ADVERTISEMENT
  • News
  • New York
  • Technology
  • Culture
  • Entertainment
  • Sport
  • More
    • Politics
    • Lifestyle
    • TV
    • Games
Thursday, June 19, 2025
  • Login
No Result
View All Result
NEWSLETTER
FINCHANNEL
  • Home
  • Business
    • BANKS
      • GeoBanks
    • Finance
    • Insurance
    • Markets
    • Pharmacy
    • Press Releases
    • RealEstate
    • RealEstate
    • Finance
    • Insurance
    • Banks
      • GeoBanks
    • Markets
    • Press Releases
    • Personal Finance
  • World
    • Americas
    • Europe
    • Georgia
      • Media
    • Ukraine
    • Europe
    • Georgia
      • Media
    • Ukraine
    • Americas
    • UK local news
  • Travel
    • Hotels in Georgia
    • Tours in Georgia
  • Videos
    • Promos
    • Soundslides
    • TheClinics
    • TheHoteliers
    • TheUniversities
    • TheHoteliers
    • TheClinics
    • TheUniversities
    • BestWorkplaces
    • Soundslides
    • Promos
    • Banking Forum
      • Promos
      • Soundslides
      • TheClinics
      • TheHoteliers
      • TheUniversities
  • Opinion
    • Editorial
      • Analysis
      • GORBI
      • OP-ED
      • VISA Editorial
    • Analysis
    • Gorbi
    • Book reviews
  • Tech
  • Interview
  • People
    • lifestyle
    • Health & Beauty
      • Coronavirus
    • LifeStyle
    • Employment
      • MyCareer
    • Education
    • Media
    • Celebrities
  • Oil&Auto
    • Auto
    • Energy
  • EN
    • EN
    • GE
  • Home
  • Business
    • BANKS
      • GeoBanks
    • Finance
    • Insurance
    • Markets
    • Pharmacy
    • Press Releases
    • RealEstate
    • RealEstate
    • Finance
    • Insurance
    • Banks
      • GeoBanks
    • Markets
    • Press Releases
    • Personal Finance
  • World
    • Americas
    • Europe
    • Georgia
      • Media
    • Ukraine
    • Europe
    • Georgia
      • Media
    • Ukraine
    • Americas
    • UK local news
  • Travel
    • Hotels in Georgia
    • Tours in Georgia
  • Videos
    • Promos
    • Soundslides
    • TheClinics
    • TheHoteliers
    • TheUniversities
    • TheHoteliers
    • TheClinics
    • TheUniversities
    • BestWorkplaces
    • Soundslides
    • Promos
    • Banking Forum
      • Promos
      • Soundslides
      • TheClinics
      • TheHoteliers
      • TheUniversities
  • Opinion
    • Editorial
      • Analysis
      • GORBI
      • OP-ED
      • VISA Editorial
    • Analysis
    • Gorbi
    • Book reviews
  • Tech
  • Interview
  • People
    • lifestyle
    • Health & Beauty
      • Coronavirus
    • LifeStyle
    • Employment
      • MyCareer
    • Education
    • Media
    • Celebrities
  • Oil&Auto
    • Auto
    • Energy
  • EN
    • EN
    • GE
No Result
View All Result
FINCHANNEL
No Result
View All Result
Home Georgia

FMO – DUTCH DEVELOPMENT BANK PROMOTES GREEN FINANCING WITH CRYSTAL

The FINANCIAL by The FINANCIAL
March 19, 2018
in Georgia
Reading Time: 5 mins read
12
A A
0
FMO – DUTCH DEVELOPMENT BANK PROMOTES GREEN FINANCING WITH CRYSTAL
Share on FacebookShare on Twitter

The FINANCIAL — Last year 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 loan facility is being utilized for financing energy-efficient and renewable energy solutions as well as for on-lending to micro, small entrepreneurs and farmers throughout Georgia. We spoke with Jan-Willem Hoek, FMO Investment Officer, and Naomi Campbell, FMO Environmental and Social Officer about microfinance, entrepreneurship and Georgia’s green finance products.

FMO has been cooperating with JSC MFO Crystal for a while now. How is the partnership developing?

Jan-Willem Hoek: We started a regular contact 3 years ago and it ended up in signing a contract for 10 mln US dollars last March. From the start we had a very good relationship. Crystal is a very transparent, open and innovative company. The leadership is always keen to integrate new features and techniques.

RelatedPosts

Event Planning Company Party Lab Expands with Party Accessories Store

Customer-Centric Approach: How PSP Leads Georgian Pharmaceutical Market

Boxette Georgia Launches New Pickup and Drop-off Points Across Country

Why Tbilisi Real Estate Investing is Buzzing Right Now

Before we went to business, I asked them if it was interested in doing part of its financing in green. That was well-received by the management and supervisory board. That is quite unique. Usually you find a bit more resistance before going into innovative features at first financing. For Crystal it was nearly adopted right away. We signed a contract in March and for a certain period of time I didn’t hear anything from Crystal in regards of green finance. Then, after three months, I was invited to a presentation where Manuchar Chitaishvili, Chief Innovation Officer made a presentation to stakeholders, NGOs and ministries of energy and economic affairs. Then I saw all the hard work that had been done behind the scenes and then I knew: OK, green has really landed within Crystal. Crystal is eager to learn from FMO and vice versa. Manuchar seems to be one of the new thought leaders in the region. He was invited for a so called Innovation Bootcamp training course in the Netherlands. In return, ten new leaders and managers of FMO will visit Crystal in March. Together with Crystal management they will have a management/leadership programme. So, if you ask how the partnership is developing – it’s really amazing. The cooperation is very intense.

What are the modern challenges of the micro-financial sector in the world and particularly, in Georgia?

Jan-Willem Hoek: It’s always a difficult market. You always have to compete against the bigger banks. It’s an unregulated market. You have to watch very carefully on your portfolio. And the challenges are: how can you keep a healthy portfolio with good margins. Same applies here in Georgia. It’s important to understand how a microfinance organization is handling its clients. The customer protection principles are very important, whether you are transparent enough on pricing, how do you make an assessment of the credit, etc. We see that Georgian Central Bank is also very active in that respect and closely cooperates with microfinance organizations and banks. I would say, Georgia is ahead of a pack due to the fact that the banks, microfinance organizations like Crystal and central bank are picking this all up well.

What do you think about the entrepreneurial culture here?

Jan-Willem Hoek: There are two things on entrepreneurial culture within Crystal that I like: they are very innovative. I see them going for IFRS 9, Fitch rating, issuing corporate bonds, engaging in green lines. I went to a training course called “Women in Business”. I went, with Ms Maya Kobalia of Crystal, to Zambia together for the project. International practices are incorporated here within the company very fast. The other one is of course – your clients. I think most of the clients are driven by economic circumstances, debts, they want to make for living in the agro business. On its path towards European standards, Georgia should reform the agro sector even more. Then even larger scale of agro segment will be available for Crystal’s too. The tourism sector is developing here very rapidly. Seven million visitors came to the country last year. But we know that it’s a vulnerable sector and depends on various unpredictable factors.

See also  Customer-Centric Approach: How PSP Leads Georgian Pharmaceutical Market

Why should people move to the energy efficient green products? Why is it important? How is the situation in Georgia?

Naomi Campbell: in terms of what Crystal is doing in the direction of green products is very impressive. Much has been achieved in less than one single year in terms of the loan from FMO received in March, 2017. I like the model you have, where local producers are encouraged to work on energy effiicient products. It’s important that the green products are locally sourced, both in terms of boosting the economy and for the quality of the product. I think it’s important to make your clients aware of the importance of energy efficiency due to green themes , such as climate change and environmental risk that we are facing. Internationally, the world has signed up for the climate negotiations and signed the Paris agreement. We all together have decided to move to the green direction. I think it’s important that we recognize globally that the climate change is real and it is happening right now. The energy efficiency has its economic benefits. The value of moving to green direction is very positive. Investment in green products makes the costs lower. So, what’s Crystal doing in this direction is fantastic and it’s all very positive for clients, for Georgia and international community. It’s all contributing into a bigger scale.

Is the government and the state open to innovations and reforms?

Jan-Willem Hoek: I think that current central bank and government know what to do and are very capable. The central bank’s regulations starting in 2017 about de-dollarization of the economy will benefit the clients in a long term. The online lending business was unregulated before, but they took strict measures against it just recently. Further Government is opening up, visa liberalization with the EU was an important step towards better future. Georgia has become a stable hub in the region.

What should a microfinance organization consider to be successful?

Jan-Willem Hoek: Know what your client wants! Be on top of the game. Know what every client wants individually. I know that your portfolio is large, however, if you have loan officers on the ground being spiders in their network, you know what people want. As a microfinance organisation, you need to have flexibility to cater those needs. If your client needs information and knowledge, will it be on diary production, cheese production, fertilisers, you need to get this knowledge and bring it to the client. Every loan officer of the company is an ambassador of Crystal, the highest representative of the company in the region. You need to try finding out what clients’ problems are and support them all the time.

You have visited Georgia many times. What are 3 main features of the local culture that you like/dislike the most?

Jan-Willem Hoek: What I’d really like to see improving is: better access to the healthcare. The other one is: road safety. In the Netherlands we usually ride bikes daily.

I like that Georgians are very open and willing to accept the international practice and experience. I like their hospitality. I think Georgians are the most hospitable people in the world. I truly hope that you will keep up on the economic improvement with staying Georgian as you are, open and friendly.

Naomi Campbell: It’s my first time here. The hospitality is true. The level of interest in innovations, new ideas is very high. I am not sure if I have seen such level anywhere else. I also think the Georgian food is fantastic. I really look forward into how Crystal develops in next years and more, the direction is correct.

More Information about Crystal: http://ir.crystal.ge/

 

Related Posts

MARIAM DAVITASHVILI, Founder and Director of Party Lab
Business

Event Planning Company Party Lab Expands with Party Accessories Store

by Golden Brand
June 14, 2025
0

Party Lab, the Georgian event planning company that has captured the hearts of many since its launch two years ago,...

Read more
MAMUKA BREGVADZE, Administrative Director of PSP

Customer-Centric Approach: How PSP Leads Georgian Pharmaceutical Market

June 14, 2025
MIKHEIL MURTSKHVALADZE, Founder of Boxette Georgia

Boxette Georgia Launches New Pickup and Drop-off Points Across Country

June 14, 2025
Why Tbilisi Real Estate Investing is Buzzing Right Now

Why Tbilisi Real Estate Investing is Buzzing Right Now

June 3, 2025

Discussion about this post

  • Trending
  • Comments
  • Latest
Ampersand wins £22m five-year contract at London Zoo

Ampersand wins £22m five-year contract at London Zoo

June 25, 2012
Goga Samushia, Director of Commersant

Commersant to Launch New Multimedia Finance Project

June 14, 2025
EasyJet to fly to London from Stockholm Arlanda

The London Diplomatic List, Addresses, Contacts & Working Hours

January 23, 2023
Leon Botstein’s Five-Decade Transformation at Bard College

Leon Botstein’s Five-Decade Transformation at Bard College

May 28, 2025
Mexico’s President Sheinbaum Responds to Potential Remittance Tax with Call to “Mobilize”

Mexico’s President Sheinbaum Responds to Potential Remittance Tax with Call to “Mobilize”

June 17, 2025
CityBlue Hotels opens its first Beach Property in Kenya

CityBlue Hotels opens its first Beach Property in Kenya

June 19, 2025
65% of Europeans see EU membership as a good thing, the highest result since 2007 

The Enchantment of Ukrainian Women and Building Bridges through Luludate

June 19, 2025
Rewriting intelligence: How AI models are reshaping tomorrow

OPIT – Open Institute of Technology launches AI agent to support students and staff

June 19, 2025
Moldova: European Council endorses agreement on financial assistance

Republic of Moldova has improved measures to combat money laundering and terrorism financing

June 19, 2025
Valor Hospitality Partners announces two significant deals in West Africa,

Valor Hospitality Partners announces two significant deals in West Africa,

June 19, 2025
ADVERTISEMENT

Popular Last 24h

  • EasyJet to fly to London from Stockholm Arlanda

    The London Diplomatic List, Addresses, Contacts & Working Hours

    3124 shares
    Share 1250 Tweet 781
  • Ampersand wins £22m five-year contract at London Zoo

    3671 shares
    Share 1468 Tweet 918
  • Matthew H. Fleeger Drives Strategic Growth at Gulf Coast Western Through Technology Integration

    18 shares
    Share 7 Tweet 5
  • MArriott International Announces Plans to Add More Than 50 Properties and Over 9,000 Rooms to Africa Net

    16 shares
    Share 6 Tweet 4
  • Leon Botstein’s Five-Decade Transformation at Bard College

    334 shares
    Share 134 Tweet 84
  • Markets will drop quickly if US enters Israel-Iran conflict: deVere CEO

    15 shares
    Share 6 Tweet 4
  • Emlyon business school and Ashoka France form a strategic partnership to train a new generation of entrepreneurs for change

    47 shares
    Share 19 Tweet 12

LATEST POSTS

CityBlue Hotels opens its first Beach Property in Kenya

CityBlue Hotels opens its first Beach Property in Kenya

June 19, 2025
65% of Europeans see EU membership as a good thing, the highest result since 2007 

The Enchantment of Ukrainian Women and Building Bridges through Luludate

June 19, 2025
Rewriting intelligence: How AI models are reshaping tomorrow

OPIT – Open Institute of Technology launches AI agent to support students and staff

June 19, 2025
Moldova: European Council endorses agreement on financial assistance

Republic of Moldova has improved measures to combat money laundering and terrorism financing

June 19, 2025
Valor Hospitality Partners announces two significant deals in West Africa,

Valor Hospitality Partners announces two significant deals in West Africa,

June 19, 2025
Markets will drop quickly if US enters Israel-Iran conflict: deVere CEO

Markets will drop quickly if US enters Israel-Iran conflict: deVere CEO

June 19, 2025
Matthew H. Fleeger Drives Strategic Growth at Gulf Coast Western Through Technology Integration

Matthew H. Fleeger Drives Strategic Growth at Gulf Coast Western Through Technology Integration

June 19, 2025
Marriott launches week of wonders

MArriott International Announces Plans to Add More Than 50 Properties and Over 9,000 Rooms to Africa Net

June 19, 2025
Iconiq 777 Hosts Pathways to Apprenticeship Awards Ceremony in Newark

Iconiq 777 Hosts Pathways to Apprenticeship Awards Ceremony in Newark

June 17, 2025
Mexico’s President Sheinbaum Responds to Potential Remittance Tax with Call to “Mobilize”

Mexico’s President Sheinbaum Responds to Potential Remittance Tax with Call to “Mobilize”

June 17, 2025

LATESTBUSINESS

Valor Hospitality Partners announces two significant deals in West Africa,

Valor Hospitality Partners announces two significant deals in West Africa,

by The FINANCIAL
June 19, 2025
0

Markets will drop quickly if US enters Israel-Iran conflict: deVere CEO

Markets will drop quickly if US enters Israel-Iran conflict: deVere CEO

by The FINANCIAL
June 19, 2025
0

Matthew H. Fleeger Drives Strategic Growth at Gulf Coast Western Through Technology Integration

Matthew H. Fleeger Drives Strategic Growth at Gulf Coast Western Through Technology Integration

by The FINANCIAL
June 19, 2025
0

Iconiq 777 Hosts Pathways to Apprenticeship Awards Ceremony in Newark

Iconiq 777 Hosts Pathways to Apprenticeship Awards Ceremony in Newark

by The FINANCIAL
June 17, 2025
0

Tips for Remodeling on a Budget

Tips for Remodeling on a Budget

by The FINANCIAL
June 17, 2025
0

 ‘Why Did My Car Insurance Go Up for No Reason?’

Insurers boost private assets allocations as capital increases

by The FINANCIAL
June 17, 2025
0

Elite Lauches in Lebanon

U.S. Counts 1,873 Listed Billion-Dollar Companies, More Than the Next Eight Economies Combined

by The FINANCIAL
June 17, 2025
0

7 Digital Marketing Techniques for Business Owners in 2020

Lockton Surprasses $4 Billion in FY2025 revenue

by The FINANCIAL
June 16, 2025
0

GET IN TOUCH

Submit guest post/Letters to the Editor:

editor (at) finchannel.com

Sales & Marketing: (+995 558) 03 03 03 Email: marketing (at) finchannel.com

Whatsup: (+995 599) 96 52 52

Georgia:

(+995 599) 96 52 52 Email: editor (@) finchannel.com

Postal address: 17 Mtskheta str. Tbilisi, Georgia 0179 The FINANCIAL

RESOURCE

  • Work at the FINANCIAL
  • ePaper
  • Advertise in The FINANCIAL
  • Access ePaper
  • Guest posts
  • Contributed articles
  • AmericanStockNews
  • Coupon Codes
  • GLOSSY MAG
American Culture Center
ACC Partner

GUIDEBOOK

  • Meet our team
  • Invest in Georgia
  • Become contributor
  • Archive

FOLLOW US

  • Facebook
  • Twitter
  • Google+
  • Youtube
No Result
View All Result
  • Home
  • Business
    • BANKS
      • GeoBanks
    • Finance
    • Insurance
    • Markets
    • Pharmacy
    • Press Releases
    • RealEstate
    • RealEstate
    • Finance
    • Insurance
    • Banks
      • GeoBanks
    • Markets
    • Press Releases
    • Personal Finance
  • World
    • Americas
    • Europe
    • Georgia
      • Media
    • Ukraine
    • Europe
    • Georgia
      • Media
    • Ukraine
    • Americas
    • UK local news
  • Travel
    • Hotels in Georgia
    • Tours in Georgia
  • Videos
    • Promos
    • Soundslides
    • TheClinics
    • TheHoteliers
    • TheUniversities
    • TheHoteliers
    • TheClinics
    • TheUniversities
    • BestWorkplaces
    • Soundslides
    • Promos
    • Banking Forum
      • Promos
      • Soundslides
      • TheClinics
      • TheHoteliers
      • TheUniversities
  • Opinion
    • Editorial
      • Analysis
      • GORBI
      • OP-ED
      • VISA Editorial
    • Analysis
    • Gorbi
    • Book reviews
  • Tech
  • Interview
  • People
    • lifestyle
    • Health & Beauty
      • Coronavirus
    • LifeStyle
    • Employment
      • MyCareer
    • Education
    • Media
    • Celebrities
  • Oil&Auto
    • Auto
    • Energy
  • EN
    • EN
    • GE

© 2025 Intelligence Group llc

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.