21 September 2017
In the press-release, published by ‘Reuters’ news agency, Fitch Rating said: “The ratings reflect the business focus of Crystal on microfinance (MFO) lending in a high-risk operating environment in Georgia, its rapid recent growth, and market and refinancing risks resulting from the predominance of foreign-currency wholesale funding. At the same time, the ratings also factor in Crystal’s sounds performance do date, reflected in the company’s solid asset quality, profitability and capitalization metrics.”
Crystal is the first microfinance organization in Georgia and in the region, which obtained Fitch rating. This quite a high assessment for non-banking financial institution will position Crystal under the radars of international investors allowing the company to make its contribution towards the development of Georgia’s corporate bond market.
JSC MFO Crystal:
- One of the leading responsible financial institutions in Georgia.
- Funding economic sectors relevant to Georgia’s inclusive economic growth.
- Investors:
- Developing World Markets – USA
- Incofin/AgRIF – Belgium/The Netherlands
- since its establishment in 2007 – disbursed microloans worth 272 million GEL.
- Financed more than 67,000 micro-entrepreneurs and about 64,000 farmers having created or sustained 260,000 jobs.
- Currently serves 70,000 micro and small entrepreneurs and farmers.
- Crystal is represented throughout Georgia with more than 50 branches and more than 800 qualified members of staff.
- Paid in to the state budget – more than 12.8 million GEL.
- Invested more than 500,000 GEL in various social and charitable projects.
- With support of USAID since 2016 started Youth Entrepreneurship and Employment Initiative.