News

Vacancy Call for Independent Members of Supervisory Board

Organisation JSC MFO Crystal (‘Crystal’) is the leading financial inclusion organisation and the largest non-banking financial institution in Georgia. It manages the loan portfolio of GEL 360 million, employing more than 1,000 members of staff, operating through 48 branches and serving more than 120,000 unique customers across Georgia.  Crystal acts as a platform for economic...
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Crystal Covers Internet Fee for School Students

Quality Education is one of Crystal’s sustainable development goals. Achieving inclusive and quality education for all is one of the powerful vehicles for fulfilling sustainable development. Crystal follows its mission and strives to contribute for the better future. For New Year Season, Crystal financed Internet fee for more than 50 socially vulnerable students. Promoting youth...
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Crystal – Honorary Award Winner for Annual Report and Transparency for the Third Year in a Row

Crystal re-affirmed its position as an honorary award winner at the Best Annual Report and Transparency Competition (BARTA) for the third year in a row. This time, the company earned the recognition for the content, quality, and openness of its annual reporting. The award underscores the stable growth of the company and demonstrates that strong...
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ALTA – New Business Process Management System implemented at Crystal

Financial Inclusion Organization “Crystal” has moved to a new stage of digital transformation. As part of the digitization strategy, the company has successfully implemented ALTA software – a core banking system for business process management (BPM). New software package, which replaced Crystal’s legacy MFI core software (LoanKeeper), is thoroughly compatible with local business and banking...
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Official Signing of the Cooperation Agreement between Financial Inclusion Organization Crystal and GIZ

On October 21, the official signing of the Cooperation Agreement between Financial Inclusion Organization Crystal and GIZ took place in Stamba Hotel Tbilisi, dedicated to enabling the implementation of Georgia’s forest sector reform – ECO.Georgia. The project consists of three components – (1) Sustainable forest management, (2) Market development for energy efficiency and alternative fuel...
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Crystal announced $3 million Subordinated Loan Agreement with BlueOrchard fund

Tbilisi/Luxembourg: Financial Inclusion Organization Crystal has signed agreement for a $3 million Subordinated Loan with the BlueOrchard Covid-19 Emerging & Frontier Markets MSME Support Fund, strengthening capital position and supporting Crystal’s sustainable development in the upcoming years. The Subordinated Loan facility will be directed to support and provide access to liquidity for its micro, small...
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Crystal Partnership with BANK IM BISTUM ESSEN Strengthened by $6 million Facility

Tbilisi / Essen: MFO Crystal and BANK IM BISTUM ESSEN eG (BIB) have strengthened their partnership through a new USD 6 million loan agreement. New loan facility will increase Crystal’s capacity to provide innovative financial services to micro, small and medium-size enterprises, and low-income clients in Georgia’s regions. Since 2014, BIB has been actively engaged...
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Crystal and FMO strengthened partnership by $10 Million Facility

Tbilisi, Georgia & The Hague, the Netherlands: Financial Inclusion Organization Crystal has reinforced a well-established partnership with FMO, the Dutch entrepreneurial development bank through a USD 10 million credit facility to support Crystal’s innovative financial services for small and medium companies, micro entrepreneurs, women, youth and farmers throughout Georgia. Crystal and FMO have enjoyed fruitful cooperation since...
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Fitch Ratings removes Watch Negative and Affirms Stable Outlook for Crystal

Tbilisi – 22 July 2021: Fitch Ratings published a revised Rating, removing Rating ‘Watch Negative’ (RWN) and affirming Long-Term IDR ‘Stable’ for Crystal. Fitch outlines that rating affirmation reflects Crystal’s continued access to borrowings from foreign lenders in 2Q21, thereby successfully reducing refinancing risk. The ratings of Crystal reflect its leading position in the Georgian...
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