Project detail - JSC MFO CRYSTAL


Status: Approved investment
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The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.

Who is our customer

JSC Microfinance Organization Crystal (Crystal) is Georgia’s fourth largest microfinance lender with 60 thousand customers, 36 branches and a loan portfolio of USD 60m. Headquartered in Kutaisi, a regional city in the northwest of Georgia, it has a strong outreach in the country’s rural areas (>60 percent of loan portfolio), especially in its home region.

What is our funding objective?

Crystal is growing quickly, both in balance sheet size and in outreach. It is expanding its branch network, mainly in rural areas elsewhere in the country, which should lead to a doubling of its loan portfolio by 2020. In parallel, the company is improving operational efficiency and strengthening the organization. In order to support this growth FMO / MASSIF have extended a loan to Crystal.

Why do we fund this investment?

The proposed transaction is fully in line with FMO's strategy of increasing our impact in Georgia through growing our client base with selected second tier banks and larger MFIs. By supporting Crystal, FMO contributes to improving access to finance for Georgian micro businesses, especially in rural areas. Crystal’s inclusive mission and activities fit well within the new Massif’s strategy and focus themes. A part of the funding will be used for green lines.

What is the Environmental and Social categorization rationale?

Due to its microfinance activities, Crystal is exposed to limited Environmental and Social risks as a result of small loan sizes. Crystal has an Exclusion List and a Social and an Environmental Policy in place. A dedicated Social Responsibility Officer is responsible for its implementation who reports directly to the Chief Operations Officer, who is also in charge of Credit. The Social Policy and its implementation is rather successful to improve the organizations performance in reaching its social objectives, both with respect to its customers, its employees and its communities. The SR Officer undertakes regular environmental impact assessment for key sectors financed by Crystal.

More investments

Date Total FMO financing
3/15/2022 EUR 0.20 MLN
9/7/2021 USD 10.00 MLN
Website customer/investment
Europe & Central Asia
Financial Institutions
Effective date
Total FMO financing
USD 10.00 MLN
Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk Environmental & Social Category
(A, B+, B or C)