Istanbul, June 17, 2019 – JSC MFO Crystal and Black Sea Trade and Development Bank signed senior loan agreement of GEL 15,000,000. The facility intends working capital financing for industrial, agricultural and manufacturing enterprises for Georgia based entrepreneurs.
This is the first step forward starting collaboration with BSTDB a prominent and distinctive partner, which has contributed economic development and regional cooperation in the Black Sea Region through trade and project finance lending.
It is noteworthy that Crystal is the only non-banking financial institution in region having exposure with BSTDB. This fact distinguishes Crystal in local financial market and emphasizes solid operational and financial performance. Also, the purpose of the transaction is to stimulate local currency funding and support larization process of Georgian economy.
Quote by Ilia Revia, Chief Executive Officer of Crystal: “Crystal, in cooperation with Black Sea Trade and Development Bank has signed an important agreement, which intends to reach out to Georgia’s local entrepreneurs and contribute to their financial and economic success. The raised funding will support working capital financing for industrial, agricultural or manufacturing enterprises. We believe that together with BSTDB we will write another successful story of cooperation and we are looking forward to successful and high-level partnership in the future.”
Quote by Dmitry Pankin, BSTDB President: “We are delighted to partner with Crystal in supporting micro and small enterprise engaged in agribusiness, a major income generator in Georgia. Access to capital remains a key challenge for Georgian farmers, and our cooperation with Crystal aims at helping many of them.”
Crystal is Georgia’s leading non-bank financial institution, which manages 100 million USD loan portfolio, employees more than 1,000 professionals, operates through 62 regional branches and serves more than 100,000 unique clients across Georgia. Crystal acts as a platform for economic development of thousands of customers, providing them with innovative financial products and services tailored to their specific needs.
Crystal is the first Fitch-rated non-bank financial institution in the region to be assigned a ‘B’ Rating with a Stable Outlook. The company was also recently awarded with the prestigious CSR Award for the best practices of the gender equality principles – UN SDG #5, and the nation’s Responsible Business Award of 2018 as the Most Responsible Company of the Year 2018.
The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Turkey, and Ukraine. The BSTDB headquarters are in Thessaloniki, Greece. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. The authorized capital of the Bank is EUR 3.45 billion. BSTDB is rated long-term “A-” by Standard and Poor’s and “A2” by Moody’s.