Tbilisi/ Netherlands: Financial Inclusion Organization Crystal signed agreement on USD 5 million senior loan with Triodos Microfinance Fund and Triodos Fair Share Fund, financial inclusion funds managed by Triodos Investment Management. This facility intends to support Georgia’s micro and small entrepreneurs, to improve provision of innovative financial services by Crystal and to expand credit portfolio. This new loan also provides reinforcement of Crystal’s liquidity position at a time of increasing macro uncertainty and turbulent political situation in the region.
This is the first time Crystal announced cooperation with Triodos Investment Management an esteemed and distinctive partner. Transaction additionally outlines strong readiness of the international partners to support and participate in the development of the Georgia’s microfinance sector despite regional uncertainties.
Ilia Revia, Chief Executive Officer of Crystal commented: “We are delighted to announce long-term and promising partnership with Triodos Investment Management. This opening deal supports Crystal during volatile period and is an important contribution to development of financial services in Georgia. The investment will support our work to promote growth and economic recovery of our clients.”
Tim Crijns, Fund Manager Triodos Investment Management said: “This debt facility marks the beginning of a long-term cooperation and underlines our trust in Crystal. Especially in these challenging and volatile times, we have a shared commitment to address the financing needs of the micro and SME sector in Georgia and build a strong and resilient local economy.”
About Crystal:
JSC MFO Crystal (‘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 362 million, employing more than 1,000 members of staff, operating through 49 branches and serving more than 120,000 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.
About Triodos Investment Management:
Triodos Investment Management (Triodos IM) is a globally active impact investor, which sees impact investing as a driving force in the transition to a green, inclusive and resilient economy. It has built up in-depth knowledge throughout 25+ years of impact investing in sectors such as Energy and Climate, Financial Inclusion and Sustainable Food and Agriculture. Triodos IM also invests in listed companies that support sustainable solutions for the future. Assets under management as per end of June 2021: EUR 6.1 billion. Triodos IM is a wholly owned subsidiary of Triodos Bank, a leading expert in sustainable banking.