News

TBILISI, GEORGIA (10 February 2023) — The Asian Development Bank (ADB) has invested GEL18.75 million (approximately $7 million) in a 2-year local currency gender bond issuance by Joint Stock Company Microfinance Organization Crystal (Crystal), the largest microfinance institution (MFI) in Georgia. It is the first certified gender bond issuance in the South Caucasus and in...Read More

Tbilisi/Zurich: Financial Inclusion Organization Crystal confirmed USD 8 million loan transaction with Swiss Impact Investment Manager BlueOrchard to support Crystal’s innovative financial services for micro entrepreneurs and farmers throughout Georgia. Crystal and BlueOrchard have been cooperating since of 2014 and have successfully completed multiple transactions. This new facility is demonstration of solid and impactful partnership...Read More

Crystal re-affirmed its position as an honorary award winner at the Best Annual Report and Transparency Competition (BARTA) for the fourth year in a row, demonstrating high quality and openness of its annual reporting. The award emphasizes the stable growth of the company and confirms that commitment to transparency is one of the major organizational...Read More

“Crystal Consulting” – a subsidiary of “MFO Crystal” was announced as a winner of GITI 2022 Cyber Security and IT Innovation award in the nomination “The Best Complex Business Solution of The Year” for its BPA (business process automation) system – Crystal ERP and POS. This year, “Crystal Consulting” first time participated in GITI competition...Read More

The financial inclusion organization “Crystal” is pleased to announce new appointments in the composition of its Supervisory Board, taking three new independent members – Giorgi Arveladze, Matangi Gowrishankar and Robert Scot Kossmann.   Giorgi Arveladze has 20 years of extensive experience in banking.  At different times, he held senior positions in leading banks and contributed significantly...Read More

Financial Inclusion Organization Crystal continues to furtherly support Ukrainian people through financial products tailored to their needs. Crystal is pioneer to develop such service for the Ukrainian refugees, on Georgian financial market. The program intends to provide several financial services, including a Startup loan for those willing to launch a new business in Georgia, and...Read More

Crystal, a financial inclusion organization and Symbiotics Investments have strengthened their partnership through a USD 10 million Social Bond. Social loans will be granted to local  Micro, Small & Medium Enterprises, small farmers and agricultural entities, stimulating economic development and generating employment in Georgia. The purpose of the facility is to facilitate community access to...Read More

Microfinance Center (MFC) has organized 24th Annual Conference in Istanbul, Turkey. Purpose of the conference was to explore recent investment landscapes and opportunities, to outline tendencies in green finance, gender, technological challenges and financial inclusion of migrants and refugees. Crystal’s delegation was represented by the Chairman of the Supervisory Board of Crystal Archil Bakuradze, Chief...Read More

Tbilisi – 5 July 2022: Fitch Ratings affirmed Long-Term Issuer Default Rating (IDR) at ‘B-‘ Outlook Stable. Despite of the recent regional shakeouts Crystal has maintained promising financial and operation profile, translated in Stable credit rating Outlook. Funding profile, asset quality and capital position are key indicators that were managed properly. Crystal’s progress towards improving...Read More