Dutch FMO supports Georgia’s micro-finance with $15m loan

Georgia’s largest micro-finance organisation, Crystal, announced on Thursday that it had sealed a $15 million credit facility deal with the FMO Dutch Development Bank.

Under the agreement, 100 per cent of proceeds will be utilised towards enhancing Crystal’s capacity to provide innovative financial solutions tailored to the needs of micro, small, and medium-sized entrepreneurs, as well as women, youth, and farmers throughout Georgia.

Crystal, which holds a $483 million credit portfolio and serves over 104,000 active clients, is the largest non-banking financial institution in Georgia by assets.

Specialising in financial products and services for micro and small businesses and farmers, the company recently saw its long-term issuer default rating (IDR) upgraded from “B-” to “B” by Fitch Ratings in July.

In December 2023, Crystal applied for a micro-bank licence, which it expects to receive by the third quarter of this year.

Attribution: Crystal

Subediting: Y.Yasser