The FINANCIAL -- JSC MFO Crystal and FMO (Netherlands Development Finance Company) signed the USD synthetic local currency (GEL) term facility in an aggregate amount of USD 10,000,000.
The facility will be used to support micro and small enterprises through innovative financial products and green financing in the regions of Georgia with special emphasis on tourism, agriculture and service sectors.
The signing ceremony was attended by representatives of the government authorities, international organizations, financial sector, international financial institutions and mass media. Key-note speakers included Mr. Koba Gvenetadze, President of the National Bank of Georgia, H.E. Mr. Jos Douma, Ambassador Extraordinary and Plenipotentiary of the Kingdom of the Netherlands to Georgia and Mr. Giorgi Cherkezishvili, Deputy Minister of Economy and Sustainable Development of Georgia.
Ms. Angelica Ortiz de Haas, Manager Financial Institutions Eastern Europe and Central Asia, said: ‘We are proud to engage with Crystal. Crystal has a unique business model through which they reach thousands of people that would otherwise not have access to the financial industry. In particular, we recognize their innovative approach to reach rural agricultural communities and the youth in Georgia’.
At the ceremony, Mr. Archil Bakuradze, Executive chairman of Crystal stated: ‘we are pleased to commence the cooperation with FMO. This long-term GEL-denominated facility will be utilized for financing micro and small entrepreneurs and farmers throughout Georgia and for building our green portfolio. This agreement is a great mark of support to Crystal’s vision for a responsible, customer-focused and innovative microfinance’.
The event coincided with the commencement of the visa-free travel to the EU for the citizens of Georgia. To celebrate the occasion, Crystal recognized several of its customers including Mr. Zaza Gagua, a wine-maker from Western Georgia, who was awarded the business trip to the Netherlands.
JSC MFO Crystal:
One of the leading responsible financial institutions in Georgia.
Funding economic sectors relevant to Georgia’s inclusive economic growth.
Developing World Markets – USA
Incofin/AgRIF – Belgium/The Netherlands
since its establishment in 2007 – disbursed microloans worth 272 million GEL.
Financed more than 67,000 micro-entrepreneurs and about 64,000 farmers having created or sustained 260,000 jobs.
Currently serves 50,000 micro and small entrepreneurs and farmers.
Crystal is represented throughout Georgia with more than 40 branches and 700 qualified members of staff.
Paid in to the state budget – more than 12.8 million GEL.
Invested more than 500,000 GEL in various social and charitable projects.
With support of USAID since 2016 started Youth Entrepreneurship and Employment Initiative.
FMO (Netherlands Development Finance Company)
FMO is the Dutch development bank, with the highest credit rating of triple A from both Fitch and Standard & Poor’s.
FMO believes that a strong private sector leads to economic and social development, and has a 45-year history of empowering entrepreneurs to employ their skills and improve their quality of life.
FMO operates in over 85 countries and focuses on Energy, Agribusiness as well as Financial institutions by providing capital, knowledge and networks to support sustainable growth.
With a committed portfolio of EUR 9.8 billion FMO is one of the largest development finance institutions.
For further information please visit www.fmo.nl.