consumer loan, and repay the liability in equal installments.

The product has been designed within the framework of the Georgian forest sector reform – ECO.Georgia project, in which Crystal has been engaged since 2021, having concluded a corresponding agreement with the German Society for International Cooperation (GIZ). Rural Development Agency (RDA), which has developed a co-financing program for energy-efficient stoves also plays an important role in the project. Specifically, as per the terms of the program, the agency will offer co-financing to the persons willing to purchase energy-efficient stoves, subsidizing 30% of their cost (no more than 300 GEL). Per household, one energy-efficient stove will be financed.

It is noteworthy that Crystal cooperates with 6 manufacturers of energy-efficient stoves who are involved in the RDA co-financing program. Accordingly, customers are able to get information about the product features and installment terms from the producers themselves. Moreover, they can fill out and get the application approved for installment right on the spot.

With its special product, Crystal contributes to increasing the demand for energy-efficient stoves and, eventually, promotes the achievement of such goals as environmental protection in rural areas, sustainable use of natural resources and support of climate change mitigation measures  in the regions. Over the course of 7 years, the company will allocate 10,500,000 EUR to support energy efficient and alternative fuel market within the project. Alongside the self-governing cities, the program will be implemented throughout the country.  

Crystal’s involvement in the ECO.Georgia project envisions the development of one of the components of Georgia’s forestry reform – the energy efficient and alternative fuel market. The component aims to stimulate and develop the market for energy-efficient stoves and alternative fuels – facilitating access to energy-efficient appliances and alternative fuels for 30,370 households.

The project is financed by Green Climate Fund (GCF), the German Federal Ministry for Economic Cooperation and Development (BMZ), the Government of Georgia and the Swiss Agency for Development and Cooperation (SDC). Overall, it is being implemented by the Ministry of Environment Protection and Agriculture of Georgia and its agencies: LEPL – National Forestry Agency, State Sub-Agency Department of Environmental Supervision, LEPL – Environmental Information and Education Center, NNLE – Rural Development Agency,  in cooperation with the German Society for International Cooperation (GIZ) and the Ministry of Economy and Sustainable Development of Georgia.