Financial Inclusion Organization Crystal has announced a new USD 15 million credit facility deal (out of which USD 10 million committed and USD 5 million uncommitted) with FMO, the Dutch Entrepreneurial Development Bank. This latest agreement strengthens the continuous partnership between both parties, following the first collaboration in 2017.
FMO’s investment reflects its focus on fostering economic growth and improving living standards in emerging markets. By supporting institutions like Crystal, FMO aims to contribute to inclusive financial systems. The 100% of proceeds will be utilized towards enhancing Crystal’s capacity to deliver innovative financial solutions tailored to the needs of small and medium enterprises, micro-entrepreneurs, women, youth, and farmers across Georgia.
Ilia Revia, Chief Executive Officer of Crystal commented: “We are delighted to foster our partnership with FMO, which shares our commitment to financial inclusion. The new USD 15 million facility will help Crystal to support more entrepreneurs across the country. Additionally, FMO’s expanded technical assistance facility will further advance our banking transformation, building on the success of the previous support and enhancing our capabilities for even greater impact.”
Juan Jose Dada Ortiz, Director of Financial Institutions Department at FMO commented: “FMO is very proud to be strengthening our relationship with JSC MFO Crystal, one of the leading microfinance organizations in Georgia. By providing the new loan facility, FMO contributes to improving access to finance for Georgian micro businesses, especially in rural areas. Crystal’s inclusive mission and activities are perfectly aligned with our ambition of scalable impact and making a difference for more small farmers and entrepreneurs in the region.’’
About FMO
FMO is the Dutch entrepreneurial development bank. As a leading impact investor, FMO supports sustainable private sector growth in developing countries and emerging markets by investing in ambitious projects and entrepreneurs. FMO believes that a strong private sector leads to economic and social development and has a close to 50+years proven track-record of empowering people to employ their skills and improve their quality of life. FMO focuses on three sectors that have high development impact: financial institutions, energy, and agribusiness, food & water. With a committed portfolio of EUR 12,5 billion spanning over 85 countries, FMO is one of the larger bilateral private sector developments banks globally. For more information: please visit www.fmo.nl
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 483 million, employing more than 1,000 members of staff, operating through 48 branches and serving more than 104,000 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.
For more information, please visit: https://ir.crystal.ge