News

Milan, May 15th , 2019: After a thorough review of Crystal’s documents as well as after a week-long visit to Crystal’s Headquarters and Branches in Georgia, Global Rating Agency MFR (MicroFinanza Rating) and its Social Rating Committee – based on the Social Rating scale adopted by MicroFinanza Rating – has assigned to the Financial Inclusion Organization Crystal the Grade: sA- (While AA being...Read More

Kutaisi, Tbilisi, 23 May 2019 – JSC MFO Crystal is pleased to announce the appointment of Ilia Revia as Chief Executive Officer, effective from June 3, 2019. Ilia Revia worked in IT sector since 1998, and in Georgian banking industry since 2007. In 2009 he joined the Bank of Georgia as a project manager and progressed to the position of Deputy Chief Information Officer in 2014. He has successfully managed a number of complex change management projects such as...Read More

On May 2nd, Georgian Corporate Social Responsibility Club (CSR Club), Swedish International Development Cooperation Agency, CiDA and the UN Global Compact Network Georgia hosted a high-official event of the “Corporate Social Responsibility Awards 2019”. The CSR Award Competition brought together 33 major business companies from Georgia, with winners being announced in 5 nominations. Among them...Read More

April 17, 2019, Tbilisi–Bonds worth of GEL 15 million, maturity of 2 years was admitted to the category B listing of the Georgian Stock Exchange under the ticker #CRS02J. Admission was followed after Crystal second time issued corporate bonds and completed second transaction on Georgian capital market. Annual coupon was set at 4% over the National...Read More

Tbilisi, 2 April 2019 – Crystal has closed an equity deal with international investment funds, managed by Developing World Markets (USA) and AgRIF, managed by Incofin (Belgium). The company received an additional 10 million Georgian Lari (‘GEL’) as an equity investment. The investment aims to support the implementation of the company’s new strategy, which entails Crystal’s transformation into the...Read More

March 20, 2019, Tbilisi– Galt&Taggart announced the issuance of GEL 15 million corporate bonds by Crystal, financial inclusion organization, which mature on March 2021. The annual coupon rate has been set at 4% over the National Bank of Georgia’s monetary policy (refinancing) rate. Crystal is the first non-banking financial institution in Georgia and the region,...Read More

Tbilisi, December 17, 2018 – JSC Microfinance Organization Crystal has been awarded a Grand Prix at the Georgia’s Responsible Business Contest – Meliora 2018. The awards ceremony took place in Tbilisi on December 13, bringing together 41 companies and 76 projects. The independent jury was comprised of the leading Georgian and international experts from the...Read More

JSC MFO Crystal, the largest microfinance organization in Georgia, received financing from EFA Group, a Singapore-based asset management firm specializing in private debt, to support its expanding activities. MFO Crystal and EFA Group have signed a senior unsecured loan agreement of USD 2.5 million where the facility will be used to provide credit to micro...Read More

The Green for Growth Fund (GGF) has provided a senior loan of $1.5 million to new partner JSC MFO Crystal (Crystal) to expand green energy lending in Georgia. The largest microfinance organization in the country, Crystal primarily serves microentrepreneurs and farmers, with a strong focus on rural clients. The institution is also unique among microlenders...Read More