Crystal Partners with FMO through $10 million Credit Facility

JSC MFO Crystal and FMO (Netherlands Development Finance Company) signed the USD synthetic local currency (GEL) term facility in an aggregate amount of USD 10,000,000.

The facility will be used to support micro and small enterprises through innovative financial products and green financing in the regions of Georgia with special emphasis on tourism, agriculture and service sectors.

The signing ceremony was attended by representatives of the government authorities, international organizations, financial sector, international financial institutions and mass media. Key-note speakers included Mr. Koba Gvenetadze, President of the National Bank of Georgia, H.E. Mr. Jos Douma, Ambassador Extraordinary and Plenipotentiary of the Kingdom of the Netherlands to Georgia and Mr. Giorgi Cherkezishvili, Deputy Minister of Economy and Sustainable Development of Georgia.

Ms. Angelica Ortiz de Haas, Manager Financial Institutions Eastern Europe and Central Asia, said: ‘We are proud to engage with Crystal. Crystal has a unique business model through which they reach thousands of people that would otherwise not have access to the financial industry. In particular, we recognize their innovative approach to reach rural agricultural communities and the youth in Georgia’.

At the ceremony, Mr. Archil Bakuradze, Executive chairman of Crystal stated: ‘we are pleased to commence the cooperation with FMO. This long-term GEL-denominated facility will be utilized for financing micro and small entrepreneurs and farmers throughout Georgia and for building our green portfolio. This agreement is a great mark of support to Crystal’s vision for a responsible, customer-focused and innovative microfinance’.

The event coincided with the commencement of the visa-free travel to the EU for the citizens of Georgia. To celebrate the occasion, Crystal recognized several of its customers including Mr. Zaza Gagua, a wine-maker from Western Georgia, who was awarded the business trip to the Netherlands.