EIB and JSC MFO Crystal support microenterprises in Georgia through new financing operation

EIB and JSC MFO Crystal support microenterprises in Georgia through new financing operation

BAKU, Azerbaijan, October 30

By Tamilla Mammadova – Trend:

The European Investment Bank (EIB) is providing a USD loan worth the equivalent of up to 4.1 million euro to JSC MFO Crystal, a leading microfinance company in Georgia, Trend reports via Georgian media outlets.

This operation will fund micro enterprises with fewer than 10 employees. They will receive loans of up to 25,000 euro that are geared towards women, young people and entrepreneurs living in rural areas. The operation is expected to provide around 10,000 entrepreneurs with better access to long-term financing.

The operation will support the priorities of the EU and the Georgian Government, which are aiming to develop the private sector and increase financial inclusion in Georgia. It will contribute to ensuring sustained, inclusive and long-term economic growth, full and productive employment and decent jobs.

This is the second EIB microfinance investment in Georgia following the investment in Credo Bank in November 2017. Both operations fall under the framework of the EU4Business initiative, and they are partially financed by the Neighbourhood Investment Facility of the European Union.

“This microfinance operation will support microbusinesses, representing the most vulnerable segment of the Georgian economy. This type of funding is in high demand not only in Georgia but also in the wider region; it helps entrepreneurs to develop their activities, which ultimately boost the economy and general wellbeing in the country,” said EIB Vice-President Vazil Hudak.

”So far over 30,000 Georgian businesses have benefitted from EU-financed advice, funding or technical assistance, as part of our support to small medium enterprise development. Today's partnership with JSC MFO Crystal aims at assisting an additional 10,000 local entrepreneurs to start and develop their businesses and create additional income and jobs in the country. We wish them every success and remain committed to supporting the private sector in Georgia," said EU Ambassador to Georgia Carl Hartzell.

“We are delighted to start promising and long-term cooperation with the European Investment Bank. Crystal has signed an important agreement, which aims to reach and support local entrepreneurs and consists of the financing of micro and small enterprises operating in Georgia. In collaboration with the EIB, Crystal will effectively move forward in our mission of becoming a platform for the development of Georgia’s micro-entrepreneurs and farmers,” said Crystal CEO Ilia Revia.

JSC MFO Crystal is a dynamically growing local microfinance organization, supporting development of micro and small business sectors in Georgia.

The mission of Crystal is to support micro entrepreneurs and smallholder farmers in realizing their business potential, reaching financial stability and elevating living standards.

Crystal is seeking for long-term partnerships by offering transparent, innovative and fast financial solutions tailored to the needs of customers, providing them with the financial services critical to their economic success.

Crystal is mainly funded by international financial institutions, such as: FMO, EFSE, EBRD, KfW, Commerzbank, IFAD, responsAbility, MicroVest, DWM, Oikocredit, Incofin, Symbiotics, MCE, Blue Orchard, Triple Jump, FSFS, BIBessen, Grameen Credit Agricole.

Crystal is a first Georgian microfinance institutions receiving international lending in 2003 and also obtaining international credit and social ratings. Crystal was announced as a winner in SMART Campaign’s international call for “Plain language loan contract for clients” (2011). Crystal also received the highest Platinum Award from MIX for its social performance reporting (2012). In 2013 MIX-Market rewarded Crystal with the most prestigious S.T.A.R. status of the industry (S.T.A.R. - Socially Transparent and Responsible).


Follow the author on Twitter: @Mila61979356

Italy consumer association sues Apple for planned iPhone obsolescence
Italy consumer association sues Apple for planned iPhone obsolescence
IKEA lowers climate footprint helped by pandemic and energy-efficient light bulbs
IKEA lowers climate footprint helped by pandemic and energy-efficient light bulbs
ECB can price climate risk better than the market
ECB can price climate risk better than the market
Loading Bars
Iran and Tajikistan agree to complete Istiqlol tunnel
Iran boosts value of exports from Gilan Province
Uzbekistan manages to maintain active foreign trade balance with number of countries
Volume of goods available in Iranian ports revealed
Italy consumer association sues Apple for planned iPhone obsolescence
Iran asks EU to comply with its commitments within JCPOA
IKEA lowers climate footprint helped by pandemic and energy-efficient light bulbs
Iran says it will comply with its commitments if US returns to nuclear deal
Georgian Innovation and Technology Agency implements new project with WB support
Iran discloses data of exports via Astara port
Remittance inflows to Georgia increasing
Uzbek agro-industrial agency announces tender for well construction
Turkey testing domestic missile from submarine (VIDEO)
Kazakhstan's Ministry of Agriculture preparing for sowing campaign
ECB can price climate risk better than the market
Azerbaijan's First VP Mehriban Aliyeva unanimously re-elected as President of Azerbaijan Gymnastics Federation
Azerbaijani Economic Zones Dev't Agency to stimulate investment inflow in industrial parks
Iran reveals COVID-19 data for January 25
Agricultural lands in Iran to be equipped with modern irrigation systems
Azerbaijan's current account balance to return to surplus in 2021 - Standard & Poor's
Azerbaijan sends letters on Armenia's crimes to several countries (PHOTOS)
USAID launches new regional projects with participation of Turkmenistan
Iran’s Petropars Operation and Management Company signed contract on Forouzan field
Trade facilities, hairdressers, and beauty salons resume activity in Azerbaijan (PHOTO)
Spain interested in financing infrastructure projects in Georgia - Spanish Foreign Ministry
Uzbek-Korean JV announces tender for transport services
Iran could rely on oil and gas export for generating revenues - former minister
Azerbaijani investor talks automation of derivative transactions in capital market
Operation in Dashalti in 1992 went down in history as Azerbaijan's most unsuccessful military operation
Azerbaijani Prosecutor General's Office puts several Armenian mercenaries on wanted list
Industrial gas inflow obtained from exploration well managed by Uzbekneftegaz
Nike urges court to throw out EU probe into Dutch tax deal
Uzbekistan to mark lands with organic agricultural seeds with special signs
German business morale drops to six-month low on virus woes
Uzbekistan achieves positive economic growth despite global pandemic
Iran's export via Bazargan border booming
Iranian ship seized in Indonesian waters
Several contracts signed on oil fields of Iran’s NISOC
SOFAZ reveals income generated from sale of condensate from Shah Deniz field
Azerbaijan's SOFAZ discloses volume of revenues from ACG fields for 2020
Georgia reports 298 new COVID-19 cases
Turkmenistan working on registration of second Russian coronavirus vaccine
Dostlug field's development to potentially connect Turkmenistan to Azerbaijan-Europe gas pipelines
Azerbaijan records growth in volume of deposited securities
Textile production in Kazakhstan shows stable growth
Volume of cargo loaded, unloaded in Iran’s Amirabad port announced
Azerbaijani FM receives Iranian counterpart (PHOTO/VIDEO)
Construction of new railway terminal between Iran and Azerbaijan to be launched
Economy Minister talks Karabakh's role in development of Azerbaijan's non-oil sector
Uzbekistan boosts Chinese apple import despite COVID-19
Kazakhstan reports slight decrease in imports from Egypt
Israelis express readiness to travel to Georgia
Turkmenistan plans to commission number of new facilities this year
Uzbek currency rates for January 25
Negotiations to be held on issue of tomato supply from Azerbaijan to Russia
Azerbaijan eyes to integrate state entities to government-cloud system
Belarus names volume of money transfers from Turkmenistan
Roadmaps for further reforming Uzbekistan’s electricity, oil and gas industries discussed
Russian Embassy in Turkmenistan organizes six charter flight
Iranian FM discusses obstacles for Iranian economy
President Ilham Aliyev receives Iranian Foreign Minister
Thailand to sell $2 billion savings bonds to finance stimulus measures
Zimbabwe COVID-19 deaths pass 1,000 as infections surge
Russian companies to invite Uzbek labor migrants by applying to construction ministry
Azerbaijani ministry talks up-to-date cloud technologies countrywide
Kazakhstan’s freight transportation operator opens tender to repair equipment
Weekly review of Azerbaijani oil prices
Kazakhstan's Kazpost opens tender on services to purchase accumulators
Uzbekistan, Saudi Arabia sign memorandum on tourism development
Kazakhstan boosts imports from Pakistan year-on-year despite global pandemic
India's Ambassadors of Culture and Arts
India's traditional calling card
SOCAR outlines digitalization plans for 2021
Iran’s NIDC reveals amount of expenses
Azerbaijani HRC shares report on inhuman treatment of Azerbaijani prisoners by Armenia
Number of Azerbaijan Credit Bureau's partners up by early 2021
Price for gold in Azerbaijan continues to drop
Several Turkmen state objects to be sold to members of Union of Industrialists, Entrepreneurs
Logistics companies of Turkmenistan, Kazakhstan sign memorandum of co-op
ACWA Power, Uzbekistan’s National Electric Grids sign agreement on electricity purchase
Azerbaijani currency rates for Jan. 25
Iranian currency rates for January 25
UNEC hosts international conference on "Azerbaijan's Albanian Christian heritage - Khudaveng monastery” (PHOTO)
UAE, Afghanistan purchase products from Turkmenistan’s oil refineries on exchange
Uzbekistan reveals COVID-19 data for January 25
Saudi Arabia And India: The Upward Trajectory
Bangladesh tri-service contingent to lead first 10 rows of R-Day parade in Delhi
OPEC+ to largely abandon its production cuts by 2022
Global oil demand won’t recover to pre-virus levels until at least 2022
Iran applies significant discounts on transportation of Uzbek goods
Brazilian Ambassador calls for ‘strengthening Indo-Brazilian partnership’
US applauds 'true friend' India for gifting Covid vaccine to several countries
Higher oil prices to be dampened by huge amount of oil output capacity
Iranian FM's visit to Azerbaijan focuses on Karabakh reconstruction and multilateral ties - former Iranian ambassador
Iran's Bushehr nuclear power plant construction in progress
Iran identifies illegal cryptocurrency mining farms
Biden unlikely to achieve meaningful changes in US energy mix
Biden’s restrictive oil policy unlikely to continue
Iran extends ban on UK flights due to mutant coronavirus
Iran shares investment data on Goreh-Jask oil transfer project
All news