Crystal has signed a USD 5 million senior loan agreement with the Kiva Refugee Investment Fund and the Small Business Resilience Fund, both managed by Kiva Capital. The facility intends to support Crystal’s MSME clients and to enhance the provision of financial services during Crystal’s ongoing banking transformation process. A portion of the loan is specifically designated to support refugees and internally displaced persons (IDPs) across Georgia.
This marks the first collaboration between Crystal and Kiva, a U.S.-based, internationally recognized, and impact-focused organization. The transaction underscores the strong commitment of both international and new partners to support the development of Georgia’s microfinance sector despite regional uncertainties.
Ilia Revia, Chief Executive Officer of Crystal commented: “We are excited to enter in this new partnership with Kiva Capital and look forward to building a strong, long-term relationship. The opening deal is important for Crystal’s further growth and via supporting refugees and IDPs across Georgia, it highlights the 27-year legacy of Crystal, which was originally founded by IDPs from the Abkhazia region.”
Kathy Guis, VP Investments commented: “Kiva Capital is very proud to launch our new partnership with Microbank Crystal, one of the leading financial organizations in Georgia. By providing funding from the Kiva Refugee Investment Fund and the Small Business Resilience Fund, Kiva contributes to improving access to finance for Georgian small businesses and households, with an emphasis on those who have been displaced. Crystal’s inclusive mission and activities perfectly align with our mission to expand financial access to help underserved communities thrive.”
In 2024, Crystal secured financial resources totaling 90 million USD from both local and international financial institutions, marking an increase of 12 million USD compared to the previous year.
About Crystal
Crystal will continue to operate in the Georgian financial market as a microbank, having already obtained a relevant license from the National Bank of Georgia.
The history of Crystal dates back to 1998, when internally displaced persons from Abkhazia founded a local non-profit organization – the Charity Humanitarian Center “Abkhazeti” and launched a pilot micro-lending program. The fund’s capital at that time was just USD 10,000. Over the course of almost 27 years, the organization has gone through a long journey, full of challenges and achievements.
Before obtaining a microbank license, the company operated in the Georgian financial market as a microfinance organization.
Crystal meets the license with the loan portfolio of GEL 532 million, more than 1,000 members of staff in 48 branches and over 100,000 unique customers across the country.
For more information please visit ir.crystal.ge
About Kiva Capital
Kiva Capital envisions a financially-inclusive world where all people, regardless of socioeconomic status, have access to reliable and scalable capital. Established in 2019 as a subsidiary of Kiva, Kiva Capital is an asset manager that supports underserved communities with impact-first capital. By leveraging a unique global lending network of financial services providers and social enterprises, Kiva Capital seeks to provide investors with deep financial inclusion and social enterprise impact alongside financial returns.
For more information please visit www.kiva.org/kiva-capital