Crystal is the Winner of Capital Market Support Program

The European Bank for Reconstruction and Development (EBRD) and the European Union (EU) are proud to announce JSC Microfinance Organization Crystal as winner to receive a grant through the capital market support program for issuing GEL 25 million social bonds.

100% of the gender bond proceeds will be used to finance loans to woman-owned MSMEs, including providing climate-change loans for the purchase of energy efficient and renewable energy equipment and acquiring fixed assets or investing in working capital. Therefore, the gender bond will aim to improve the provision of innovative financial services and expand the credit portfolio of existing and potential customers in this target segment across Georgia’s regions.

Crystal will receive a generous contribution from the European Union to co-finance issuance related fees. The support mechanism is being implemented by the European Bank for Reconstruction and Development (EBRD) and undertaken by the program contractors – Galt & Taggart together with BDO Georgia.

The transaction was in line with the broader strategic goals of the program, which includes promotion of the local capital market development in Georgia, as well as support of Environmental, Social and Governance related issuances and values. 

The offering was closed on 8 February 2023. The Notes are GEL-denominated with 2-year maturity bullet structure and carry a TIBR6m+4.75% coupon. The bonds were issued and sold at par value.

Ilia Revia, the Chief Executive Officer of the company commented: „We are celebrating another important milestone for Crystal and Georgia’s Capital Market, issuing GEL 25 million certified social bonds intended to enhance gender equality and women’s empowerment. We would like to express our gratitude to the program’s donors and supporters –the European Union, EBRD, Galt & Taggart and BDO. The program incentivized us to create another success story for Georgia’s leading financial inclusion organization.“

About Crystal:

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“.