News

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...Read More

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...Read More

Symbiotics, the leading market access platform for impact investing, has arranged the first Sustainability Bond ever issued in Georgia by raising USD 5 million in Georgian Lari equivalent for JSC MFO Crystal (“Crystal”). The proceeds of the Sustainability Bond will be granted towards the promotion of sustainable development, SME funding, energy efficiency and renewable energy. ...Read More

Tbilisi/Zurich: Financial Inclusion Organisation Crystal has strengthened longstanding partnership with Swiss Impact Investment Manager responsAbility Investments AG with a new $5 million senior facility to support Crystal’s clients to tackle post-pandemic challenges. Loan is intended to support development of innovative financial services to micro entrepreneurs and farmers across Georgia. Crystal and responsAbility Investments AG have...Read More

On March 25, Crystal was announced the winner of “Business for Gender Equality 2020” competition, hosted by the Millennium Foundation in partnership with the UN Women and the Business Leaders Federation Women for the Future. The event served to honor Georgia-based companies, doing exceptional job to promote gender equality and empower female employees and clients.For...Read More

On February 19, Fitch reviewed Crystal’s rating and placed Rating Watch Negative on Refinancing Risk. Crystal, consistent with its transparency culture, continues a partnership with the credit rating agency despite of worsened macroeconomic environment and elevated risks in the financial sector. The latest report singles out refinancing as an open risk, but more importantly it...Read More

Tbilisi/Washington/Stockholm, 13 November 2020 – United States and Swedish Governments Partner with MFO Crystal to Support Economic Recovery from COVID-19 Through Loan Guarantee Program. On September 28, the Development Finance Corporation (DFC), the Swedish International Development Cooperation Agency (Sida), the United States Agency for International Development (USAID), and JSC MFO Crystal (Crystal) jointly announced a...Read More

Tbilisi/Antwerp/Frankfurt: Crystal confirmed $8 million senior loan facility from Incofin IM advised IIV Mikrofinanzfonds to support its provision of innovative financial services to micro entrepreneurs and farmers across Georgia. This new loan injection provided crucial reinforcement of Crystal’s liquidity position at a time of increasing market uncertainty in the immediate pre-crisis period. The proceeds of this...Read More

May 6, Tbilisi – After thorough consideration, the parties decided not to proceed with the ongoing negotiation. Both institutions independently continue their normal operations.Read More